In the wake of a spur in activity among international buyers and investors, home prices surged in Miami-Dade and Broward counties during the final quarter of 2011.
A report from the Miami Association of Realtors indicates the price of existing single-family homes in Broward County increased 5 percent at the end of 2011 from the fourth quarter in 2010. This spike in price brought the median price of homes in the area to $188,900.
Meanwhile, the median price of condominiums in the same county also increased, rising 11 percent on an annual basis to $77,300.
In contrast, the report indicated that in Miami-Dade County edged 1 percent lower from a year earlier during the fourth quarter to a median price of $176,200. However, this marginal drop in prices was offset by a 19 percent increases in condo prices in the area.
As the affordable prices continue to attract a number of investors, real estate data shows the inventory in Broward County thinned by nearly 33 percent, while the inventory in Miami-Dade County decreased 6 percent from a year earlier.