Record-breaking Miami sees sales levels surge by almost 50%Miami’s sales reached record-breaking levels in 2011, rising nearly 50% year-on-year, according to the Miami Association of Realtors (MAR).
Total sales last year in the Miami-Dade county area were 24,929. This figure was up 46% on 2010’s 17,068 posting, and 4% higher than 2005’s number (24,025).
Condo sales rose 54% in 2011 compared to 2010, from 9,760 to 15,009. Single-family home sales on the other hand rose y 36% over the same period (7,308 to 9,920).
Jack H. Levin, 2011 chairman of the board of MAR, said:
"The Miami real estate market exceeded all expectations in 2011, posting record sales that yielded rising prices.”
Martha Pomares, 2012 chairman of the board of MAR, added that Miami has outperformed much of the country.
“2011 was a remarkable year for the Miami real estate market,” said Pomares. “Unlike other markets throughout the US, Miami has recovered faster and stronger than expected and is poised for further growth and double-digit price appreciation in 2012.”