South Florida’s housing market remains hot, condo prices rising 26.9%. Martha Galbreath Robles knew she wanted to downsize, but she waited for the real estate market to stabilize before trying to sell her longtime home.
She never expected that within three days of listing her 5,000 square-foot home on an acre in the Killian area of South Miami-Dade, she would get five cash offers for her full listing price of $979,000.
“My house sold so much faster than I thought it would,” said Robles, 64, who bought a newly built home 10 blocks away in February for $529,900.
Robles is living proof of the new boom in the South Florida real estate market, as prices and sales of homes and condos jump, amid a flurry of new construction.
Strong demand and dwindling supply are propelling the median sales price of Miami-Dade properties, with condominium prices rising 26.9 percent in February to $165,000 compared to a year earlier, and 6.5 percent compared to the previous month, according to figures released Thursday by the Miami Association of Realtors and the local Multiple Listing Service.
The median sales price of single-family homes in Miami-Dade rose 10.9 percent to $194,000 year-over-year and remained the same compared to the previous month.
“Things are just crazy right now,” said Debbie Preston, a broker associate with the A Team at Avatar Real Estate Services in South Miami, which listed Robles’ home. “If people are pricing homes fairly, they are getting sold. Our inventory is very low.”
BY INA PAIVA CORDLE
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