As the real estate market in Miami-Dade County continues to gain momentum, the price of units in the condominium market surged in March.
Real estate data from the Miami Association of Realtors found that median sales price of condos in the local market rose 46 percent in March from a year earlier to $141,700. Meanwhile, the sales rate of these homes dipped 10.1 percent during the same period.
"The fact that Miami home prices have significantly increased for four consecutive months indicates prices have bottomed and have caught up with sales levels," said MAR chairman Martha Pomares.
The report found that distressed properties, including foreclosed houses, short sales and real estate-owned homes, accounted for an estimated 49 percent of all sales transactions in Miami-Dade County.
On a statewide level, condo prices throughout Florida fell 20.8 percent to a median price of $105,000, while the price of existing single-family homes rose 10.3 percent to $139,000.
As the Miami marketplaces continues to attract both local and international buyers, the industry group anticipates positive trends throughout the local industry in the coming months.