The Miami Metropolitan Statistical Area (MSA) reports that closed deals for condominiums for sale have grew to a whopping 85 percent from March this year and 80 percent from February 2010.

According to the report, the number of condo sales in Miami went from 835 in March to 1,542 in April. Existing home sales also increased in March by 59 percent, with 1,031 home sales from 649 in the previous month. The increase is a 90-percent jump from the previous month’s figures.

The report also indicated that 64 percent of the home sales were done in cash. Cash buyers seem to have dominated closed deals even in international transactions. The latter represented 60 percent of existing homes sales and 90 percent of new homes sales.

Cape Coral foreclosures are certainly getting a lot of interest from home buyers, with statewide sales figures widening by 24 percent for condo sales. This percentage amounts to 9,703 condominiums that were sold this quarter. Single-family units also hogged some of the market interest with 12 percent growth in sales, totaling 18,522 closed deals.

The nationwide figures for condominiums for sale, townhouses and other single-family residential units are also getting better, with a posting of  3.7 percent increase in sales from February, although the same is still 5.44 less than the March sales.

Realtors say that the strong showing of Florida foreclosures is indicative of a strengthening market since the comparative figures last year were still boosted by tax credit programs. Last year, First-time homebuyers were given tax incentives by the government for their home purchases.

Foreclosed homes in Miami seem to be still surpassing last year’s sales levels despite the fact that the tax credit program had already ended. Realtors say that the market is clearly showing signs of improved performance and more stable market base. Buying activities continue to climb up and home buyers are just too eager to pay in cash.

But they also take note of the increasing impact of the number of short sales and distressed property sales on the average median price of residential foreclosures. Sales of residential foreclosures in Miami-Dade County account for 60 percent of all closed deals in the area.

The March average median price for single-family home units declined by 19 percent this year and the median price of condominiums for sale also fell by 30 percent, which is actually an increase of 3.6 percent from February.

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