Owners of medium-priced homes in Miami-Dade and Broward counties were the big winners in 2013, according to a new report from One Sotheby’s International Realty.
Homes priced between $250,000 and $500,000 in Miami-Dade and Broward enjoyed a 35 percent jump in sales from 2012 to 2013, the firm’s “TRENDS 2014 Market Report” shows. One Sotheby’s expects prices to flatten during 2014, however, as more inventory is added to both counties.
Miami-Dade’s residential market totaled 31,909 transactions in 2013. That is an 8 percent increase from 2012. The county’s average per square foot sale price rose 8.3 percent to $273.
Broward had 29,952 transactions in 2013 for a gain of 5.8 percent from 2012. The county’s average price per square foot of $155 was a 15.3 percent jump from 2012.
With an average sale price per square foot of $1,692, La Gorce Island was Miami-Dade’s priciest residential market in 2013. Hillsboro Beach was Broward’s most expensive at $919 per square foot. — Eric Kalis