Miami Home Sales Still Strong Even As Cash Sales Drop

 

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According to a recent study conducted by the Miami Association of Realtors, the most important city in Florida is still going strong when it comes to the real estate demand; especially single-family homes. For instance, in June residential real estate sales increased by more than 2  percent compared to the same period  last year. Out of that increase, the single-family home sector increased by 9.5 percent while the condominium sector declined by 3.5 percent. As more and more couples are moving to the United States, single-family homes will continue to be in vogue; not only in Miami but all across the nation.

The median sale price is also on the rise, for both condominiums and single-family homes. While the median price for condominiums increased by 2.6 percent, to 190,000 from $185,150.  The median sale price for single-family homes has been found to be 6 percent higher; reaching an astounding $242,500 from $222,000. The real estate market in Miami reflects a strong demand as it continues to sell at a rapid pace.

Another trend that was observed in the Miami real estate market was the decline of cash sales. As many other financing options become available; cash sales have dropped noticeably, from 60 percent to 57.6. Nevertheless, cash sales in Florida are still higher than the national average, which is approximately 32 percent. Since nearly 90 percent of all foreign investors prefer to use cash when buying properties in Miami, the decline of cash sales might happen slower than expected.

Following six weeks of real estate market strengthening, the active inventory has risen hand in hand with increased seller confidence. The total number of active listings increased by almost 30% compared to the same time last year, reaching 17,000 from 13,000. Nationwide, total housing inventory rose almost 2.2 percent, reaching a staggering 2.3 million houses, condos and villas. The real estate market in Miami is still going strong, which means only good news for both buyers and sellers.

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