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Miami Home Sales Break Record in 2011

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Regional Spotlight—Miami home sales set a new record in 2011, exceeding transaction levels during the height of the real estate boom in 2005, according to the 26,000-member MIAMI Association of REALTORS® and the Southeast Florida Multiple Listing Service (SEFMLS). Total 2011 sales, including both condominiums and single-family homes, in Miami-Dade County were 24,929, up four percent from the 24,025 in 2005 and 46 percent from 17,068 in 2010.

Year-end closed sales of condominiums surged 54 percent, from 9,760 in 2010 to 15,009 in 2011. Total single-family home sales increased 36 percent from 7,308 in 2010 to 9,920 in 2011.

“The Miami real estate market exceeded all expectations in 2011, posting record sales that yielded rising prices,” said Jack H. Levine, 2011 Chairman of the Board of the MIAMI Association of REALTORS®. “Miami is a very unique city in most ways, and the real estate market recovery proved no different.”

The sales of existing single-family homes in the Miami Metropolitan Statistical Area (MSA) rose 16 percent in December, from 734 to 734, compared to December 2010. Sales of condominiums increased 22 percent, from 985 to 1,200, compared to December 2010.

Statewide sales dropped two percent to 6,836 for condominiums and two percent for single-family homes to 15,290. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops rose five percent from November and were 3.6 percent higher than they were in December 2010, according to the National Association of REALTORS® (NAR).

Median and Average Sales Prices Rise in December In the Miami MSA, the median sales price of condominiums in December spiked 31 percent to $129,900 from a year earlier. The median sales price of single-family homes jumped 16 percent to $182,300. Statewide median sales prices in December increased four percent to $91,900 for condominiums and one percent to $134,300 for single-family homes. The national median existing-home price for all housing types was $164,500 in December, a 2.5 percent drop from December 2010.

The year-end median sales price dropped nine percent for single-family homes and three percent for condominiums when comparing 2011 to 2010.

In December, the average sales price for single-family homes in Miami-Dade County increased 8.3 percent, from $302,098 in 2010 to $327,060 in 2011.

The average sales prices for condominiums jumped 21.5 percent, from $223,962 to $272,186.

“International buyers and investors continue to play a major role in boosting market performance in Miami,” said 2012 MIAMI Association of REALTORS® Residential President Patricia Delinois. “Miami is the top area in the U.S. for international real estate buyers. These buyers from worldwide markets will continue to strengthen the Miami market long into the future.”

For more information, visit www.miamire.com.

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