Miami Real Estate Sales Outpace National Sales

Condo Sales In Miami Increased 59 Percent in August

 Miami real estate sales continue to strengthen as a result of stabilizing home prices. In the Miami Metropolitan Statistical Area (MSA), there was a 59 percent increase in condominium sales in August 2010 compared to August 2009 and a 77 percent increase compared to two years ago, according to the Miami Association of Realtors.

Statewide sales increased 22 percent for condominiums and one percent for single-family homes.

Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops rose 7.6 percent from July, but remain 19 percent below August 2009, according to the National Association of Realtors (NAR).

The inventory of residential listings in Miami-Dade County according to the SEFMLS has dropped 5 percent from 27,255 to 25,679 since August 2009. The levels of active single-family home listings and of condominiums have both dropped six percent from a year ago.

Compared to last month, the total inventory of homes increased a negligible .08 percent. The average days a property stays on the market decreased 16.7 percent to 92 for single-family homes and 19.3 percent to 103 for condominiums.

Nationally, total housing inventory at the end of August slipped .6 percent from the previous month.

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