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Miami Home Sales Soar in 3Q

Nov 20, 2013, 5:27pm EST

Miami home sales, median prices soar in 3Q



Miami home prices are doing better than ever in the third quarter.


Reporter- South Florida Business Journal
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Miami home sales increased 21.2 percent in the third quarter, as demand for homes and condos continued, and median prices soared by double digits.

There were 8,027 homes and condos sold in Miami-Dade County during the third quarter of 2013. This represented a significant 21.2 percent and 8.7 percent increase in the sales of homes and condos, respectively, compared with the same period in 2012.

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The growth in home sales was driven by a remarkable 89.5 percent increase in homes priced from $250,000 to $299,999 and a 67.7 percent growth in sales of homes priced between $600,000 and $999,999 when compared to the same period in 2012, according to the MIAMI Association of REALTORS.

Meanwhile, condo sales were driven by the 50.8 percent growth in condo sales of units priced from $250,000 to $299,999 and a similar surge of 46.9 percent in condos priced from $400,000 to $599,999 relative to the third quarter of last year.

Oscar Pedro Musibay covers real estate.

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