Miami condo prices surge 46%, homes also post strong gains
The median sales price of condominiums in Miami-Dade County surged 46% to $141,700 in March compared to a year earlier, according to the Miami Association of Realtors and the local multiple listing service system.
For the fourth consecutive month, Miami home prices also posted strong gains with the median sales price of single-family homes rising 13% to $180,000 over March 2011.
“The fact that Miami home prices have significantly increased for four consecutive months indicates prices have bottomed and have caught up with sales levels,” said Martha Pomares, 2012 MAR chairman of the board.
She said the association expects the trend to continue due to Miami's attractiveness to an international clientele.
Statewide, condo median sales prices in March increased 20.8% to $105,000 and rose 10.3% to $139,000 for single-family homes, according to Florida Realtors and its data partner 10K Research and Marketing.
Sales of existing homes in Miami-Dade decreased 12% in March, from 1,039 to 919, compared to record sales levels March 2011. Sales of condominiums were down 10.1% during the same time period.
For the full state of Florida, sales of existing single-family homes totaled 18,370, down 5.7% over year-ago figures, while statewide condos sales declined 12%.
Distressed properties continue to make up a large portion of sales, but demand is strong, MAR said. In March, 49% of all closed residential sales in Miami-Dade County were distressed.