Categorized | Residential

Miami Housing Sales See Tremendous Increase

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The Miami residential real estate market is on pace to set a record for the most sales in a year, surpassing numbers experienced at the height of the housing boom in 2005. Reports indicate that the city may finish the year with more than twenty-nine thousand sales.

The number of sales of existing single-family homes has increased more than forty-six percent in the last year. Furthermore, existing condominium sales have increased nearly sixty percent in the same time period. While the number of sales has increased in the past year, so, too, have overall prices on residential properties

International buyers have driven the record-setting increases. Because nearly ninety percent of international buyers have paid for their newly acquired Miami properties in cash, the overall number of cash sales in the city now hovers over sixty percent.

The sales and values of condominiums have experienced the greatest increases, according to the latest reports. Prices have increased now for two straight months, and are expected to further increase in the coming months. In the past year, the average sale price for condominiums has jumped nearly seventeen percent. Single-family homes have experienced a minimal decrease in average sale price.

The news is good for Miami investors, as the city has completely bucked the trend of the nationwide housing market. While many other cities are struggling to stay afloat, Miami is en route to topping the numbers it had achieved during the real estate market’s golden era.

The positive news looks to continue in the Miami real estate market, as more international investors continue to buy up property in the city.

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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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