According to a National Association of Realtors report released recently, sales activity in Florida rose by jumped 10 percent in September for both condominiums and single-family homes as compared to the same time last year, thanks largely to huge increases in South Florida sales volume.
The Miami area condo market showed the greatest strength of any market in the state, as prices are on the rise and activity is at a record pace. The median Miami condo price spiked 17 percent since last September, while activity rose 58 percent, bringing the 2011 sales pace to 29,000 transactions. According to the Miami Association of Realtors that would surpass the record set in 2005 (although condo sales prices still remain far below those witnessed during the peak). Also performing well, Miami single-family homes, as sales volume increased 46 percent year-over-year, although the median price dropped some 6 percent to $131,000.