According to a report released by the MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system the median sales price
of Miami-Dade County condominiums jumped by 40.4 percent
in February compared to the same period in 2011. The median sales price of single-family Miami homes for sale
rose 19 percent to $175,000. “Miami home prices have rebounded sooner and stronger than predicted, which is a very encouraging sign for the Miami real estate
market,” said Martha Pomares, 2012 Chairman of the Board of the Miami Association of Realtors. “Months of supply of inventory has dipped below 5 months, as housing inventory continues to dwindle. Limited supply should further strengthen home prices.” The average sales price for single-family homes increased by 15.4 percent in the period, with the average sales price for condos 26.3 percent.
In February, the average sales price for single-family homes in Miami-Dade County increased 15.4 percent
, from $265,440 in 2011 to $306,391 in 2012. The average sales prices for condominiums jumped 26.3 percent, from $214,012 to $270,300.
The sales of existing single-family homes in Miami-Dade increased two percent in February, from 746 to 760, compared to February 2011. Sales of condominiums dropped 12 percent, from 1,230 to 1,086, compared to record sales levels in February 2011.MiamiJustListed.com