According to the most recent statistics published by the Florida Association of Realtors, the real estate market in Florida showed significant gains in September. The statistics by FAR show a 24% increase in sales of existing residential properties across the state, as compared to sales made in September 2007. Condo sales also increased 11% statewide.
Miami also benefited from increased sales. Existing home sales were up 14% in September 2008 over the same period last year, while condo sales dipped by 1%. The condo market is obviously going to take longer to recover, due partially to the overbuilding that took place in the past several years. Although these statistics are not overwhelming, they do indicate change, particularly when considering the many months of double-digit declines that took place in Miami and Miami Beach in 2007 and much of 2008.