August 22, 2013
The Miami real estate market continued to thrive in July. Driven by limited supply and high demand, more single-family homes were sold in July since the peak of the 2005 housing boom.
Single-family home sales in July increased 27.3 percent to 1227 from 964 a year before. Similarly, Miami condo sales rose to 1538 from 1356, a 13.4 percent increase. The median price of single-family homes and condos also rose, marking 20 consecutive months of appreciation.
The Miami condominium supply slightly increased, but the increase is not enough to match the robust demand. With continued global interest in the Miami real estate market, single-family homes and condos are staying on the market for shorter periods of time and sellers are receiving closer to their asking prices.
If you are thinking about selling your home or condo, contact Niki Higgins at +1-888-242-4422.
Source: Miami Herald
