Miami continues to experience population growth, interest from foreign and domestic second home buyers, and economic expansion," said 2014 Chairman of the Board of the Miami Association of Realtors Liza Mendez. "The Miami real estate market continues to strengthen due to demand for local properties, as evidenced by sales that exceed record activity in 2013."
2,712 Residential Sales in October
Single-family home sales in Miami-Dade County increased 13.6 percent relative to October 2013, from 1,060 to 1,204. Condominium sales increased 6.5 percent from 1,416 the previous year to 1,508 last month. Combined, residential real estate sales increased 9.5 percent to 2,712 compared to 2,476 in October of last year.
22.3% Average Sale Price Increase for Condos
The median sale price for single-family homes increased 9.1 percent, up to $240,000 from $220,000 in October 2013. The average sale price for single-family homes decreased 6.6 percent from $421,546 in October 2013 to $393,515 last month.
Compared to October 2013, the median sale price for condominiums increased by 8.8 percent to $185,000 from $170,000 a year prior. The average sale price for condominiums increased 22.3 percent to $362,657 from $296,568 in October 2013. *Miami Association of Realtors & World Property Channel
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