Miami condo prices jump 18 percent

Parc Lofts in Miami

The median sales price for condominiums in Miami rose 18 percent in
November, the fourth consecutive year-over-year increase, according to a
report by the Miami Association of Realtors. The median sales price for
condos was $125,000 in November. Miami’s housing inventory continued
its steep decline last month, with sales of single-family homes jumping
11 percent and condo sales increasing 2 percent compared to the same
period in 2010. “Residential real estate sales have consistently risen
in Miami-Dade since August 2008,” said Jack Levine, chairman of the
board of the Miami Association of Realtors. “Now, after the relatively
rapid absorption of excess housing inventory, we are seeing property
prices follow the same pattern.” In Broward County, the median sales
price for condos rose 19 percent, with an 18 percent increase for
single-family homes.  — Alexander
Britell