Miami March Home Sales Hit Five Year High

May 11, 2011 No Comments »

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Miami-area home sales hit their highest point for a March in five years, according to real estate analytics company DataQuick.

March sales jumped 39.1 percent from February and increased 18.2 percent from a year earlier.

The company said condo resales were particularly “robust,” accounting for a record 53.1 percent of all homes sold during the month.

The 5,434 condos resold was the highest total in the month of March since 2005, when 6,015 condos resold.

Over the past decade, condo resales have made up a monthly average of 32.9 percent of overall sales.

In total, 10,238 new and resale homes and condos closed escrow in the Miami metropolitan area, which encompasses the Miami-Dade, Palm Beach and Broward counties.

It was the highest March total since 2006, when 16,199 homes sold, but still 11.4 percent below the average March sales volume of 11,554 that goes back to 1997.

Miami Median Price Lowest Since 2000

The median price paid for all new and resale houses and condos sold in the Miami region was $120,000, unchanged from February and down 15.5 percent from $142,000 a year ago.

The median hasn’t been lower since April 2000, when it was $118,500.

DataQuick attributed the drop to a high concentration of condo resales and a low concentration of new-home sales.

FHA loans accounted for 39.6 percent of all purchase money mortgages in March, while cash buyers grabbed a hefty 68.6 percent share of sales. Sorry mortgage lenders

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