Categorized | Residential

International Buyers Drive Miami Market

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Condo sales and prices continue to rise in Miami, which has quickly become the hottest residential real estate market in the United States. International buyers have been the driving force of the market, which is up more than sixty percent from last year. International buyers have thus more than made up for the lack of domestic buyers in the current market.

With international buyers making up a significant number of the purchases, cash transactions have increased during the last year. In fact, nearly every single international buyer bought his or her property using cash. That figure is in stark contrast to the national average for cash sales, which is roughly around thirty percent.

Residential real estate prices have now increased for three straight months in Miami. Condominiums have performed very well, and have risen more than eight percent. The improving performance in Miami’s real estate market has led to a decrease in inventory. While the national inventory also declined in the past month, Miami’s decline in listings has thus far outpaced the national rate.

A decline in short sales and foreclosures in the Miami area are also playing a role in the increase in prices. Both categories had contributed to depressed prices in the last year.

Analysts believe that Miami’s success will continue well into the next year, as it remains a target market for international investors around the globe. While the outlook for the rest of the state is not as strong, Miami will likely remain one of the strongest residential real estate markets in the United States.

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About James Pattric

James writes for the Residential category (along with Josh Johnson) and also heads up the Resources category.

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