Miami December home sales reach four-year high

Buying a condo in Miami is a frequently discussed retirement plan that many seem to be putting into action, according to recent home sales reports from the area. DQ News announced that the city saw a major increase in real estate sales in December, due mostly to the purchase of condominiums.

Overall home prices were down 3.6 percent the same month, which may have been the driving factor that caused the 28.7 percent spike in the number of sales from the month before, equating to 4.2 percent more sales than December 2009. This increase was also 5.4 percent more than the average November-to-December increase.

The increase has been mostly attributed to condominium sales, which were 31 percent higher than November and 20 percent higher than December of last year.

However, the number of new home sales was unusuallly low, only making up 7 percent of all real estate transactions for the month and falling 16 percent from the number of new homes sold in December 2009.

Some locals may be expecting a price rebound soon, since the median cost of homes in the Miami area has decreased year-over-year for 39 consecutive months. Those planning to move to Miami to take advantage of low prices should do so in the near future, before prices begin to increase again.
 

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