Even with a jump in prices, sales of Miami condos
still soared in the first three months of this year.
According to the Miami Downtown Development Authority, 1,000 Downtown Miami condos were sold from January to March of this year. This is a 26.7% increase in comparison to the data in the same period last year.
In the first quarter of 2012, the average Downtown Miami condos sales price was $371,084, the Miami Downtown Development Authority reported. This first quarter condo sales price data is a 5.2 % jump compared to last year’s data.
“Downtowns across the country are seeing a resurgence as young professionals seek a more urban lifestyle. Yet nowhere is this trend more apparent than in downtown Miami,” Alyce Robertson, executive director of the Miami Downtown Development Authority, told the Miami Herald.
Foreign buyers and investors are playing a big role in the volume of home sales, this according to Martha Pomares, 2012 chairman of the Board of the Miami Association of Realtors.
“Record home sales, which were greatly boosted by foreign buyers and investors, in Miami-Dade County have further strengthened the local real estate market and economy,” Pomares said in a statement.
Patricia Delinois, the 2012 Miami Association of Realtors president, said that Miami remains the top residential real estate market in the country as a result of the many benefits of working and living in this coastal resort city.
Delinois said in a statement, “There are many benefits to living and working in Miami, which is why migrating U.S. residents and retiring baby boomers as well as vacation and second homebuyers, and global business headquarters are increasingly attracted to our amazing city.”
On a national scale, the National Association of Realtors (NAR) reported that existing-home sales, including single-family homes and condominiums, rose from 4.34 million level during the first quarter of 2011 to 4.57 million in the first quarter of 2012. This is the highest first quarter sales on a national scale since 2007, NAR chief economist Lawrence Yun said in a statement.
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