Miami condo prices surge 32 percent; 17th straight month of positive growth

The median sales price of condominiums in Miami rose 31.7 percent in November year over year, the 17th straight month of appreciation for the condo sector, according to a new report from the Miami Association of Realtors. The median sales price of single-family homes rose 15.9 percent. It was the 12th consecutive month of appreciation for condos and single-family homes. “It appears the Miami real estate market will set another record in 2012, exceeding sales levels at the height of the boom in 2005 and during the all-time record in 2011,” said 2012 Chairman of the Board of the Miami Association of Realtors Martha Pomares. “Considering the shortage of housing inventory available, it is remarkable that sales remain this strong.  This record demand coupled with extremely limited supply is driving strong and consistent price appreciation.” Sales activity grew by 23 percent in November. — Alexander Britell