There is evidence that Miami’s real estate market continues to strengthen as a result of increased sales and stabilizing home prices.
In the Miami Metropolitan Statistical Area (MSA), there was a 59% increase in condominium sales in August compared to August 2009 and a 77% increase compared to two years ago, according to the MIAMI Association of REALTORS, who’s president Oliver Ruiz highlights overseas property buyers as a key instigator in these rising figures.
“We continue to see strong demand from international buyers in all price points, including the high-end market. These buyers are willing to outbid competing offers and are 89% cash, a factor that automatically expedites their transactions.”
The sales of existing single-family homes in the Miami MSA increased 12% in August compared to August 2009 and were 36% higher than they were in August 2008.
The Miami real estate market has now experienced rising residential sales since August 2008, posting increases for 23 consecutive months.
“We are encouraged by the fact that the sales of both single-family homes and condominiums are increasing,” said Jack H. Levine, 2010 Chairman of the Board of the MIAMI Association of REALTORS. “Home prices continue to stabilize, but the substantial presence of distressed properties in our market is contributing to fluctuations in median sales price levels. Still, the evident demand for South Florida real estate is definitely a positive sign.”
Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops rose 7.6% from July, but remain 19% below August 2009, according to the National Association of Realtors (NAR).
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