The Miami real estate market has continue to stay strong in February. Prices keep going up and properties are selling quickly and near the asking price according to the Multiple Listing Service system and Miami Association of Realtors. Median sale prices for single family homes and condos increased and the median sales price went up 17 percent up to $227,000 for 27 months of growth in a row! Sales are stronger than ever and rising prices are continuing to go up. Homes continue to sell quickly and at asking price. It is a selling market even with the additional inventory coming in.
Median sales price for condos has increased by 7.3 percent and the average sales price has jumped to a healthy 10.8 percent. Consumers are taking advantage of the low prices of homes compared to a decade ago and the historically low interest rates. The market is good right now for sellers and buyers alike. National sales have fallen but the Miami real estate market continues to go strong.
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