Miami condo prices jump 40 percent

The median sales price of Miami-Dade County condominiums jumped by 40.4 percent in February compared to the same period in 2011, according to data from the Miami Association of Realtors. The median sales price of single-family homes rose 19 percent to $175,000. “Miami home prices have rebounded sooner and stronger than predicted, which is a very encouraging sign for the Miami real estate market,” said Martha Pomares, 2012 Chairman of the Board of the Miami Association of Realtors. “Months of supply of inventory has dipped below 5 months, as housing inventory continues to dwindle. Limited supply should further strengthen home prices.” The average sales price for single-family homes increased by 15.4 percent in the period, with the average sales price for condos 26.3 percent. — Alexander Britell