Housing prices continued to rise along Miami
Beach and the Barrier Islands, drawing more
inventory into the market. Median sales price for
condos and single family homes increased 9.8%
to $405,000 from the same period last year.
The luxury market, reflecting the top 10% of all
sales, outpaced the overall market. The median
sales price of luxury condos jumped 29.7% to
$2,400,000, while luxury single family homes
surged 44.7% to $6,500,000 respectively from
the prior year quarter. The shift to higher priced
sales was reflected in the 17% and 66.2% higher
entry thresholds for both luxury categories.
The frenetic pace of the market is easing…