Miami Sales Up Again

Miami Sales Up Again

Miami Sales Up Again

The Miami Realtors Association has revealed that the boom in property sales in the region continued in September, with a growth of 36% year on year. The growth was fuelled by a 25% drop in prices according to the report.

This was the largest growth recorded in any of Florida's metropolitan areas, not only in the period but ever. This is particularly significant because it is in Florida, which we are currently seeing the highest volume in the sales of distressed and repossessed properties, and is also where the majority of foreign buyers are most prevalent.

36% more condos were sold in Miami during the month of September this year as opposed to last year and at an average price of $99,400. This is compared to a growth of just 10% in the state of Florida itself. This is despite the fact that Miami prices are higher than the regional average, although having said that Miami prices fell faster, with the regional average falling 18% to $84,400.

While sales of existing family homes in Miami declined 6% year on year in September, this was not enough to break the 23 month run of consecutive sales growth for the Miami residential property market.

According to the chairman of the Miami Association of Realtors, Jack H. Levine, "while the sales of single-family homes dipped slightly this month, current sales statistics point to an improving marketplace, especially compared to other markets in Florida and throughout the US."

For a full list of properties for sale in Miami and Florida in general follow the link below.

View properties for sale in Miami

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