MIAMI —Prices for Miami residential properties rose for the 18th consecutive quarter, as tight inventory in the mid-price ranges continues to impact sales and drive up prices, according to the 42,000-member MIAMI Association of REALTORS® (MIAMI) and the local Multiple Listing Service systems.
The median price for single-family homes in Miami-Dade County increased to $295,000 in the second quarter, an 8.6 percent increase from $271,620 in the same period last year. The median price for existing condominiums increased 5.5 percent year-over-year from $203,850 to $215,000.
Prices in Miami-Dade County have increased consistently for nearly five years. Despite the steadfast growth, Miami prices remain at 2004 levels.
“Continued price growth in Miami points to demand for local properties, particularly in the mid-market,” said Mark Sadek, the 2016 MIAMI Chairman of the Board. “Due to our warm weather, exciting lifestyle, multicultural society and many other positive attributes, there will always be demand for Miami real estate from both domestic and international buyers.”
Miami’s residential properties remain more affordable than other global cities, according to the National Association of Realtors (NAR) 2015 Profile of Home Buying Activity of International Clients. NAR analyzed the cost of a 120-square meter condo in a number of foreign cities based on prices reported in the Global Property Guide. A 120-square meter condo in Miami-Fort Lauderdale-Miami Beach cost $149,900 on average. The price for the same condo in London ($960,840), Hong Kong ($776,280), and New York ($1.6 million) were at least five times higher.
Nationally, the median existing single-family home price in the second quarter was $240,700, up 4.9 percent from the second quarter of 2015 ($229,400), according to NAR. The national median existing-condo price was $227,200 in the second quarter, up 4.8 percent from the second quarter of 2015 ($216,700).
Statewide, the median sales price for single-family existing homes in 2Q 2016 was $220,000, up 10 percent from the same time a year ago, according to Florida Realtors. The Florida median price for condos during the quarter was $163,000, up 5.2 percent over the year-ago figure.