Miami home and condo prices shoot up as Florida real estate market stays strong

Florida's real estate market is continuing to do well, as prices for condos and homes in Miami have shot up this year, new figures show. 

According to propertywire.com, figures from the Miami Association of Realtors have shown that the median sale price for a Miami condo has increased from $145,000 to $170,000, a rise of 17.2 per cent in the space of a year.

Single family homes are doing even better, rising by 29.9 per cent this year to an average sales price of $421,546, up from $324,611 last year.

The price surge is mostly due to an influx of foreign buyers and some real estate agents estimate that around 85 to 90 per cent of new construction buyers are from abroad, reports wsj.com.

Natascha Tello, chairman of the board of the Miami Association of Realtors, said the figures were good news.

"The 23 consecutive months of appreciation of Miami home and condo prices is a remarkable sign of the vitality and strength of South Florida's real estate market," she explained. "Rising homes and condo values is a reflection of increased demand from international buyers from around the world, creating a great opportunity for sellers."

However the number of sales of homes and condos did decrease slightly in October, although they remained positive in comparison to historical averages.