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June 21, 2013
Buyers in Miami-Dade and Broward Counties continued to purchase existing homes and condos in May. Home prices and sales continued to increase, despite the low inventory of properties on the market.
In Miami-Dade, the median price for a single-family home increased by 16.8 percent in May, on a year-over-year basis. The median condominium price rose by 20 percent in the same time period. Sales also increased, despite an ongoing shortage of inventory. Home sales in Miami increased by 18.5 percent, and condo sales increased by 3.9 percent.
Broward County saw a similar trend in May. Single-family home prices rose by 22.6 percent, compared to last May, and condo prices rose by 28.2 percent, in the same time period. Home sales increased by 17.1 percent, and condominium sales increased by 9.3 percent.
Due to increased competition caused by the low inventory, Broward homes spent a shorter amount of time on the market compared to one year ago. In May, single-family homes spent a median of 32 days on the market, compared to 43 days in May of 2012. Sellers also received closer to their asking prices. Homes in Broward County fetched 95.3 percent of the original asking price, and condos received 94.5 percent of the asking price.
Source: Miami Herald
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