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Miami home sales set a new record in 2011, exceeding transaction levels during the height of the real estate boom in 2005, according to the 26,000-member MIAMI Association of REALTORS® and the Southeast Florida Multiple Listing Service (SEFMLS). Total 2011 sales, including both condominiums and single-family homes, in Miami-Dade County were 24,929, up four percent from the 24,025 in 2005 and 46 percent from 17,068 in 2010. Year-end closed sales of condominiums surged 54 percent, from 9,760 in 2010 to 15,009 in 2011. Total single-family home sales increased 36 percent from 7,308 in 2010 to 9,920 in 2011.

"The Miami real estate market exceeded all expectations in 2011, posting record sales that yielded rising prices," said Jack H. Levine, 2011 Chairman of the Board of the MIAMI Association of REALTORS®. "Miami is a very unique city in most ways, and the real estate market recovery proved no different. Miami is hot, and it's not just the weather!"

The sales of existing single-family homes in the Miami Metropolitan Statistical Area (MSA) rose 16 percent in December, from 734 to 734, compared to December 2010. Sales of condominiums increased 22 percent, from 985 to 1,200, compared to December 2010.

"2011 was a remarkable year for the Miami real estate market," said Martha Pomares, 2012 Chairman of the Board of the MIAMI Association of REALTORS. "Unlike other markets throughout the U.S., Miami has recovered faster and stronger than expected and is poised for further growth and double-digit price appreciation in 2012."

Median & Average Sales Prices Rise in December
In the Miami MSA, the median sales price of condominiums in December spiked 31 percent to $129,900 from a year earlier. The median sales price of single-family homes jumped 16 percent to $182,300.

The year-end median sales price dropped nine percent for single-family homes and three percent for condominiums when comparing 2011 to 2010.
In December, the average sales price for single-family homes in Miami-Dade County increased 8.3 percent, from $302,098 in 2010 to $327,060 in 2011. The average sales prices for condominiums jumped 21.5 percent, from $223,962 to $272,186.

"International buyers and investors continue to play a major role in boosting market performance in Miami," said 2012 MIAMI Association of REALTORS® Residential President Patricia Delinois. "Miami is the top area in the U.S. for international real estate buyers. These buyers from worldwide markets will continue to strengthen the Miami market long into the future."

Inventory Declines 40 Percent in One Year
The inventory of residential listings in Miami-Dade County dropped 39 percent from 24,278 in to 14,087 over the last year. Compared to last month, the total inventory of homes dropped eight percent. Currently, there is a 4.9-month supply of condominium inventory and a 5.8-month supply of single-family homes in Miami-Dade County, reflecting a very healthy marketplace.

Distressed Properties
Heightened demand for bank-owned (REO) properties and improved processing of short sales has resulted in rapid absorption of distressed listings and price appreciation. In December, 54 percent of all closed residential sales in Miami-Dade County were distressed, including REOs (bank-owned properties) and short sales, compared to 59 percent in December 2010 and 56 percent the previous month. Contrary to a year ago, there are now more short sales being transacted than REOs.

International Buyers Fuel Cash Sales
In Miami-Dade County, 63 percent of total closed sales in December were all-cash sales. Cash sales accounted for 42 percent of single-family and 77 percent of condominium closings. Nearly 90 percent of international buyers in Florida purchase properties all cash.

Broward County Housing Inventory Declines 35 Percent in One Year
In Broward County, single-family home sales increased nine percent, from 996 to 1,082, last month compared to December 2010, according to the 26,000-member MIAMI Association of REALTORS® and the local Multiple Listing Service (MLS) systems. Condominium sales dropped eight percent in December compared to a year earlier.

"Dwindling housing supply in Broward County is indicative of strong demand and points to future market strengthening," said Rick Burch, 2012 president of the Broward County Board of Governors of the MIAMI Association of REALTORS®. "The presence of international buyers combined with an improving economy and job market will result in further growth and strengthening in Broward County."

Year End 2011
Total single-family home sales dropped nine percent from 11,548 in 2010 to 12,817 in 2011. Total closed sales of condominiums rose 11 percent, from 15,049 in 2010 to 16,714 in 2011.

The year-end median sales price rose four percent from $179,200 for single-family homes and six percent from $70,800 for condominiums when comparing 2011 to 2010.

Median & Average Sales Price
In December, the median sales price of single-family homes in the Fort Lauderdale Metropolitan Statistical Area (MSA) was $189,600, up seven percent compared to December 2010. The median sales price for condominiums dropped three percent to $78,200 compared to a year prior.

The average sales price for total single-family homes increased 12.1 percent, from $247,889 to $277,939. The average sales prices for condominiums rose nine percent, from $118,966 to $129,662.

Inventory Levels Decrease
The inventory of residential listings in Broward County decreased 35 percent from 19,899 to 12,997 over the last year, reflecting a healthy real estate market. Compared to last month, the total inventory of homes decreased 2.4 percent.

"The residential housing market in Broward has reflected health and balance over the last year," said Ernesto Vega, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS®. "Broward County home sales and prices continue to rise and are expected to further strengthen in 2012."

Distressed Properties
In December, 46 percent of all closed residential sales in Broward County were distressed, including REOs (bank-owned properties) and short sales, compared to 55 percent in December 2010 and 48 percent the previous month. Contrary to a year ago, there are now more short sales being transacted than REOs.

International Buyers Fuel Cash Sales in Broward
Cash sales accounted for 38 percent of single-family and 81 percent of condominium closings. Nearly 90 percent of international buyers in Florida purchase properties all cash.

Note: Statistics may vary depending on reporting dates. Statistics reported by MIAMI are not impacted by NAR's rebenchmaking efforts. MIAMI reports exact statistics directly from its MLS system.