Miami Condominium Prices Rise Consecutively Last 13 Months; Miami Single-Family Home Prices Mark Eight Months of Appreciation

Miami, FL (PRWEB) August 22, 2012

Miami Real Estate Prices continued their upward trajectory in July, with home prices marking eight consecutive months of appreciation, according to the 25,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS).

Official Sponsor Rakuten Travel Experiences ( GLOBAL )

The Miami real estate market continues to attract demand as inventory consistently decreases, yielding significant price appreciation, said 2012 Chairman of the Board of the MIAMI Association of REALTORS Martha Pomares. The condominium market in particular is performing quite well, as international buying activity continues to heat up in Miami. This trend is expected to continue long into the future, as Miami enjoys its status as a major global city.

In July the average sales price for condominiums in Miami-Dade County increased 7.9 percent to $ 272,946. The average sales prices for single-family homes decreased 12.2 percent to $ 329,925.

Florida Statewide Home Prices

Statewide median sales prices in July increased 7.8 percent to $ 148,000 for single-family homes and 10.9 percent to $ 102,000 for condominiums, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. The national median existing-home price for all housing types was $ 187,300 in July, a 9.4 percent increase from June 2011.

The consistent appreciation across both condominium and single-family home sectors highlights the robust demand driving Miami Real Estate Prices.

This sustained upward trend confirms that Miami Real Estate Prices continue to be a key indicator of the region’s economic vitality.

Miami Home Sales Rise in July

Total residential sales in Miami-Dade County increased 11 percent compared to a year earlier, compared to record sales levels in July 2011.

SPONSORED PARTNER

SPONSORED PARTNER