This Housing Market Is Sizzling

February 20, 2014

The housing market is hot in Miami. The city known as the “Capital of Latin America” posted its third consecutive record sales year as well as two years of double-digit price appreciation, the Miami Association of REALTORS® reports.

“Record demand for Miami properties from both domestic and international buyers resulted in another sales record in 2013,” says Liza Mendez, 2014 board chair of the Miami Association of REALTORS®. “We expect strong demand to continue in 2014 for Miami real estate but are encouraged that more home owners are listing homes for sale, creating more balance between buyers and sellers.”  

In 2013, the number of homes and condos sold in Miami-Dade County was 8 percent higher than the previous record set in 2012. What’s more, single-family homes sold faster than the previous year, with the median number of days on the market in 2013 at 41, compared to 44 days one year earlier.

Prices have been on the rise too. The median sales price for single-family homes in Miami-Dade County in 2013 was $225,000, a 19.7 percent rise compared to 2012. That marked the second consecutive double-digit appreciation for both single-family homes and condos in Miami.

Cash sales also are driving a lot of the market there. In 2013, 62 percent of closed sales were all cash compared to 64.3 percent of the previous year, the association reports. They credit that high number to the large percentage of international buyers who tend to pay cash. Nationwide, cash sales make up about 30 percent of closed sales.

Source: “Why Is the Miami Real Estate Market Burning so Hot?” HousingWire (Feb. 19, 2014)

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