Home Sales & Prices Up Across Dade, Broward
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MIAMI (CBS4) – Home sales and prices were up across Miami-Dade and Broward counties in the third quarter, according to the Miami Association of Realtors.
In the Miami Metro Area, the realtor group reported 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 2011. The Miami market 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.”
In Broward, sales increased 13 percent in the third quarter of 2011, from 6,498, a year earlier to 7,323.
Sales of existing single-family homes in Broward increased five percent in the second quarter compared to a year earlier. The sales of existing condominiums in Broward rose 13 percent compared to the third quarter of 2010.
“The local area has recovered faster and stronger than the rest of the U.S., and we expect to set a news sales record in 2011, pointing to rising demand and stability,” said Terri Bersach, 2011 president of the Broward County Board of Governors of the MIAMI Association of REALTORS.
Short sales and foreclosures continue to have an impact on median and average sales prices for both single-family homes and condominiums.
In the Miami market, 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.
In Broward the average sales price in the third quarter for single-family homes and condominiums rose five percent, from $111,397 in 2010 to $117,033 in 2011, and six percent, from $249,068 in 2010 to $264,506 in 2011, respectively.