Miami condo prices jump 38 percent in first quarter, inventory falls 33 percent

The median sales price of a Miami-Dade County condominium rose by 38 percent in the first quarter, compared to the same period in 2011, according to a report from the Miami Association of Realtors. The median single-family home sales price rose to $174,799, a 14 percent increase compared to the first three months of 2011. “In the first quarter, we have seen further decline of housing inventory in Miami-Dade County, coupled with consistent and significant price appreciation,” said Martha Pomares, 2012 Chairman of the Board of the Miami Association of Realtors. “Record home sales, which were greatly boosted by foreign buyers and investors in Miami-Dade County, have further strengthened the local real estate market and economy.” The price increases came despite short sales and REOs continuing to account for a significant proportion of closed home sales. Inventory in Miami fell by 33 percent in the same period. — Alexander Britell