Miami condo market up 50%

Miami condo market up 50% as Florida sector fights back

In a recent article published by the Overseas Property Professional Magazine (“OPP”) it was reported that sales of Miami condominiums increased by nearly 50% in May compared to the same month in 2010 as new figures show higher demand in the Floridian city’s market.

Research from the Miami Association of Research showed that condominiums in the Miami Metropolitan Statistical Area (MSA) increased by 46% in May year-on-year, from 972 in 1,420.

In other property areas the sales of single-family homes rose 20% also. Florida-wide, sales increased 17% to 8,388 for condominiums and 3% for single family homes to 17,228, according to the National Association of Realtors.

“The current performance of the Miami market is exceeding expectations, as we continue to see increased demand for local properties and higher sales levels than we have seen since the boom years,†said Jack H. Levine, 2011 Chairman of the Board of the Miami Association of Realtors.

He told OPP: “Presently, there is only a 7.4 month supply of housing inventory in Miami-Dade County. Both U.S. and international buyers continue to take advantage of record affordability, Miami’s attractive lifestyle and weather, and other enviable local attributes.â€

Prices also continue to stabilize in the area as the value of condominiums and single family homes increased by 7% compared to April.

“May figures are very encouraging, as they reflect continued market strengthening and stabilization,†said 2011 Miami Association of Realtors’ Residential President Ralph E. De Martino. “The number of distressed sales dropped by four percent, which means more non-distressed transactions are taking place.â€