Miami housing inventory declines 37pc in january as condo prices spike 36pc

According to the Miami Association of Realtors, Miami home prices posted strong gains in January 2012.  The median sales price of condominiums in the Miami Metropolitan Statistical Area (MSA) spiked 36 percent to $122,500 in January compared to a year earlier. The median sales price of single-family homes jumped 13 percent to $170,000.

"Record demand for Miami properties has caused inventory to rapidly decline, resulting in limited supply," said Martha Pomares, 2012 Chairman of the Board of the Miami Association of Realtors.  "Now home prices in Miami are significantly rising and sooner than expected, as the Miami real estate market continues to outperform the rest of the nation, mostly due to the strong impact of international buyers."

Statewide median sales prices in January increased 18.8 percent to $95,000 for condominiums and 5.3 percent to $129,000 for single-family homes. The national median existing-home price for all housing types was $154,700 in January, a two percent drop from January 2010.

Source: WorldPropertyChannel.com