Latest figures show that property prices in South Florida are picking up speed at impressive rates, and real estate sales continue to rise across the state.
The average condominium price in Miami-Dade rose by 26.9% in February compared to the previous year, taking the median figure to $165,000. This is 6.5% up from January prices, according to the statistics released by the local Multiple Listing Service and the Miami Association of Realtors.
The sales figures have also increased in the area. 849 single-family homes were sold in February, accounting for a 6.8% rise in just a year. Sales of condominiums also increased in February by 6.3%, taking the total figure to 1,226.
One seller from the Miami-Dade area, Martha Galbreath Robles, 64, listed her 5,000-square-foot property on the market at $979,000. Much to her surprise, she received five cash offers within the first three days of releasing the property onto the market. She said: "My house sold so much faster than I thought it would."
A similar story can be seen in Broward, where sales of single-family homes have risen by 7% annually and taken the figure to 969. The median house price jumped 23.2% to $227,000 and has risen a further 1.2% since January, according to the Greater Fort Lauderdale Realtors.
Sales of condominiums and townhouses in Broward are also on the rise, demonstrating a 0.7% increase to 1,245 from February 2012 and 5.1% since January. Median sales price increased by 17.3% to $88,000.
The chairman of the Miami Association of Realtors, Natascha Tello, explained how inventory rarely stayed on the market for longer than six months and that property priced below $200,000 could be whipped off the market within just one month. "The market is amazing," she commented.
