The median sale price of single family homes in Miami rose last March 25.1 % from the same period in 2012 , representing the highest annual increase since 2005, according to data released Monday by the Realtors Association of Miami data .
The condo prices , which have remained stable for 21 consecutive months were 19.3 % higher in March this year than in 2012.
Thus, the average price of a detached house in the "city of the sun" was $ 225,000 in March , 16% higher than in February , while condominiums reached an average sales price of $ 167,000 , ie 1.2 % more than the previous month , said this association realtors in a statement.
The real estate market of Miami " is undergoing a comprehensive strengthening fueled by strong demand and limited supply ," said Natascha Tello , president of the board of the Association of Realtors in this city , one of the most attractive for foreign investors, many Latin American real estate .
In the end, the "local market has seen consistent double digit appreciation for a significant number of months as the housing inventory declines ," reflecting the " demand that exists for any type of property in Miami."
In short , sales of residential properties in Miami -Dade County " increased by 2.7 % in March compared with a year earlier sales" and the list of houses at the end of March fell by 5 % compared to previous year , " at a time when the market was experiencing a housing shortage ."
64 % of all closed sales in that county were made in cash , reflecting the "strong presence of international buyers in the real estate market in Miami."