Sales in Miami reach four-year high
February 8, 2011 - December home sales in Miami reached their highest level for that month since the housing boom, as more consumers were relocating to condominiums in the area.
There were 8,608 homes sold in Miami-Dade, Broward and Palm Beach counties in December, according to MDA DataQuick. Those figures were an increase of 28.7 percent from the previous month and up 4.2 percent from December 2009, while reaching the highest level for any December since 2006. While new home sales climbed 46.8 percent from November, they still made up just 7 percent of all home sales in December.
Instead, buyers were more frequently moving to condominiums. Condo sales climbed 31 percent from November, 20 percent from December 2009, and represented 50.3 percent of Miami-area homes that month. That was a record share for condo sales, said the report.
Buyers encountered condos at a median price of $89,000, down nearly 7 percent from a year earlier and 59.4 percent below their July 2006 peak of $340,000.
Condo owners in Miami are still working to sell off the 50,000 units that were developed from the start of the housing boom in 2002. The Miami Herald cited a report from Condo Vultures which showed about 85 percent of those homes have been sold to date.
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