Sales of existing single-family homes have increased in Miami by 41% in October 2011 as 769 homes were sold compared to 546 in October 2010, with sales of condominiums also increasing 63% from 739 to 1,202 year to year according to data from MIAMI Association of REALTORS.

Statewide sales across Florida also rose for single-family homes and condominiums by 13% to 13,755 and 12% to 6,132 respectively according to the National Association of Realtors (NAR).

Ralph E. De Martino, Residential President MIAMI Association of REALTORS, said: “ Miami is an enviable position, leading the nation in the real estate market recovery. International buyers continue to play a major role in fuelling the local market strengthening. Demand for local properties from domestic and foreign buyers will result in the local market outperforming the nation long into the future.”

Despite the median sales price of condominiums rising for the third consecutive month as they appreciated 8% in October to $117,900, the median sales price of single-family homes decreased 12% to $174,600 from a year earlier. This trend was reflected statewide across Florida with the median sales prices single-family homes falling 4% to $131,200 and increasing by 9% to $87,800 for condominiums. The national median existing-home price for all housing types was $161,600 in October, down 5.8% from October 2010.

The average sales prices for both single-family homes and condominiums in Miami-Dade County increased by 6.5% from $266,726 in October 2010 to $282,947 and by 14.3%, from $197,811 in October 2010 to $226,151 in October 2011 respectively.

Jack H. Levine, 2011 Chairman of the Board of the MIAMI Association of REALTORS, said: “Rising demand and limited supply is yielding higher average and median sales prices, and we expect to see double-digit price appreciation in 2012.”

Sales of distressed residential property also decreased during October 2011 in Miami-Dade County as it fell 3% from the previous month to 57%, this included REOs (bank-owned properties) and short sales, this compares to 61% in October 2010.