Miami’s real estate fortunes continued to grow in 2013’s fourth quarter.

Miami home prices for single-family homes and condominiums increased in the fourth quarter of 2013, the eighth consecutive quarter of growth for each property-type, according to a report recently released by the Miami Association of Realtors (MAR).

The median sales price jumped 18.1 percent to $235,000 from last year, the report said. Likewise, the median sales price for condominiums was $175,000, a near 13 percent-increase from the 2013 second quarter.

MAR’s 2014 Chairwoman of the Board Liza Mendez said in the report that the numbers signal an increase in value in South Florida real estate.

“While demand for Miami real estate continues to generate price appreciation, we are experiencing more moderate growth,” Mendez said. “As more homeowners are listing their homes for sales, we are seeing a more balanced market that is good for both buyers and sellers. Home prices remain at 2004 levels, while substantial inventory is available in all price points, creating opportunities for all types of buyers.”

Miami’s median sales price was significantly higher that the national media sales price of existing single-family homes, $196,900.

Interestingly, a decrease in the percentage of cash sales accompanied the spike in prices. However, the drop-off was slight, as all-cash purchases dropped only three points from 63.3 percent in 2012 to 60 percent in the 2013 fourth quarter. Cash-purchases were still prominent, though, accounting for 71.5 percent of condo sales and 45.4 percent of home sales. Foreign buyers continued to be the driving force behind cash-purchases, with 90 percent of foreign buyers preferring to bypass financing their properties.

Inventory was virtually unchanged in the fourth quarter of 2013 compared to the same time a year earlier; homes lasted a median of 40 days – as opposed to 41 days – before they went into contract.

Homes sold faster during the fourth quarter of 2013 compared to the previous year. The median duration of a home listing during the last quarter was 40 days compared to 41 days during the same period last year, a decrease of 2.4 percent. Similarly, the median days on the market for condominium listings were 47 days compared to 46 last year, a 2.2 percent decrease compared to the fourth quarter of 2013.

According to the report, Miami-Dade County had 15,963 active listings in the fourth quarter, up 24.3 percent from a year earlier. Inventory currently sits at 5.6 months for single-family homes and 7 months for condominiums, the report concluded.