Miami, FL – For the fifth consecutive month, Miami home prices posted strong gains in April. The median sales price of condominiums in the Miami-Dade County increased 30 percent to $150,000 compared to a year earlier, according to the 25,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system. The median sales price of single-family homes rose 8.2 percent to $183,000. The median sales prices for non-distressed properties sold in April in Miami-Dade were $253,400 for single-family homes and $246,250 for condominiums.
“Miami single-family home and condominium prices continue to trend upwards due to the record demand experienced last year,” said Martha Pomares, 2012 Chairman of the Board of the MIAMI Association of REALTORS. “Price appreciation should continue due to limited supply and strong demand from both U.S. and international buyers and investors.”
Statewide median sales prices in April increased 10.2 percent to $144,350 for single-family homes and 16.1 percent to $108,000 for condominiums, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. The national median existing-home price for all housing types was $177,400 in April, a 10.1 percent increase from April 2011.
The April average sales price for single-family homes in Miami-Dade County increased 17 percent, from $355,342 in 2011 to $415,046 in 2012. The average sales prices for condominiums jumped 22.3 percent, from $242,616 to $293,717. The average sales prices for non-distressed properties sold in April in Miami-Dade were $626,877 for single-family homes and $414,664 for condominiums.
The sales of existing single-family homes in Miami-Dade increased 7.2 percent in April, from 830 to 890, compared to record sales levels in April 2011. Sales of condominiums were down 12.0 percent, from 1,404 to 1,237, compared to April 2011.
“Particularly waterfront homes have come back strongly in the past 6 month and its increasingly difficult to find deals. In Surfside, a small city on the beach just north of Miami Beach, the inventory of active listings has been reduced to about of half of what it was 6 month ago” Say Stefan Latt of Home in U.S.
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