Home prices in Miami-Dade and Broward continue to increase

South Florida home prices continue to appreciate in both Broward and Miami-Dade counties. In Miami-

Dade, the average sales price for existing single-family homes for this April is $285,000. It is 9.5% more

expensive compared to April 2015. The average price for single-family homes for April 2015 was

$260,000.

Miami property management stated that although there is an increase of new condo units on the

market, the average sales price for existing condominiums increased by 8%. In April 2015, the average

price was $199,000 but for April 2016, the average price was $215,000.

For both counties, the demand for homes priced below $400,000 remain strong, while there are new

condominiums on the market, the construction of single family homes is scarce.

For homes priced above a million dollars, the market has slowed down. Economists believe that the

slowdown is caused by increased dollar value and economic volatility. Majority of the buyers who

purchase homes beyond a million dollars are international buyer and the volatility of the stock market

has made them cautious.

Meanwhile in Broward County, the prices of existing homes continue to rise, a single-family home costs

$310,000 from $287,900. The average price for condominiums for April 2016 is $126,950; 6.3% higher

compared to last year.