The latest figures from the Miami Association of Realtors (MAR)show that the local property market, one of the most popular in the nation with international and domestic buyers, continued to gain momentum, with strong growth in March. Single family home transactions underwent 10% growth year-on-year and condo sales were up 4.2% over the same period.
“Miami continues to attract international and domestic home buyers looking to live in a global city with world-class amenities and a diversified economy,” says Christopher Zoller, the association’s 2015 residential president. “Buyer demand in Miami properties is leading to more sales and higher sale prices.”
The MAR report reveals that despite four years of steady growth, family home prices are still at 2004, while condo prices have risen in 45 months out of the last 46. The median sale price for single family homes increased to $260,000 in March 2015 from $235,000 in March 2014, a 10.6% rise. The median sale price for condominiums rose 7.5% year-on-year, from $200,000 in March 2014 to $215,000 12 months later.
In Florida as a whole, transactions involving resale single family homes were up 24.6% from March 2014 and condo sales increased by 13.7%, according to Florida Realtors.