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Miami Home Prices Continue 21 Month Rise

Sep 19, 2013, 2:33pm EDT Updated: Sep 19, 2013, 3:05pm EDT

Miami home prices continue 21-month rise





Pricing continues to climb in Miami as the residential market continues to gain momentum


Reporter- South Florida Business Journal
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A strong August for sales and pricing of residences in Miami resulted in offers that were close to the seller asking price, according to a new report.

Single-family home sales rose again in August, up 15.1 percent to 1,210 this August from 1,051 a year earlier, according to the 30,000-member MIAMI Association of REALTORS. Condominium sales increased 7.9 percent to 1,592 in August of this year from 1,476 in August 2012.

August’s figures mark 21 consecutive months of appreciation for both single-family homes and condominiums in Miami. The median sales price of single-family homes surged 20.5 percent to $235,000 year-over-year, and 2.2 percent compared to the previous month.

The median sales price of condominiums, which has significantly increased each of the last 26 months, spiked 27.5 percent to $180,500 compared to a year earlier, and 5.3 percent compared to the previous month.

Scrutinizing average pricing told a different tale: Compared to August 2012, the average sales price for single-family homes in Miami-Dade County decreased 11 percent to $364,960, while the average sales price for condominiums increased 22.3 percent to $346,847.

“While it’s a great time to sell in Miami, there are opportunities for buyers as well,” said 2013 MIAMI Association of REALTORS Residential President Fernando I. Martinez, in a statement. “Median sales prices in Miami-Dade County are what they were in 2004, which means a buyer today can still get affordable property in a world-class city that is approximately 35 percent below the peak.”

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