Miami Condo Prices Rise for the First Time Since 2008
The average amount paid for a condo in Miami-Dade rose in July for the first time since the real estate boom of 2008. Though, the total number of condos sold dipped slightly since June.
"July marks the first time since the boom that the median sales price has increased for condominiums," Miami Association of Realtors residential president Ralph E. De Martino said in a statement. "This is a positive sign because it is indicative of demand for non-distressed properties, which will result in future market strengthening and rising home values."
The average sale price for condominiums was $248,682 in July. That's up 8 percent since June and 17.9 percent since July 2010. Though, overall condo sales fell slightly since June, but are up since July 2010.
The rise is partially contributed to the fact that the inventory of foreclosed properties and short sales is decreasing. Fifty-seven percent of all residential properties sold in June were distressed properties, compared to 65 percent a year earlier.