Market Update

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Miami condo sales up 60 percent
September 22, 2011 10:30AM
Sales of existing single-family homes in Miami rose by 49 percent in August to 951, with condo sales jumping 60 percent compared to the same period in 2010, according to data from the Miami Association of Realtors. While the median sales price for single-family homes fell one percent last month, condo sales prices actually jumped 13 percent. The average sales price in Miami-Dade County rose 13.5 percent. "The fact that home prices are rising despite distressed sales that account for the majority of sales is indicative of very positive trends in the Miami marketplace," said Jack Levine, MAR chairman of the board. "If prices are rising for countywide figures that include distressed properties, strengthening would be that much greater if distressed listings were eliminated or reduced. We believe the Miami market in terms of pricing has bottomed." -- Alexander Britell

Broward home prices rise
September 22, 2011 12:00PM
The median sales price for single-family homes in the Fort Lauderdale metro area rose 5 percent last month, with the median condominium sales price increasing 6 percent, according to data from the Miami Association of Realtors. Condo sales jumped 21 percent last month, and single-family sales rose 19 percent compared to August 2010. "Broward County home sales and prices continue to rise, reflecting a healthy and stable real estate market," said Terri Bersach, 2011 president of the Broward County Board of Governors of the Miami Association of Realtors. "Despite the high number of distressed sales, countywide prices are on the upswing, as buyers and investors are taking advantage of current affordability and other market opportunities." -- Alexander Britell

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