In March, sales of Miami homes increased drastically as a result of the unbelievable low prices, the deadline for first-time-buyer tax credits and pent-up demand for luxury Miami real estate.
According to figures released Thursday from Florida Realtors, March sales of existing Miami homes rose to 649 at 17% increase compared to the same month last year, amid a median home price decline of 4% to $205,600. At the same time and with median prices falling 8% to $214,000, sales of Miami condos skyrocketed 58% to 835 sales.
In March, figures for Broward County lagged behind Miami real estate, with existing home sales up 8% to 734, and median home prices falling 3% to $219,500. The figures show that March condo sales jumped by 46% to 1,140, while median condo prices fell 10% to $73,600.
A spokeswoman for Florida Realtors said, "If you look at prices, that represents a pretty good bargain for a lot of folks, and first-time buyers who may not have been able to buy in previous years,''. "For the first-time tax credit, a purchase contract has to be signed by April 30, so for people hoping to take advantage of that, if they are thinking of buying, they are making those decisions.''
Contributed by MLR Realty
