The Miami Association of Realtors (MAR) reports that the Miami-Dade county residential real estate market continues its rapid growth with increases in both sales and prices.

MAR statistics indicate a 7.5% rise in sales for the month of January compared to the same period last year, which marks the 14th consecutive month of increases. Experts say the growth is being driven by interest from domestic and international buyers, and that swift sales are decreasing inventory, which in turn increases prices. The increased prices are resulting in a seller’s market, which then continues to create more inventory.

The Miami residential real estate market had a second record year in 2012 with prices rising for 14 months in a row.
It has started 2013 strong with rising sales and prices, according to the 25,000 member Miami Association of Realtors.Miami-Dade County residential sales increased 7.5% in January compared to a year earlier. The sales of existing single family homes were up 19.1% and sales existing condominiums increased 0.3% year on year.

The median sales price of Miami-Dade condominiums, which has increased each of the last 19 months, rose 24.1% to $155,000 compared to a year earlier.  The median sales price of single family homes rose 14.8%.