MIAMI – Another sand state is showing a rebound in real estate.
The Miami Association of REALTORS said sales levels in 2012 are reaching record numbers.
“It appears the Miami real estate market will set another record in 2012, exceeding sales levels at the height of the boom in 2005 and during the all-time record in 2011,” said Martha Pomares, chairman of the board of the Miami Association of REALTORS. “Considering the shortage of housing inventory available, it is remarkable that sales remain this strong. This record demand, coupled with extremely limited supply, is driving strong and consistent price appreciation.”
That housing shortage has driven up Miami home prices each of the last 12 months. Despite limited inventory, Miami-Dade County residential sales surged 23% in November, compared with a year earlier. Sales of existing condominiums in Miami-Dade increased 19.8%, from 1,139 to 1,365. Sales of single-family homes increased 26.2%, from 802 to 1,012, year-over-year.