Home prices, sales volume rise in Miami during Q1: report

Miami /
May.May 11, 2015 05:00 PM

The average price for residential sales in Miami jumped again this quarter compared to the first quarter of 2014, according to a Miami Association of Realtors report released on Monday.

The median price for single-family homes increased by 8.7 percent to $250,000 in the first quarter of 2015, while the median price for condos increased by 4.8 percent to $196,500, according to the report.

That brings the number of consecutive quarters of price growth to 13 in Miami-Dade.

Single-family home sales rose by more than 10 percent in the first quarter to 3,187, while condo sales decreased 3 percent to 3,744 compared to 2014. Total sales, at 6,931, marked a 2.7 percent increase compared to the same period in 2014.

“Miami real estate sales continue growing at a moderate pace after a historic 2014 that saw the market register an all-time annual record for existing home sales and the second-best sales year for condominiums,” Christopher Zoller, Miami-based Realtor and the 2015 residential president of the Miami Association of Realtors, said in the report. “Miami’s recent emergence as a cultural and art destination as well as its budding technological hub and world-class amenities are attracting more international and domestic buyers.” — Katherine Kallergis


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