Miami is still proving to be one of the hottest property markets in the United States, as median sale prices were up for condominiums and single-family homes in March. The market is continuing to be popular with overseas buyers and investors.
Last month the median sales price for single-family homes rose by 4.4%, up from $225,000 in March last year to $235,000 for March 2014. Prices have now risen for 28 consecutive months, according to figures from the Miami Association of Realtors. The average sales price for a single-family home rose by 17.8%, increasing from $389,847 in March last year, to $459,102 for March 2014. The article in Propertywire points out that Miami is still attracting worldwide investors, and demand continues to be strong this year. However inventory levels are rising, creating a more balanced market.
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