Miami condo prices jump 34 percent

The median sales price of a Miami-Dade County condominium rose 34 percent in June compared to the same period in 2011, according to data from the Miami Association of Realtors. The median price rose to $119,800, according to the report. That coincided with a 5 percent increase in the median sales price of Miami’s single-family homes. Martha Pomares, chairman of the board of the Miami Association of Realtors said that while foreign buyers continued to drive Miami’s residential market, domestic American buyers were having a “major impact.” Average sales prices also rose in the county, with a 24.2-percent increase for condominiums and a 21-percent increase in the average sales price of a single-family home. Sales were mixed, however, with a 2-percent increase in total sales for condos and a 2-percent decrease in single-family sales.