Miami Real Estate Market On Fire

Florida’s existing condo sales rose 8 percent in June with a total of 7,922 units sold statewide compared to 7,330 sold in June 2010, according to the latest housing data released by Florida Realtors®. The statewide existing condo median sales price last month was $94,100; a year earlier, it was $92,300 for a 2 percent increase. The national median existing condo sales price was $165,400 in May 2011, according to the National Association of Realtors® (NAR).

The National Association of Realtors (NAR) reports that the total residential international sales in the U.S. for the past year ending March 2011 equaled $82 billion, up from $66 billion in 2010. Total international sales were split evenly between non-resident foreigners and recent immigrants, while combined total domestic and international existing-home sales in the U.S. were $1.07 trillion.

Miami has now become the main beneficiary of this growing global real estate investment trend. The Miami Association of Realtors reported that in the month of June 2011 alone, Miami experienced a 54% increase year-over-year in condo sales. Most of those sales were to international buyers, who mostly purchased in cash.

Miami also experienced a 12.91 percent year-over-year increase in median property list prices.

The Miami Real Estate Information Center (MREIC) has licensed agents that can assist consumers with their greater Miami real estate sale or purchase and can be reached at (786) 406-1757