Posted: 2012-03-05 10:21:42 | Posted By: Daniel
According to the Miami Association of Realtors Prices for Condos in Miami are up by 36% from January of 2011. In addition, the median sales price of single-family homes rose 13% percent in the same period.
There is a huge amount of demand for Miami properties and this is what is causing inventory to decline and thus resulting in limited supply. Martha Pomares of the Miami Association of Relator’s and the 2012 chairman of the board further said that “Now home prices in Miami are significantly rising and sooner than expected.”
According to the Miami Association of Realtors Prices for Condos in Miami are up by 36% from January of 2011. In addition, the median sales price of single-family homes rose 13% percent in the same period.
There is a huge amount of demand for Miami properties and this is what is causing inventory to decline and thus resulting in limited supply. Martha Pomares of the Miami Association of Relator’s and the 2012 chairman of the board further said that “Now home prices in Miami are significantly rising and sooner than expected.”
The average sales price for single-family homes rose to $334,952 from $238,527 in January last year. This is a 40.4% increase.
The average condo sales price rose to $248,443 from $171,077 since January last year.
Inventory fell by 37% percent over the last year. Miami is showing all the signs of recovery from the Real Estate slump. Now is certainly the time to buy.
