The Real Deal Miami

Single-family home, condo sales up in Miami in March: report

The median price for a single-family home was $260,000 in March, up 10% in a year

April 22, 2015 05:15PM
By Sean Stewart-Muniz

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An aerial view of Miami

An aerial view of Miami

Home sales are up in Miami, marking another month of growth for the county since the housing market’s recovery began, according to a new report from the Miami Association of Realtors.

The report said a total of 1,242 homes sold in March, a 10-percent increase from the same month in 2014. Condo sales also grew, with a total of 1,472 selling — an increase of 4.2 percent.

“Miami continues to attract international and domestic home buyers looking to live in a global city with world-class amenities and a diversified economy,” said Christopher Zoller, a Miami-based Realtor and the association’s 2015 residential president, in a statement.

The report cites affordable home prices as a large factor in sales growth, with costs climbing back up to 2004 levels.

The median price for a single-family home in the city was $260,000 in March — a 10 percent increase from last March. For condos, the median price grew 3.2 percent to $215,000.

Nationally, home sales grew 6 percent to 5.19 million properties last month. On the state level, Florida home sales grew 25 percent from last year, with 24,811 homes closing in March. Condo sales also jumped, with a total of 11,083 units trading for a 13 percent increase from the previous year.

Other notable mentions in the report include the continued decline of foreclosure sales in Florida, with short sales and distressed properties taking up a smaller percentage of the total homes sold in the state.