Local Florida markets on the rise

The Miami Association of Realtors recently reported Broward County experienced a 7 percent increase in condominium sales from June 2010 to June 2011, and an increase in single-family home sales of more than 6 percent since last June.

Of the June closed sales in Broward County, 61 percent were cash transactions. Cash sales accounted for 38 percent of single-family home and 80 percent of condominium closings. Statewide sales increased 8 percent for condominiums, but dropped 4 percent for single-family homes, while national existing sales across the board dropped 0.8 percent this past year.

“Healthy sales levels in Broward County have resulted in reduced housing supply, which is
indicative of a well-performing market,” said Terri Bersach, president of the Broward
County Board of Governors of the MIAMI Association of Realtors. “Prices have now
caught up with rising sales, which is a very positive sign for the local real estate market."

The Miami Metropolitan area reported a 54 percent increase in existing condominium sales for the past year, and existing single-family home sales rose 35 percent from June 2010. However, the median sale price of single-family homes in June dropped 9 percent from the previous year, and the condominium median sales price dropped 7 percent.

Miami Association of Realtors residential president, Ralph De Martino, said the Miami real estate market is outperforming both state and national markets, despite the weak economy.  

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