Miami condo prices jump 30 percent

Miami’s residential prices showed strong increases for the fifth month in a row in April, with the median sales price of condominiums rising 30 percent compared to the same period in 2011, according to the Miami Association of Realtors. The median sales price of single-family homes rose 8.2 percent year-over-year. “Miami single-family home and condominium prices continue to trend upwards due to the record demand experienced last year,” said Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors. “Price appreciation should continue due to limited supply and strong demand from both U.S. and international buyers and investors.” — Alexander Britell