Real estate in Miami continued to sell well in February. Prices are still rising and properties are selling quickly at close to the asking price, according to an article in Propertywire.
Miami remains one of the most popular areas in the US for overseas buyers, particularly with Europeans and South Americans who are looking to buy investment property in Florida. The report from the Miami Association of Realtors shows median sales prices increased for both condominiums and single-family homes last month.
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The median sales price for a single-family home rose by 17% to reach $227,000 which means this market has now seen 27 consecutive month of growth. The average price for a single-family home rose by 6.7% in February to reach $415,312. The median sales price for condominiums increased by 7.3% to reach $177,000 compared to a year earlier, marking 32 consecutive months of increases. The average sales price for condominiums increased by 10.8% to reach $337,382 compared to February 2013.
Inventory levels have recently increased, but in spite of this sales activity is still extremely strong which is resulting in rising prices. It’s still a sellers’ market as homes are selling so quickly, although rising inventory levels should …read more