The average price of a single family home in Miami appreciated by 12 per cent to $199,100 (£126,000) in October compared to the corresponding month last year, according to the MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service.
Miami is the only major metropolitan area to post a rise in the average sales price of single-family homes in Florida, indicating that Miami property market conditions are improving.
“Rising median sales prices reflect strengthening and stability of the Miami real estate market,” said Jack H. Levine, 2010 Chairman of the Board of the MIAMI Association of REALTORS. “Miami [property market] continues to outperform the rest of the state and the nation due to strong demand from all types of buyers.”
Purchasers looking for a bargain Florida property purchase should look to the condominium sector, due to the large discounts currently being offered.
The average sales price of condominiums in the Miami, for example, fell by a staggering 22 per cent in October, to $107,700 (£68,140), compared to the same month last year.
Condominium sales in Miami increased 17 per cent year on year in October, as a consequence of significantly cheaper prices. This was the highest increase in condominium sales of any major metropolitan area in Florida.