Homes Sales Up Across Dade, Broward In 4th Qtr
MIAMI (CBSMiami) – Home sales were up across Miami-Dade and Broward counties in the fourth 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 23 in the fourth quarter of 2011, from 4,722 to 5,939, compared to a year earlier. This was the 14th consecutive quarter in which sales increased.
Miami sales of existing single-family homes increased 21 percent compared to a year earlier. The sales of existing condominiums in Miami rose 25 percent compared to the fourth quarter of 2010. Statewide sales of single-family homes increased seven percent while that of condominiums increased four percent.
"The Miami real estate market experienced further strengthening in the last quarter of 2011, a record-breaking year for Miami home sales," said Martha Pomares, 2012 Chairman of the Board of the MIAMI Association of REALTORS. "International buyers and investors have absorbed the excess inventory in existence two and three years ago, resulting in limited housing supply and now rising prices. And we expect further strengthening in 2012."
In Broward, sales of all homes increased six percent in the fourth quarter of 2011, from 6,225 to 6,572.
Sales of existing single-family homes in Broward increased 15 percent in the fourth quarter 2011 compared to a year earlier. The sales of existing condominiums in Broward dropped one percent compared to the fourth quarter of 2010.
"The Broward County real estate market had a very strong year in 2011, as heightened demand caused housing inventory to decline sharply," said Rick Burch, 2012 president of the Broward County Board of Governors of the MIAMI Association of REALTORS. "Now, as expected, limited housing supply is resulting in notable price appreciation."
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 in the fourth quarter of 2011 was $176,200. The median price of condominiums increased 19 percent to $124,100.
In Broward the median sales price in the fourth quarter for single-family homes was $188,900, up five percent compared to the fourth quarter of 2010. The median sales price for condominiums was $77,300, an 11 percent increase compared to a year earlier.
