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Homes Sales Up In Miami-Dade, Broward

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(Source: CBS)

(Source: CBS)

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MIAMI (CBS4) – For the 11th consecutive quarter sales of existing single family homes and condos was up in Miami-Dade.

The Miami Association of Realtors reports combined sales of homes and condos were up 71 percent in the first quarter of 2011 and up 26 percent over the previous quarter.

Sales of existing single-family homes in Miami increased 47 percent in the first quarter compared to a year earlier. The sales of existing condominiums in Miami spiked 91 percent compared to the first quarter of 2010. Statewide sales of single-family homes increased 13 percent while that of condominiums increased 29 percent.

“First quarter figures indicate sales this year should surpass levels in 2005, which was the height of the real estate boom,” said Jack H. Levine, 2011 Chairman of the Board of the Miami Association of Realtors.

The median sales price for single-family homes in Miami-Dade dropped 20 percent to $153,600 in the first quarter. The median sales price for condominiums dropped 31 percent to $94,200. Statewide, median sales prices dropped six percent to $123,600 for single-family homes and 16 percent to $80,700 for condominiums.

In Broward County, sales of existing single-family homes and condominiums increased 19 percent in the first quarter of 2011, and up 70 percent from the previous quarter.

Broward sales of existing single-family homes increased 13 percent in the first quarter compared to a year earlier. The sales of existing condominiums in Broward rose 24 percent compared to the first quarter of 2010. Statewide sales of single-family homes increased 13 percent while that of condominiums increased 29 percent.

“Home sales continue to increase in Broward Country, reflecting the healthy demand that exists for local properties,” said Terri Bersach, 2010 president of the Broward County Board of Governors of the Miami Association of Realtors.

The median sales price for condominiums increased two percent to $68,800. The median sales price for single-family homes in Broward dropped 35 percent to $101,800 in the first quarter. Statewide, median sales prices dropped six percent to $123,600 for single-family homes and 16 percent to $80,700 for condominiums.

In both Miami-Dade and Broward, short sales and foreclosures continued to impact median and average sales prices for both single-family homes and condos.

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