Good news for those in the South Florida housing market. According to the Miami Association of Realtors, looking at figures for November 2011, there was a significant increase from the same timeframe last year. However, numbers for October 2011 were slightly higher (so this indicates a drop now). Still, it is good news.
Looking at Miami-Dade County there was mixed news too. Although there was a drop of 10 percent in sales from last month to this, again there was an increase of a staggering 25 percent from November 2010 to November 2011. It seems like the trend is thus set vis-à-vis October, November 2011 and November 2010.
In general though, according to an official from the Miami Association of Realtors, this news is indicative of a “balanced and healthy marketplace.”
It wouldn’t seem like Florida would be doing well in real estate right now, given the fact that as a state, Miami has been taking somewhat of a battering recently. But apparently that’s exactly what has been happening. Just taking a look at the statistics for the sale of various properties in the region, according to the Miami Realtors Association, it seems like right now Florida might just be setting a record.
This fact however, has probably stemmed from bad news however, in the Florida housing market. What’s been happening is that there have been many discount priced foreclosures as well as short sales. Still, the facts are the facts and there has been an increase in condominium sales by 58 percent as pointed out by Housing Predictor. Further, from its peak in August 2008, there has been a reduction of over 65 percent in the amount of residential properties available in Miami-Dade County. Close to 60 percent of residential sales – such as bank-owned REOs and short sales – experienced “distress” last month. This figure was almost 70 percent in September of last year.