April 22, 2013
Home prices in South Florida continued to increase in March due to growing demand and declining housing inventory. In Miami-Dade County, the median price of a single-family home rose 25.1 percent to 225,000 dollars, compared to 179,850 dollars a year earlier. In Broward County, the median price of an existing single-family home jumped 26.3 percent to 242,500 dollars in March, from 192,000 dollars a year earlier. On average, single-family homes were on the market for just 30 days, compared to 46 days last year.
The median price for condos and townhomes also increased in both counties in March. In Broward, the median price of a condo rose 27.3 percent on a year-over-year basis. In Miami-Dade, the median price of a condo jumped 19.3 percent in the same time period.
Furthermore, due to the healthy demand and tight inventory, homes fetched closer to their asking prices. Sellers in Broward County received 95.6 percent of their listing price for single-family homes, up from 91 percent in March of 2012. Condos received 93.7 percent of their asking price, up 2.7 percent from a year earlier.
Source: Miami Herald
