April 19, 2012
Miami residential prices posted strong positive gains for the fourth month in a row in March, with the median condominium sales price rising 46 percent compared to the same period in 2011.the median sales price also rose, increasing 13 percent.
The fact that Miami home prices have significantly increased for four consecutive months indicates prices have bottomed and have caught up with sales levels.
We expect this trend to continue, as Miami increasingly attracts international buyers and investors, second and vacation home buyers and migrating U.S. residents. Along with the drastic price increase came a drop in transactions due to this time of year. It will be picking up again in Bal Harbour, Sunny Isles Beach and Miami Beach when the South Americans start flying north.
Canyon Ranch seems to be one of their favorite stops right now along with the new 20+ condo projects on the drawing board.
