The Real Deal Miami

Miami condo prices rise 22 percent, home prices up for sixth consecutive month

June 22, 2012 10:30AM

Miami home prices rose for the sixth consecutive month in May, highlighted by a 22 percent increase in the median sales price of condominiums, according to a report from the Miami Association of Realtors. The median sales price of single-family homes rose 6 percent in May; both increases were compared to the same period in 2011. “Miami home prices have experienced double-digit appreciation consistently over the last six months,” said Martha Pomares, chairman of the board of the Miami Association of Realtors. “Strong demand for Miami properties continues to fuel this dramatic market strengthening that has yielded limited supply and will result in home prices increasing further.” The median condo price rose to $151,000, compared to $190,000 for single-family homes. Average prices rose as well, with a 23 percent increase for condos, and a 9 percent jump to single-family homes in the county. — Alexander Britell