Miami condo prices jump 36 percent: report

The median sales price of condominiums in the Miami metro area jumped by 36 percent in January compared to the same period in 2011, according to data from the Miami Association of Realtors released today. The median sales price of single-family homes rose 13 percent in the same period.

“Record demand for Miami properties has caused inventory to rapidly decline, resulting in limited supply,” said Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors. “Now home prices in Miami are significantly rising and sooner than expected.” The average sales price for single-family homes rose to $334,952 last month from $238,527 in January 2011, a 40.4 percent increase. The average condo sales price rose 45.2 percent,to $248,443 from $171,077. Inventory fell by 37 percent over the last year. — Alexander Britell