Sales of existing condominiums in the Miami Metropolitan Statistical Area (MSA) increased 54 percent, from 855 to 1,316, compared to June 2010 but decreased seven percent compared to the previous month, according to the 24,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. Sales of existing single-family homes rose 35 percent in June, from 686 to 923, and six percent compared to the previous month.
In June, 59 percent of closed sales were cash transactions. Cash sales accounted for 39 percent of single-family and 73 percent of condominium closings.
Statewide sales increased eight percent to 7,941 for condominiums and dropped four percent to 17,597 for single-family homes.
Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops decreased 0.8 percent from May and remain 8.8 percent below June 2010, according to the National Association of Realtors (NAR).
“The Miami market has taken a lead position in sales growth and strengthening compared to the rest of the nation,” said Jack H. Levine, 2011 Chairman of the Board of the MIAMI Association of REALTORS. “Current levels of supply and demand denote a healthy market that is expected to outperform others throughout the U.S. long-term. The demand from foreign buyers and investors, the expansion of the Panama Canal, and the vibrant tourism industry are just some of the factors that are expected to have positive effects on the local economy and real estate marketplace.”