We’re happy to report another wave of good news for real estate prices in South Florida. Prices remain on the rise in both Miami-Dade and Broward County per data released yesterday by Miami-Dade and Broward Realtors.
Median sales for existing single-family homes experienced a small boost of just over six percent last month to $270,221, up from the 2015 price of $254,000. As for condominiums, this market has also seen steady increases in all but one of the previous 57 months, jumping by nearly ten percent to $206,950, a considerable increase from $189,000.
Over in Broward County, median sales prices also had small yet positive bumps. Single-family home prices increased by almost five percent to $299,000 compared to $285,000 during February of last year while condos and townhouses experienced a slightly more rapid pace of over six percent to $136,000 from $128,050.
Last month did show a slowdown in Miami-Dade sales, as the total amount of transactions managed to drop by over five percent to 2,039 compared to 2,165 in 2015. Broward County, on the other hand, saw the total number of sales increase by a significant 13.1 percent from February of last year, jumping from 1,039 to 1,175. Condominiums and townhomes managed to sag however, experiencing a three percent drop.
Despite the small drops, the news remains largely encouraging for South Florida real estate.
This update is brought to you by Julian Johnston of Calibre International Realty. Julian specializes in Miami waterfront homes as well as Miami Beach luxury condos like Apogee South Beach, the two Continuum buildings, the Portofino Tower, and more. Call (305) 502-3985 for any questions about Miami real estate or Miami Beach real estate.
