Miami condos prices rise 28.4 percent

The median sales price of Miami-Dade County condominiums rose 28.4 percent in August compared to the same period in 2011, according to a report from the Miami Association of Realtors. That was accompanied by a 10.8 percent increase in the median sales price of single-family homes. The median sales price for condos now stands at $146,500, and $195,000 for single-family homes. Home prices have risen for nine consecutive months in Miami. “Despite the shortage of housing inventory, Miami home sales remain strong and continue to drive significant price appreciation,” said Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors. “There is evident demand for Miami properties, particularly from foreign buyers and investors who recognize Miami’s desirability and profitability.” — Alexander Britell