Miami, FL -- The median sales price of single-family homes in October in the Miami Metropolitan Statistical Area increased 12 percent to $199,100 from a year earlier, according to the MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS).
Miami was one of only three home markets and the only major metropolitan area in Florida posting an increase for median sales price of single-family homes. Compared to the previous month, the median sales price rose six percent. "Rising median sales prices reflect strengthening and stability of the Miami real estate market," said Jack H. Levine, 2010 Chairman of the Board of the MIAMI Association of REALTORS.
On the other hand, the median sales price of condominiums in the Miami MSA dropped 22 percent in October, to $107,700, compared to the same month last year but increased more than eight percent compared to the previous month.
The sales of existing single-family homes in the Miami MSA decreased only four percent to 546 compared to October 2009 but were 21 percent higher than they were in October 2008. The Miami real estate market experienced rising residential sales since August 2008, posting increases for 23 consecutive months.
In the Miami MSA, condominium sales increased 17 percent to 757 compared to October 2009 and a 72 percent increase compared to two years ago, when sales were already rising. This was the highest increase in condominium sales of any major metropolitan area in Florida.
Short sales and foreclosures are continuing to have an impact on median and average sales prices for both single-family homes and condominiums especially in some areas of the county. "We continue to observe positive signs in the Miami market, and international buyers continue to fuel market strengthening," said 2010 MIAMI Association of REALTORS Residential 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.
The Criscitos has been selling South Florida luxury and commercial real estate for over a decade and has sold over $1 billion dollars of property. They work as a multi-lingual team speaking english, Spanish, Italian and Portuguese. They carved out a niche as a leading boutique real estate company with two distinct divisions -residential and commercial- both personally overseeing by Marcela and Anthony Criscito.
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