November 24, 2010 - More buyers may be consulting vanlines and heading to Miami, according to new data on improving area condominium sales.

The Miami Association of Realtors reported that 757 condo sales closed during the month of October, up 17 percent year-over-year and a whopping 72 percent compared to October 2008. Existing single-family home sales actually dropped 4 percent year-over-year, but are still up 21 percent from two years ago and had experienced 23 consecutive months of increasing sales since August 2008.

Buyers may have been drawn into purchasing Miami condos for their reduced price - the report noted condo prices dropped 22 percent to $107,700. Additionally, the market has been infused with a number of foreign buyers consulting international movers.

"We continue to observe positive signs in the Miami market, and international buyers continue to fuel market strengthening," said MAR president Oliver Ruiz. "While distressed properties continue to affect home values, especially for condominiums, we expect home values to improve as excess inventory is absorbed."

Low prices overall continue to entice buyers into hiring moving companies and heading to Miami. ZipRealty reported that Miami buyers enjoyed price reductions on 42.4 percent of all properties for sale last month.
 

Recent Articles