Sales Prices Proceed to Rise Despite Mass Inventory in Miami-Dade and Broward
May 07, 2014 May 07, 2014
Despite the housing inventory boom, prices for condos and single-family homes surged in March.
The median price for condo resales in Miami-Dade County is up 19.8%, reaching $235,000 year-over-year, according to data from the Miami Association of Realtors. This increase was 13% higher than the month before in resale prices. The resale price of single-family homes in Miami-Dade rose 4.4% to $235,000 year-over-year also.
“While additional inventory is creating a more balanced market,” Liza Mendez, chairwoman of the Miami Association of Realtors, said, “strong sales continue to drive growth as Miami remains a focal point for buyers and investors worldwide.”
Existing single-family homes in Broward County received a 10.7% median price increase year-over-year, reaching $268,000, according to data from Greater Fort Lauderdale Realtors. Median condo prices increased by 25.7% to $120,000, compared to the data from March 2013.
Photo credit: Aerial view - condoblog.com