The median sales price of single-family homes in the metropolitan Miami area rose 12 percent in October to $199,100 from a year earlier, according to the Miami Association of Realtors and the Southeast Florida Multiple Listing Service.
Miami was one of only three home markets and the only major metropolitan area in Florida posting an increase for median sales price of single-family homes. Compared to the previous month, the median sales price rose six percent.
“Rising median sales prices reflect strengthening and stability of the Miami real estate market,” said Jack H. Levine, chairman of the association’s board. “Miami continues to outperform the rest of the state and the nation due to strong demand from all types of buyers.”
But, unlike single-family homes, the median sales price of condominiums in the area dropped 22 percent in October, to $107,700, compared to the same month last year but increased more than eight percent compared to the previous month.
Statewide, median sales prices dropped three percent to $136,600 for single-family homes and 22 percent to $82,400 for condominiums.