Miami condo prices rose in March, despite growing inventory…

The median resale price for a condo in Miami-Dade County rose 19.8 percent in March to $235,000 from a year earlier and was 13 percent higher than February, according to the Miami Association of Realtors.
Still, the area’s hot condo market is moderating after more than two torrid years of increases in sales and prices.
Existing condo sales in Miami-Dade fell 3.1 percent to 1,413 closings in March from a year earlier and were off 4.1 percent year-over-year in February. And the inventory of Miami-Dade condos listed for resale ballooned 33 percent to 10,805 units in March from a year earlier.
For Miami-Dade single-family homes, the median resale price rose 4.4 percent to $235,000 in March from a year earlier and was up 3.5 percent from February, the Miami Realtors said.
Single-family home sales in Miami-Dade soared 10.5 percent in March from a year earlier and were up 31.2 percent from February.
Miami continues to experience strong demand for Miami properties in 2014,While additional inventory is creating a more balanced market, strong sales continue to drive growth, as Miami remains a focal point for buyers and investors worldwide.


Lazaro Lopez
Broker-Associate
Fortune International Realty
(786)525-9430
http://www.MiamiPropertyConsultant.com