Bargains drive skyrocketing home sales in miami

According to the Miami Association of Realtors and the Southeast Florida Multiple Listing Service (SEFMLS), sales of existing condominiums in the Miami Metropolitan Statistical Area (MSA) increased 134 percent, from 540 to 1,262, compared to January 2010 and 233 percent compared to January 2009.

Sales of existing single-family homes rose 55 percent in January, from 436 to 676, compared to January 2010 and 66 percent compared to January 2009. Statewide sales increased 36 percent to 6,681 for condominiums and 14 percent for single-family homes to 12,151.

Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops rose 2.7 percent from December but were 2.3 percent above January 2010, according to the National Association of Realtors (NAR).

"These significant increases in sales for both single-family homes and condominiums reflect the strength of the Miami real estate market," said Jack H. Levine, 2011 Chairman of the Board of the Miami Association of Realtors.

"The Miami market continues to outperform the rest of the nation mostly due to the strong impact of international buyers and record affordability."

Source: Real Estate Channel