Miami property prices up 21 months in a row

The data from the Miami Association of Realtors shows that market continues to build momentum, with sales and prices both rising year-on-year.

Single family home sales jumped 15.1 per cent compared to August 2012, while condo sales increased 7.9 per cent. Sales have risen by even bigger margins, with the median sales price of a single-family home surging 20.5 per cent to $235,000.

Sales prices of condos also soared 27.5 per cent to $180,500.

“While it’s a great time to sell in Miami, there are opportunities for buyers as well,” said 2013 MIAMI Association of REALTORS Residential President Fernando I. Martinez. “Median sales prices in Miami-Dade County are what they were in 2004, which means a buyer today can still get affordable property in a world-class city that is approximately 35 percent below the peak.”