Miami Condos Median Sales Price Rose 26.6% In Q3 Compared to Q2 2013
The Miami Association of Realtors in its 3Q Miami-Dade Statistical Reports the steady increase in listings, sales and prices for single family homes as well as condos.
Median and Average Sales Prices Continue to Rise
In the third quarter, the median sales price for homes in Miami-Dade County was $230,000, an increase of 21.3% compared to last year and 12% relative to the previous quarter. The median sales price for condos rose 26.6% to $183,600 in the third quarter compared to the second quarter of 2013. Third quarter price increases mark seven (7) quarters of increases for both single-family homes and condominiums. In addition, compared to last year, the average sales prices for single-family homes and condominiums increased 8.1% to $381,517 and 19.3% to $329,418, respectively. “Despite more new listings coming on the market, supply remains tight, particularly for properties in lower price points, for current level of demand for Miami properties,” said 2013 MIAMI Association of REALTORS Residential President Fernando I. Martinez. “Robust sales will continue to drive price appreciation in the Miami market.”
Nationally, the median sales price of existing single-family homes was $207,300 in the third quarter, up 12.5 percent from the third quarter of 2012. The national median sales price for condominiums was $205,400, a 15.1 percent increase over the previous year.
The statewide median sales price for single-family existing homes in the third quarter was $175,000, up 18.6 percent from the same quarter a year ago. The median sales price for condominiums in Florida was up 23.8 percent compared to the same quarter last year at $130,000.
The MIAMI Association of REALTORS was chartered by the National Association of Realtors in 1920 and is celebrating 93 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of four organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, and the International Council, it represents more than 30,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local association in the National Association of Realtors, and has partnerships with more than 100 international organizations worldwide. MIAMI’s official website is www.miamire.com
Call me now to schedule a complete presentation of any project in Miami. Please contact me at 954.254.6085 or email me at JuanSolerRealtor@gmail.com
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