Miami condo prices jump 46 percent, but sales slow

Miami residential prices posted strong positive gains for the fourth month in a row in March, with the median condominium sales price rising 46 percent compared to the same month in 2011. According to a report from the Miami Association of Realtors, the median sales price also rose, increasing 13 percent. “The fact that Miami home prices have significantly increased for four consecutive months indicates prices have bottomed and have caught up with sales levels,” said Martha Pomares, 2012 Chairman of the Board of the Miami Association of Realtors. “We expect this trend to continue, as Miami increasingly attracts international buyers and investors, second and vacation home buyers and migrating U.S. residents.” Along with the drastic price increase came a drop in transactions, however. Sales of existing single-family homes in Miami-Dade County dropped 12 percent in March, and sales of condos fell 10.1 percent in the same period. — Alexander Britell