The Real Deal Miami

Home prices, sales volume rise in Miami during Q1: report

Single-family home sales rose by more than 10 percent

May 11, 2015 05:00PM

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Miami skyline and Chris Zoller

Miami skyline and Chris Zoller

The average price for residential sales in Miami jumped again this quarter compared to the first quarter of 2014, according to a Miami Association of Realtors report released on Monday.

The median price for single-family homes increased by 8.7 percent to $250,000 in the first quarter of 2015, while the median price for condos increased by 4.8 percent to $196,500, according to the report.

That brings the number of consecutive quarters of price growth to 13 in Miami-Dade.

Single-family home sales rose by more than 10 percent in the first quarter to 3,187, while condo sales decreased 3 percent to 3,744 compared to 2014. Total sales, at 6,931, marked a 2.7 percent increase compared to the same period in 2014.

“Miami real estate sales continue growing at a moderate pace after a historic 2014 that saw the market register an all-time annual record for existing home sales and the second-best sales year for condominiums,” Christopher Zoller, Miami-based Realtor and the 2015 residential president of the Miami Association of Realtors, said in the report. “Miami’s recent emergence as a cultural and art destination as well as its budding technological hub and world-class amenities are attracting more international and domestic buyers.” — Katherine Kallergis