Sales of existing single-family homes in Miami rose by 49 percent in August to 951, with condo sales jumping 60 percent compared to the same period in 2010, according to data from the Miami Association of Realtors. While the median sales price for single-family homes fell one percent last month, condo sales prices actually jumped 13 percent. The average sales price in Miami-Dade County rose 13.5 percent.
“The fact that home prices are rising despite distressed sales that account for the majority of sales is indicative of very positive trends in the Miami marketplace,” said Jack Levine, MAR chairman of the board. “If prices are rising for countywide figures that include distressed properties, strengthening would be that much greater if distressed listings were eliminated or reduced. We believe the Miami market in terms of pricing has bottomed.”
Source: The Real Deal