Categorized | Residential

Miami Condo Market Soars

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The residential real estate market in Miami continues to impress with incredibly strong performances. Data from the latest report indicates that condo sales are stronger than ever before with the average sales price up more than forty percent from just one year earlier.

 

The average sales price topped one hundred and thirty-one thousand dollars in February, and will likely increase even more over the next few months. The average sales price for single-family homes also experienced a moderate increase of nearly nineteen percent during the month of February.

 

Although many expected the Miami residential real estate market to continue gaining strength, nobody realized it would be as strong as it is now. Inventory levels continue to drop, which will likely lead to even further price increases. Inventory levels are currently less than a five-month total supply.

 

The average price for condos statewide rose by sixteen percent in the month of February, though much of that increase can be attributed to the city of Miami. Economists and real estate analysts believe that the increasing prices are the direct result of the record-setting year that the city had during the previous year. The city has become a hotbed for international investors, many of which are purchasing their homes in Miami with cash. Investors have also flocked to Miami to take advantage of the expected growth of the city’s residential real estate market.

 

The number of international buyers in Miami is higher than ever. Due to their influence, nearly two-thirds of closed sales during the month of February were cash-only sales.

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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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