Miami property market recovering strongly

Property sales in Miami, Florida, ended 2010 on a high with real estate agents more confident with the outlook for 2011 as the latest figures show increasing demand pushing up sales.

The sales of existing single family homes in the Miami Metropolitan Statistical Area (MSA) rose 18% in December, compared to December 2009 and were 70% up on December 2008 according to the MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS). Sales of condominiums increased as well, up 29% compared to December 2009 and % compared to December 2008m indicating that a long period of stagnation is ending.

The increase in sales in Miami is much higher than in the state, with condominium and single family house sales in Florida both increasing by 4%. Miami sales are also ahead of national sales that increased by 12.3% in December, according to the National Association of Realtors (NAR).

‘Sales figures for December and for all of 2010 are very encouraging,' said Jack Levine, 2010 chairman of the Board of the MIAMI Association of REALTORS. ‘Increasing sales denote the demand that exists for local properties and show significant strengthening from where we were two years ago,' he added.