house_stock_web.jpgMIAMI — Sales of existing single-family homes and condominiums in the Metropolitan Miami area shot up 51 percent, from 4,239 in the third quarter of 2010, to 6,412 in the third quarter of 2011, according to the Miami Association of Realtors and the Southeast Florida Multiple Listing Service.

This rise marked 13 consecutive quarters of increasing sales, since the third quarter of 2008 and was again the highest sales increase of any major metro area for condominiums and of all single-family home markets in Florida.


Existing single-family homes increased 47 percent, compared to a year earlier, and sales of existing condominiums spiked 48 percent compared to the third quarter of 2010.

Statewide, sales of single-family homes increased 12 percent and, for condominiums, 13 percent.  Nationally, total  existing-home sales, including single-family and condo, declined 0.1 percent, compared to the second quarter of 2011, but were 17 percent below the third quarter of 2010. 

“Strong demand from international buyers is fueling robust sales activity in Miami despite low consumer confidence and high unemployment,” Jack H. Levine, the association’s chairman of the board, said in a statement announcing the results of the survey.

“Local sales are expected to set a record this year that should exceed the height of the boom in 2005.   We expect even stronger market performance in 2012 as the job market and consumer confidence improve and distressed properties continue to be absorbed,” Levine said.  


The average sales price of single-family homes rose 19 percent, from $275,644 in the third quarter of 2010, compared to $327,477 in the third quarter of 2011.  The average price of condominiums increased 21 percent, from $191,609 to $232,158.

Statewide, median sales prices remained the same at $136,000 for single-family homes and rose seven percent to $89,600 for condominiums.  The national median existing single-family home price was $169,500 in the third quarter, down 4.7 percent from $177,800 in the third quarter of 2010.

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