In December, sales of existing single-family homes in the Miami area jumped 16 percent, compared to December 2010. Sales of condominiums rose 22 percent. Those percentage increases beat the change in sales statewide, which dropped 2 percent for both condominiums and single-family homes.

Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops rose 3.6 percent from December 2010, according to the National Association of Realtors.

Overall, the inventory of residential listings in Miami-Dade dropped 39 percent from 24,278 to 14,087 over the last year, and 8 percent from November 2011 alone, figures show.

Bank-owned properties and short sales, comprising “distressed sales,” drove the rapid absorption, Realtors said. In December, 54 percent of all closed residential sales in Miami-Dade were distressed, compared to 59 percent in December 2010. Unlike a year ago, there are now more short sales closing than bank-owned properties, Realtors said.

“There is a waiting list of investors, with dual and triple offers on REO properties,” said Delinois, who is president and CEO of Century 21 Premier Elite Realty. “We have more of a demand for bank-owned properties than we have a supply.”

Cash sales continue to dominate in Miami-Dade, at 63 percent of total closed sales in December. Cash sales accounted for 42 percent of single-family and 77 percent of condominium closings. Nearly 90 percent of international buyers in Florida purchase properties all cash, Realtors said, compared to 29 percent nationally, reflecting the stronger presence of international buyers in the Miami real estate market.

In the Miami area, the median sales price of condominiums in December spiked 31 percent to $129,900 from a year earlier. The median price of single-family homes jumped 16 percent to $182,300. Statewide median prices in December increased 4 percent to $91,900 for condominiums and 1 percent to $134,300 for single-family homes. The national median existing-home price for all housing types was $164,500 in December, a 2.5 percent drop from December 2010.

In Broward, single-family home sales increased 9 percent in December to 1,082, and condominium sales dropped 8 percent, compared to December 2010.

For the year, total single-family home sales in Broward fell 9 percent to 12,817 in 2011. Condominium sales rose 11 percent, to 16,714 in 2011.

Overall inventory in Broward dropped 35 percent for the year, to 12,997, the figures show.

In December, 46 percent of all closed residential sales in Broward were distressed, and there were more short sales than bank-owned properties.

Cash sales accounted for 38 percent of single-family and 81 percent of condominium closings in Broward.

In December, the median price of single-family homes in the Fort Lauderdale area was $189,600, up 7 percent compared to December 2010. The median price for condominiums dropped 3 percent to $78,200.

Homes image via Shutterstock.com.

U.S. existing-home sales rose for the third straight month in December, finishing 2011 with a modest overall increase in sales from the year before, according to a report released today by the National Association of Realtors.

Sales of single-family homes, townhomes, condos and co-ops saw a 1.7 percent rise in 2011, to 4.26 million homes, from 4.19 million in 2010, the report said. Last month, NAR released adjusted estimates for home sales between 2007-10. The 4.19 million cited for sales in 2010 is the “rebenchmarked” figure. Previously reported median home prices or months’ supply of homes for sale were not affected by NAR’s rebenchmarking.

In December, existing-home sales rose 3.6 percent year over year and 5 percent month to month, to a seasonally adjusted annual rate of 4.61 million. The national median home price fell 2.5 percent last month, to $164,500.

Existing-home sales (December 2011)

Source: National Association of Realtors.

On a monthly basis, unsold inventory fell 9.2 percent in December to 2.38 million, which represents a 6.2-month supply at the current sales pace — the lowest inventory level since March 2005, the report said.

“The inventory supply suggests many markets will see prices stabilize or grow moderately in the near future,” said Lawrence Yun, NAR chief economist, in a statement.

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