According to the Miami Association of Realtors and data collected from the Southeast Florida Multiple Listing Service, sales of existing homes in Miami rose by 18% in December compared to the same period in 2009. This is also approximately 70% greater than the same period two years ago. The increases are much stronger than both the national and statewide figures, reflecting a more pronounced rebound in Miami. The increase in condominium sales rose the most, jumping 43% from the same period last year and 114% from 2008 levels. Pricing is still being kept low as distressed sales from foreclosures and short sales continue make up a majority of transactions. So while prices have not risen, the increasing volume of sales has reduced the total inventory of homes by over 7.5 percent from January 2010 according to the Southeast Florida Multiple Listing Service. If this pace of sales continues or we at least see continued drops in inventory, then prices will begin to rise although that rise will be tempered until the majority of distressed sales are able to work through the system.
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