Miami Real Estate Prices Reflect More Balanced Growth
Miami real estate market in May continued to reflect strength, healthier growth, and more balance between buyers and sellers, according to the 30,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system.
Median Sale Prices Rise by Narrower Margins
Median sale prices again increased for both single-family homes and condominiums in May but remain at affordable 2003 levels. The median sale price for single-family homes increased 12.6 percent, up to $250,000 from $222,000 in May 2013, marking 30 straight months of growth. The average sale price for single-family homes increased 21.4 percent from $408,021 in May 2013 to $495,525 last month."The Miami real estate market continues to perform well as demand remains historically strong but while fueling more balanced price growth," said 2014 Chairman of the Board of the MIAMI Association of REALTORS Liza Mendez. "Sales are consistent with 2013 activity, which set a third consecutive sales record, and properties are selling rapidly and close to asking price."
The median sale price for condominiums has increased for 35 consecutive months. Compared to May 2013, the median sale price for condominiums increased by 3.6 percent to $186,600 from $180,000 a year prior. The average sale price for condominiums increased 3.8 percent to $384,900 from $370,843 in May 2013.
READ MORE>> Miami Real Estate Prices Reflect More Balanced Growth - Press Release - Digital Journal
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