As property supplies continued to thin throughout the Miami area, local home prices surged in the second quarter.
During the three-month period, single-family home values increased 4 percent to a median sales price of $185,000, according to a report from the Miami Association of Realtors. At the same time, condo prices spiked 28 percent from a year earlier to $153,000.
"Miami is a very unique real estate market, attracting both U.S. and international buyers unlike any other market in the U.S.," said Miami Realtors chairman Martha Pomares. "Such appeal will continue to support local market strengthening long into the future."
Meanwhile, public property data indicates the number of transactions during the second quarter rose 2 percent from the previous year to 6,898. As a result, the property inventory declined 28 percent on an annual basis with just 11,497 active listings in Miami-Dade County.
Despite the dwindling supply, buyers of both primary and vacation homes are still very interested in the Miami marketplace. Since many properties now receive multiple offers, they are taking much less time to sell, and this staunch competition could continue to push prices higher in the near future.