A Look Into Miami Real Estate Home Sales — New Sales Record Has Been Set In 2011
Things have been particularly good for the Miami real estate market as foreign buyers that have spurred and brought home sales within the Miami area up to a new record in 2011 — one that exceeds the overall sales volume that was attained during the height of the real estate boom in 2005.
The results for Broward County were somewhat mixed, but the inventory has also shown substantial reductions.
24,929 condominiums and homes were successfully sold within the Miami-Dade County area which adds up to an increase of 46 percent from 2010 and a 4 percent increase from figures in 2005. Condominiums went up in sales of up to 54 percent for a total of 15,009 in 2011 while home sales went up to 9,920 for an increase of 36 percent.
Considering how well properties have been selling all over the region, experts believe that Miami is now on the verge of a real estate boom and foreign buyers are definitely behind the pitch since it has become top property market for buyers from all around the world.
In December alone, single-family home sales went up 16 percent compared to figures from the previous year while condominium sales went up 22 percent which leads to an overall inventory drop within the Miami-Dade area from 24,278 to 14,087 which marks a 39 percent drop.
The quick absorption of properties have been led by many of the distressed sales in the region which comprised at least 54 percent of all residential sales closed within the year. But unlike the previous year, there have been more short sales than sales on bank-owned properties.
It has been made clear that the demand for bank-owned properties goes beyond that of the available supply as a list of waiting investors is remains on the line for the future.
The median sales price of condominiums went up 31 percent in December to values of $129,900. The median sales price of single-family homes rose 16 percent to $182,300. Across the state, median prices went up 4 percent to $91,900 for condominium properties while single-family homes rose 1 percent to $134,300.
Single-family homes in Broward County have gone up 9 percent in December while condominium sales went down 8 percent compared to figures taken in December of 2010 which leads to an overall inventory drop of 35 percent to 12,997 for the area — 46 percent of which were distressed properties. Also within Broward County, 38 percent of single-family home properties were carried out in cash while 81 percent of the condominiums sold were also carried out in cash.
Fort Lauderdale, on the other hand, experienced a median price increase of 7 percent to $189,600 while the median price for condominium properties has gone down 3 percent to $78,200.