Miami real estate market performing well

Despite a general slowdown in the US housing sector, Miami appears to be bucking the trend.

According to the latest figures released by the Miami Association of Realtors, sales of both single-family homes and condominiums increased during October, compared to a year earlier.

The organisation revealed that condominium transactions were up 63 per cent in this period, while purchases of single-family homes climbed by 41 per cent.

Meanwhile, the value of properties in Miami is also on the rise and is expected to continue into next year.

Chairman of the board of the Miami Association of Realtors Jack Levine commented: "Rising demand and limited supply is yielding higher average and median sales prices and we expect to see double-digit appreciation in 2012."

Data published earlier this month by the National Association of Realtors showed that the level of home sales in the US as a whole climbed by 13.5 per cent between October 2011 and the same month a year earlier.

However, the average price of a residential property in the US slid by 4.7 per cent in the corresponding timeframe.
 

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