Sales are slowing around the country, but despite Miami-Dade County’s price increases, demand remains high in South Florida.

In Miami-Dade County in the first quarter of 2014, the median sales price for homes increased 11.8 percent year-over-year to $230,000, according to the Miami Association of Realtors and the local MLS. Reaching $187,500, the median sales price for condominiums rose 15.7 percent year-over-year.

Meanwhile, the average sales price for single-family homes was $430,312, nearly an 18 percent year-over-year increase, and condominiums’ average sales price was $359,860, a 16.9 percent jump from the 2013 first quarter.

The median sales price of existing single-family homes in Miami-Dade County was significantly higher than the national price of $196,900 and the statewide price of $168,000. Miami-Dade’s condominium median sales price was well above that of the country and of Florida, too, which were $191,400 and $135,000, respectively.

Buyer Demand Strong, Despite Strong Prices

But higher prices, it appears, have not deterred buyers. According to MAR, 2,893 single-family homes were sold during the 2014 first quarter, as were 3,859 condominiums, year-over-year increases of 7.4 and 1.3 percent, respectively.

The increase of sales in Miami-Dade does not tell the story of a nation. Total existing-home sales across the country, condominiums included, totaled 4.60 million in the first quarter, a 6.9 percent decline from the fourth quarter of 2013. Additionally, existing-home sales in the 2014 first quarter were 6.6 percent under the pace set a year earlier.

Both single-family homes and condominiums are taking longer to sell; the median time a home spent on the market in the 2014 first quarter grew to 47 from 46 in 2013. Furthermore, the time on market for condominiums in the 2014 first quarter extended to 57 after being 48 last year.