A newly published report from the local association of realtors, is showing that the median price of condominiums in Miami is up almost 32% in November alone. This is an unprecedented change following a 17 month long trend of upwards pricing for condos in the city.
This is contrasted by the mere 15.9% rise in average sale prices for single-family homes in the same city. While both types of properties are on the rise, there is a staggering difference between the 2 markets.
“It appears the Miami real estate market will set another record in 2012, exceeding sales levels at the height of the boom in 2005 and during the all-time record in 2012,” said Martha Pomares, Chairman of the Board.
She continues stating, “Considering the shortage of housing inventory available, it is remarkable that sales remain this strong. This record demand coupled with extremely limited supply is driving strong and consistent price appreciation.” In Miami, total sales rose by about 23% in November alone for all real estate properties.
- Bal Harbour
- Fisher Island
- Hallandale Beach
- Miami Beach
- South Beach
- Sunny Isles Beach