Momentum continues through the second quarter.

StreetEasy’s Second Quarter 2013 Miami Residential Market Report shows that Miami is still riding a momentum of market strength. Median sales price has gone up – for the ninth consecutive quarter. Current median price has risen by over 25 percent, the largest gain since Q1 2012. Average price is up nearly 14 percent as well, year over year.

StreetEasy’s Sofia Song credits these increased numbers to condo and single-family home resales.

“These price gains were driven primarily by strong condo resales and single-family home resales in Miami-Dade. When you separate out the housing types, the price gains are even more dramatic,” says Song, Head of Research at StreetEasy.com. The median price for condo resales has jumped by nearly 50 percent to about 200 thousand dollars. Single family homes have risen a little over 24 percent to 230 thousand year over year.

Here are some figures:

• There were 65 percent fewer sales of new developments year over year. Streeteasy credits this to constraints by low inventory. 2/3 of new developments were closed at less than 300 thousand.
• Condo resales decreased by a little over 11 percent. The PPSF jumped by 34.3 percent, however, to 341 dollars.
• 22 percent of single-family homes were sold for over 500 thousand. On average, the PPSF rose 17 percent to 227 dollars.