Miami Real Estate News
Nov 06, 2013
Increased Demand for Homes and Condos while Median Prices Soared by Double Digits
Miami, FL – Following record breaking sales activity for nearly three years, the Miami real estate market saw unprecedented growth in the third quarter of 2013 as demand for local real estate and limited supply continue to fuel double-digit growth in prices, according to the 30,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems.
Sales, Listings of Homes and Condos GrewThere were 8,027 homes and condos sold in Miami-Dade County during the third quarter of 2013. This represented a significant 21.2% and 8.7% increase in the sales of homes and condos, respectively, compared with the same period in 2012.
The growth in home sales was driven by a remarkable 89.5% increase in home sales $250,000 to $299,999 and a 67.7% growth in sales $600,000 to $999,999 when compared to the same time in 2012. Meanwhile, condo sales were driven by the 50.8% growth in condo sales $250,000 to $299,999 and a similar surge of 46.9% in condos $400,000 - $599,999 relative to the third quarter of last year.