April 22, 2014
The median prices of existing single-family homes and condos in Miami increased in March, despite growing inventory. The much-needed increase in inventory signals a more balanced market between buyers and sellers.
The median price of an existing Miami condo rose 19.8 percent in March from a year earlier. The median price of a condo was up 13 percent from February. The median price of a single-family home in Miami increased 4.4 percent in March, on a year-over-year basis. The median home price was up 3.5 percent from February.
Single-family home sales in Miami rose 10.5 percent, compared to March 2013. They jumped 31.2 percent when compared to the previous month. The available inventory of single-family homes in Miami increased 22.5 percent from the previous year.
For more information on buying or selling a Miami condo or single-family home, contact Niki Higgins at +1-888-242-4422 or +1-954-817-2500.
Source: Miami Herald
