Miami condominium prices rose 28 percent in third quarter: report

The median sales price for condominiums in Miami was $145,000 in the third quarter, a 28 percent increase over the same period in 2011, according to a new report from the Miami Association of Realtors. Single-family prices rose 5 percent in the same time frame. “The Miami real estate market continues to perform remarkably well despite the shortage of housing inventory that is limiting potential sales,” said Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors. “Such performance is reflective of the strong demand being fueled by both U.S. and international buyers. Buyer interest will continue to positively impact our market long into the future.” — Alexander Britell