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Miami Real Estate Prices Continue Climb

Miami single-family, condo median pricing continues climb

 

Miami median sales pricing for both condos and single-family homes were on the rise in March.

Reporter- South Florida Business Journal
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The Miami median sales price in March jumped 25 percent for single-family homes and 19 percent for condos, on a year-over-year basis, according to a new report.

The growth means that pricing has been on the rise for 16 consecutive months in both categories.

The Miami Association of Realtors is reporting that the median sales price in March for single-family homes rose to $225,000 year-over-year, and climbed 16 percent compared to the previous month.

“This is the highest percentage increase for the median sales price of single-family homes since the height of the previous real estate boom in 2005,” according to the report.

Condo pricing is also on the rise: The category's median sales price rose 19.3 percent in March to $167,000 compared to a year earlier, and grew 1.2 percent compared to the previous month.

“The Miami real estate market is experiencing comprehensive strengthening fueled by robust demand and limited supply,” said 2013 Chairman of the Board of the MIAMI Association of REALTORS Natascha Tello.

The average sales price for single-family homes in Miami-Dade County increased 16.6 percent to $389,847. The average sales price for condominiums increased 27.1 percent to $324,380.

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