Miami Condo Market Improving
January 16, 2012
A
recent article quoted The Miami Association of
Realtors as saying that Miami residential home sales are up and
that condo prices had risen 21.5% over the previous year. Inventory
in the Miami Dade County area was down 40% as a result of year 2011
buying activity.
Additionally, it was reported that median condo prices had risen for four consecutive months with the current average being $226,151.
Jack Levine, chairman of the Miami Association of Realtors, was quoted as reporting that the change in condominium prices was very encouraging and reflects market strengthening.
Interestingly, 79% of condo purchases were in cash with a significant number being acquired by international condo buyers. Other local real estate professionals said that the market recovery had been unprecedented.
Source: NuWire Investor and Property Wire
