Miami Home Prices Up for Fourth Consecutive Month; Condo Prices Skyrocket 46% Year-Over-Year in March

April 20, 2012

The March figures for Miami real estate were released yesterday by the Miami Association of Realtors. The report showed that Miami home prices increased for a fourth consecutive month. The median sales price of condominiums in Miami-Dade County skyrocketed 46 percent while the median sales price of single-family homes rose 13 percent year-over-year.

“The fact that Miami home prices have significantly increased for four consecutive months indicates prices have bottomed and have caught up with sales levels,” said Martha Pomares, 2012 Chairman of the Board of the MIAMI Association of REALTORS. “We expect this trend to continue, as Miami increasingly attracts international buyers and investors, second and vacation home buyers, and migrating U.S. residents.”