ccording to the Miami Association of Realtors, sales of existing single-family homes in the Miami Metropolitan Statistical Area rose 46 percent in September, compared to September 2010. Sales of existing condominiums increased 58 percent compared to September 2010.
Statewide sales increased 10 percent for single-family homes and 10 percent for condominiums compared to September 2010. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops declined three percent from the previous month and but were 11.3 percent above September 2010, according to the National Association ofRealtors (NAR).
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The percentage of cash transactions rose to 63 percent. Cash sales accounted for 42 percent of single-family and 76 percent of condominium closings. Nearly 90 percent of international buyers in Florida purchase properties all cash. Nationally, all-cash sales accounted for 30 percent of transactions.
The average sales prices for single-family homes in Miami-Dade County increased 29.8 percent, from $264,602 in September 2010 to $343,497 in September 2011. The average sales price for condominiums increased 13 percent, from $187,185 in September 2010 to $211,455 last month.
The inventory of residential listings in Miami-Dade County has dropped 38 percent, from 24,888 to 15,264 active listings, in the last year. Compared to the previous month, the total inventory of homes dropped one percent from 15,405. Since August 2008, existing housing inventory has decreased more than 65 percent, down from 43,100.
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