Photo Credit: Haute Living
According to recent data by the Miami Association of Realtors and World Property Journal, median sale prices for existing homes in Miami was up in July. In particular, Miami condo prices were up 15.4 percent to $225,000. Out of the last 62 months, these prices have gone up 60 months. Prices of existing single-family homes rose 7.9 percent to $299,000.
“A world-class global city with a diverse economy, Miami has seen consistent residential price growth in the last five years,” said Mark Sadek, the 2016 MIAMI chairman of the board. “The price appreciation is not only giving Miami homeowners the confidence to sell their homes, but it’s allowing some to use the sale of their home to buy a larger property in the area.”
However, don’t confuse rising prices with expensive property. Miami is still an affordable city and a bargain compared to other cities: “A 120-square meter condo in Miami-Fort Lauderdale-Miami Beach cost $149,900 on average, according to the National Association of Realtors (NAR). London ($960,840), Hong Kong ($776,280), and New York ($1.6 million) prices are at least five times higher,” wrote World Property Journal.
The national median sales price was up in July for all housing types. It rose to $244,100, up 5.3 percent from July 2015. In the Sunshine State, median single-family home price $223,238, up 11.6 percent from last year. Clearly, real estate is a strong market.
Miami’s population and economy are continuously growing. To keep up with high demand, there are homes under construction. The article said that fifty-four condo towers with 5,319 units have been completed in Miami-Dade County east of I-95 since the start of 2011.
If you want to live in a city with world-class amenities along with a booming economy, then Miami is your place and now is your time to buy. The fact that Miami condo prices and other real estate prices continue to grow show the economy’s strength. Contact me today and I will guide you in the right direction.