Data from the Miami Association of Realtors and Southeast Florida Multiple Listing Service show sales of single family homes and condominiums in Miami Dade County totalled 24,929 which is 4% more than sales in 2005, and a massive 46% increase on sales in 2010. The end of the year saw sales condominiums increase by 54%, while sales of single family homes increased by 36%.
These sales exceeded all predictions, and Miami has recovered much faster than anywhere else in the US. This year is expected to see further growth and could even see price rises into double digits. Miami is an exceptional market as throughout the rest of the state sales of condominiums dropped by 2% as did sales of single family homes in December.
December saw the median sales price of condominiums increase 31% to $129,900 from a year earlier while the median sales price of single family homes increased by 16% to $182,300.
Elsewhere in the state median sales prices for December increased by 4% for condominiums to $91,900 and by 1% for single family homes to $134,300. Inventory levels have fallen by 40% over the past year, and there is now just a 4.9 month supply of condominiums and a 5.8 month supply of single family homes in Miami Dade County, showing a relatively balanced market. International buyers and investors are still very active in Miami, and are expected to continue strengthening the market during 2012.
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