FL: Miami Home Sales Rose in Third Quarter

Gay Miami Real EstateIn the Miami Metropolitan Statistical Area (MSA), sales of homes – including existing single-family homes and condominiums – increased 51 percent, from 4,239 in the third quarter of 2010 to 6,412 in the third quarter of 2011according to the 25,000-member MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service. This rise marks 13 consecutive quarters, since the third quarter of 2008, of increasing sales.

The Miami MSA again posted the highest sales increases of any major metro area for condominiums and of all single-family home markets in Florida. Miami sales of existing single-family homes increased 47 percent compared to a year earlier. The sales of existing condominiums in Miami spiked 48 percent compared to the third quarter of 2010. Statewide sales of single-family homes increased 12 percent while that of condominiums increased 13 percent. Nationally, total state 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,” said Jack H. Levine, 2011 Chairman of the Board of the MIAMI Association of REALTORS. “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 the job market and consumer confidence improve and distressed properties continue to be absorbed.”

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