Growth in Miami’s market remains strong and seems primed to continue growing even stronger.

Miami’s housing market is continuing to rebound from a lackluster performace at the beginning of the year, with strong demand from both domestic and foreign buyers, particularly in regards to new construction, helping to perpetuate price growth, according to a new report from the Miami Association of Realtors and the local MLS.

In July, median sales prices for single-family homes and condominiums again increased, which marks 32 months of consecutive gains for single-family housing and 37 for condos. Despite the increases, prices still remain at affordable, pre-crisis levels.

Sales Prices Continue Climbing

The joint report went on to further evaluate Miami’s market, finding that:

• The average sale price for single-family homes increased an impressive 19.7 percent year-over-year from a little over $400,000 to more than $486,000. The average price for condos rose nearly seven percent to $345,610.
• The median number of days on the market for single-family homes sold in June was 43 days, a 23 percent increase year-over-year.
• The median number of days on the market for conodominiums sold in June was 59 days, a 31.1 percent increase year-over-year.

Miami Ready for Long-term Success

The findings of MAR’s and the MLS’ joint report tell the story of a strong market that’s growing even stronger.

“Demand for Miami housing continues to strengthen, as evidence by rising prices and rapid sales activity,” Liza Mendez, MAR’s 2014 chairman, says. “Condominium resales in Miami are being impacted by all of the new and pre-construction projects now being marketed – and there are actually more sales and contracts when both the new and resale condominiums are added.”

Going forward, indicators suggest Miami is primed to enter into a period of prolonged success. 2014 MAR President Francisco Angulo confirms that the city is flourishing and will continue to do so as a focal point for both U.S. and foreign “buyers, investors, tourists and business(es).”

“Miami remains a leading global city and destination, and our real estate market plays a major role in this reality,” he says.