Miami Condo Sales Up 58% Year-Over-Year in September; Prices Rise
October 20, 2011 by Lucas Lechuga
The Miami real estate recovery continues, according to a report released Wednesday by the National Association of Realtors. September sales of existing condominiums in Miami rose 58 percent year-over-year while sales of existing single-family homes increased 46 percent in the same time period. Prices were also on the rise in September. The average sales price for condominiums in Miami-Dade County increased 13 percent, from $187,185 in September 2010 to $211,455 last month while the average sales price for single-family homes increased 29.8 percent, from $264,602 in September 2010 to $343,497 in September 2011.
Did any RE agents from this blog attended the VIZCAYNE (Everglades) RE party tonite (Thursday 20th)? I was The DJ/VJ for your poolside party.
-“The average sales price for condominiums in Miami-Dade County increased 13 percent, from $187,185 in September 2010 to $211,455 last month while the average sales price for single-family homes increased 29.8 percent, from $264,602 in September 2010 to $343,497 in September 2011.”
Is that correct, 30% increase in sales price for single family home in Dade?
Makes_Me_Think,
That’s correct according to the newswire that was released: http://www.prweb.com/releases/2011/10/prweb8896052.htm
If thats validated, 13% month over month increase in prices is just crazy…another bubble forming! What about $/sq foot? Could it have been just that the high end of the sq. footage market selling?
Headlines of 30% YoY increase in prices will certainly get the attention of speculators. Soon there will be a stampede of people not wanting to miss out. Banks will begin offering the retarded loans again and we will officially be off to our next housing bubble. Remember I called it here first a wile back. Miami is setting the stage for another housing bubble.
Wonder what Joe, RT and other moon landing deniers. has to say about those numbers. Not even I, believe them, maybe there is something askew here.
It’s just one month. The average could have been inflated due to high priced sales occurring in September 2011. I checked and two homes sold for over $10M (one for $15M and another for $11.6M). Also, a house sold for $6.6M and another for $6.5M. In September 2010, there were only two homes that sold for over $5M (one for $5.25M and one for $12.33M).