Real estate prices and sales are continuing to rise in Miami, Florida, with condos and family homes in particular seeing a huge rise.
According to propertywire.com, the Miami Association of Realtors reported a 15.1 per cent rise in single family home sales in August and condominium sales increased by 7.9 per cent.
The average sale price of both family homes and condos increased too, as the average price of a single family home is now $235,000, a 20.5 per cent rise in comparison to the same time last year. Condos have seen an even bigger year on year rise of 27.5 per cent, meaning the average condo now sells for $180,500.
Miami property tends to sell very quickly, especially when the price is right. During August, condos typically spent an average of 46 days on the property market and family homes spent just 35 days.
Natascha Tello, 2013 chairman of the board of the Miami Association of Realtors, said the market is experiencing incredible growth.
"Our double-digit growth in the new listing of homes and condos at multiple price points sends a strong message that now is the time for sellers to put their properties on the market," she said. "Miami's real estate market is definitely booming. The data clearly reflects there has never been a better time to invest in Miami," reports prweb.com.