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Miami Condo Prices Up 30%

January 11th, 2013 Written By Carol Pawley

In the fourth quarter the median price of condominiums in Miami increased 30.1%, with total sales activity reaching its highest fourth quarter levels since 2006. Miami’s condo sales activity rose 9% to 3,178.  According to a report by the New York-based appraisers Miller Samuel a total of 5,206 units transacted in the final three months of 2012.

Miami’s single-family market showed the most activity, with a 22.8% jump in sales to 2,028 in total. 

Within the luxury market, which represented the upper 10% of all sales, the median condo sales price was $1.18 million, up 32.6% from a year ago. On the single-family side, the median sales price was $1.4 million, a 30.1% increase.

The distressed market also showed a 3.4% increase in condo sales prices and a 12.8% increase in single-family home prices.

Franck Dossa, a broker at Condhotel in Miami, said that, with continued price increases and dwindling inventory, Miami could soon see prices surpassing the peak of 2006. “We’ll continue to see the prices going up for the next five years,” he said. “It will be more expensive than 2006 very soon.”

Throughout the years I have helped many friends and clients purchase or sell property throughout Miami.  If you are interested in purchasing or selling a home, please contact me as I can give some first-hand sound advice with no pressure.  Please send me an email at carolapawley@gmail.com or call me at 305-992-6188. 
 
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Great to have you on my site! Seeking to sell or buy property in Coconut Grove, Coral Gables, or anywhere in Miami? I can assist you. Real estate is my area of expertise and Miami-Dade the place I grew up. I know the communities, the schools, the culture, and the business of real estate. I’ve consistently ranked in the top 1% of my field, locally and nationally. I’d love to have the opportunity to introduce myself and discuss your real estate needs. Let’s connect: PH 305-992-6188,EMAIL: carolapawley@gmail.com

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