If Miami real estate is a bubble, it's still inflating fast.
The average sales price for Miami real estate was up 19 percent in the first quarter compared with the same period a year ago, according to a report from Douglas Elliman and Miller Samuel. The median sales price hit $244,000, the highest since the pre-crisis peak in 2008.
The number of sales was up 4 percent, and it hit the highest level since Elliman started gathering data in 2006. The number of days homes were on the market fell 9 percent.
The luxury sector—defined in the report as the top 10 percent of the market—was truly on fire. The average sales price for luxury single-family homes surged 34 percent over the same quarter last year, rising to $2.7 million. The number of luxury sales also grew 7 percent.