A new report by the Miami Association of Realtors is revealing some great news about the Miami real estate market. The city’s residential property sales skyrocketed by over $800 million in sales last month as condominiums and single-family residences saw major gains in price.
Existing single family homes saw an increase of just over ten percent in their median sales price when compared to February of last year, jumping from $245,000 to $270,221. As for condominium median prices, the increases were from $189,000 to $206,950, an increase of 9.5 percent. During the past four and a half years or so, prices for existing condominiums in Miami-Dade County have increased in all but one of the previous 57 months. Miami’s prices are currently at 2004 levels even though there have been four years of increases.
Per the National Associated of Realtors, a 120 square meter condominium in cities like Miami Beach, Fort Lauderdale, and Miami cost about $149,900. Compared to other cities around the world, Miami remains a comparable bargain as evidenced by the number of sales, many of which were from foreign buyers.
Speaking of Miami real estate, most of the properties are selling close to their listing prices. The median percent of original list price received for single-family homes was just over 95 percent last month, an increase of 0.4 percent. As for existing condominiums, that number was 93.8 percent, a 0.2 percent increase.
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