Miami Condos Median Sales Price Increased 17% During 1Q 2014
The number of sales increased 2% to 3,160 from the same period last year. Inventory rose faster than sales, up 16.6% to 8,846 over the same period. As a result the monthly absorption rate slowed to 8.4 months from 7.4 in the same period last year.
Median sales price increased 17% to $227,500 from the prior year quarter. Average sales price and average price per square foot increased 16.6% and 14.2% respectively. These figures reflect the average for Condos in North Miami, Miami Beach, South Beach, Downtown and South Miami. * 1Q 2014 Elliman Report.
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