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Florida home sales on the rise, particularly condominiums

Miami Association of Realtors reports the area saw an increase in condo sales last month.

Miami Association of Realtors reports the area saw an increase in condo sales last month.

The housing market in Miami may be in the midst of a significant bounce back.

According to the Miami Association of Realtors, existing condominium sales in the Miami metropolitan area increased 58 percent last month, jumping from 545 in February 2010 to 859 last month.

"Numbers are certainly trending in a positive direction," said Jack Levine, chairman of the board for the MAR. "We are even seeing instances in certain neighborhoods with multiple offers above asking price, which is resulting in healthy absorption of housing inventory in Miami-Dade County."

But it's not just Miami that more people are moving to and it's not just condominiums they're buying. Statewide sales for single-family homes increased 13 percent to 13,701. Condominium sales also impressed after increasing 29 percent compared to January.

The optimism people had about the Florida housing industry appears to be paying off. Last month, the University of Florida released findings from its Survey of Emerging Market Conditions, which indicated an improved outlook for single-family homes, condominiums, office occupancy and capital availability.