Categorized | Residential

Miami Housing Market Continues to Shine

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While many cities struggle to get their residential real estate market back on track, Miami has experienced great success throughout the year. The city’s housing market continued to perform well during the third quarter this year, achieving sales numbers that hadn’t been seen since the housing boom.

Residential real estate sales nearly topped five thousand for the third quarter. While that number is impressive, analysts are most impressed by the fact that short sales and foreclosures fell by more than ten percent in the same period. The overall growth of traditional housing sales jumped over thirty percent, which serves as an indication that the housing market is thriving in Miami.

Both international and domestic buyers alike are looking to either relocate to, or buy vacation homes in Miami. This unprecedented demand has significantly contributed to the overall success of the city’s housing market.

Of the nearly five thousand residential real estate properties sold during the third quarter, sixty-two percent were condominiums, and thirty-eight percent were single-family homes. Those figures are consistent with those of previous quarters.

Cash sales accounted for over sixty percent of transactions, increasing over three percent from the previous quarter. The increased number of cash sales is an indication that the wealthy are those that are buying residential properties in Miami. Furthermore, it is a strong indicator that many homebuyers are not taking a chance with tightened lending standards.

Prices of condos and one-family homes also increased in comparison to last year, exemplifying the great demand of residential real estate properties in Miami. The demand in the city and its surrounding suburbs is expected to continue into the fourth quarter.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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