Miami Condos Sale Average Price Rose 12.5%
Strong demand for existing Miami properties fueled sales and price growth in September despite strong new construction sales, according to the 33,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system.
Single-family home prices, which again increased in September, remain at affordable 2004 levels despite 34 months of consistent year-over-year increases for single-family homes. Condo prices also increased in September, marking 39 months of growth in the last 40 months. Condo prices declined in August for the first time in more than three years but rebounded in September.
The median sale price for single-family homes increased 11.1 percent, up to $250,000 from $225,000 in September 2013.
The average sale price for single-family homes decreased 0.4 percent from $372,191 in September 2013 to $370,880 last month.
Single-family home prices, which again increased in September, remain at affordable 2004 levels despite 34 months of consistent year-over-year increases for single-family homes. Condo prices also increased in September, marking 39 months of growth in the last 40 months. Condo prices declined in August for the first time in more than three years but rebounded in September.
The median sale price for single-family homes increased 11.1 percent, up to $250,000 from $225,000 in September 2013.
The average sale price for single-family homes decreased 0.4 percent from $372,191 in September 2013 to $370,880 last month.
Compared to September 2013, the median sale price for condominiums increased by 7.3 percent to $195,000 from $181,749 a year prior. The average sale price for condominiums increased 12.5 percent to $355,156 from $315,615 in September 2013. “Strong demand for Miami real estate is fueling healthy market activity for both single-family homes and condominiums,” said 2014 Chairman of the Board of the MIAMI Association of REALTORS Liza Mendez. “New construction condos are also selling rapidly, reflecting all-around robust market performance fueled by both domestic and international buyers.”
Sales Rise for Condos & Single Family Homes
Single-family home sales in Miami-Dade County increased 5.3 percent relative to September 2013, from 1,107 to 1,166. Compared to September 2013, condominium sales also increased 5.3 percent from 1,353 the previous year to 1,425 last month. Combined, residential real estate sales therefore also increased 5.3 percent to 2,591 compared to 2,460 in September of last year.
Sales Rise for Condos & Single Family Homes
Single-family home sales in Miami-Dade County increased 5.3 percent relative to September 2013, from 1,107 to 1,166. Compared to September 2013, condominium sales also increased 5.3 percent from 1,353 the previous year to 1,425 last month. Combined, residential real estate sales therefore also increased 5.3 percent to 2,591 compared to 2,460 in September of last year.
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