The Miami realtors have witnessed a remarkable increase in home sales which include both condominiums and family homes. The Miami Association of Realtors have assessed the sales statistics in the second quarter of the year 2011and found out that there has been a 49% increase in sales as compared to 15% only in the first quarter of the present year. Such a rise in real estate marketing has been consistent from past twelve consecutive quarters, starting from the third quarter of the year 2008. In the present scenario, the number of sales has increased from 4557 to 6768.
Miami, Florida is a major metropolitan city. According to the statically analysis, it has been found that the sales of family homes and condominiums have increased than any other metro city Real Estates. Overall, there has been a total of 31 percent increase as compared to the previous year 2010. On further review of the statistical analysis, it indicates a rise of 62 percent in condominium sales as compared to the second quarter of 2010. The condominium sales increased by 14 percent whereas the single family homes increased by 1 percent, according to a statewide analysis. Whereas, in a nationwide analysis, both condominiums and home sales has decreased by 5.4 percent as compared to the results of first quarter in this year, 2009 and a decline of 12.7 percent as per the stats of second quarter in the year 2010.
The chairman of the Miami Realtors association, Jack H. Levine has justified the increase of sales in his statement saying that the market has seen an increase from past 3 years. He also claimed that the residential sales were boosted by homebuyer tax credit. He also mentioned that Miami real estate has been attracting international investors and buyers. Such an international interference has boosted the sales market.
The CEO of Douglas Elliman, Florida has aptly said that if properties are priced correctly then it is easy to find its buyers very soon. He also said that it is necessary to invoke faith in buyers and they should realise that a property is worth of buying in such a metro city like Miami. He also laid importance on clearing the distressed sales.
Median sales are very much affected by the foreclosure and short sales. The median sales of family homes dropped to nine percent in the first quarter whereas the condominium sales dropped to six percent, nationwide. State-wide, the median sales dropped to 5 percent whereas the condominium sales dropped to 2 percent. Numerically, the median sales were $176,800 in the second quarter of 2010 as compared to $171,900 at the present scenario in 2011.
Ralp E.De Martino, the president of Realtors association in Miami has said that the sales market is very healthy and balanced as per the present statistics. Few areas and buildings of South Florida have already shown an increase in price and numerous buyers for the same. The Bank-owned properties have been under heavy demand.
The total housing inventory has also decreased by 39 percent as compared to the previous year and 13 percent as compared to the previous quarter in 2011. After the month of August, 2008, since there has been an increase in home sales, the local inventory has decreased by 64 percent.