Miami-Dade, Broward sales prices on fire in March

Although there was more inventory to work with, South Florida prices for condominiums and single-family homes climbed even higher in March.

In Miami-Dade County, the median price for condo resales was up by 19.8 percent to $235,000 year-over-year, Miami Association of Realtors data show. The change was a 13 percent increase compared to the previous month. The resale price of single-family homes in the county climbed 4.4 percent to $235,000 year-over-year.

“While additional inventory is creating a more balanced market, strong sales continue to drive growth, as Miami remains a focal point for buyers and investors worldwide,” Liza Mendez, chair of Miami Association of Realtors, told the Miami Herald.

In Broward County, existing single-family homes saw a 10.7 percent year-over-year boost in median price to $268,500, Greater Fort Lauderdale Realtors data show. Median condo prices surged by 25.7 percent to $120,000, compared to March 2013. [Miami Herald] — Mark Maurer