PRICE APPRECIATION IN MIAMI OVER LAST 2 YEARS

November Marks Two Years of Price Appreciation in Miami

The Miami real estate market continued to grow in November as increased and properties sold fast and near asking price, according to the 31,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system…

Miami, FL – The Miami real estate market continued to grow in November as increased and properties sold fast and near asking price, according to the 31,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system.

November marked two years of consistent monthly increases in the median sales price for both single-family homes and condominiums.

Last month, the median sales price for existing single-family homes spiked by 19.2 percent, up to $232,500 from $195,000 in 2012. Meanwhile, the average sales price for single-family homes decreased slightly to $366,309 last month from $372,564 in November 2012.

Existing condominium prices also experienced strong appreciation during the same period. Compared to November 2012, the median sales price for condominiums increased 14.5 percent to $180,000 from $157,250. The average sales price for a condominium was $311,323 last month, up 9.1 percent from $285,419 during the same period last year.