Categorized | Residential

Pending Residential Real Estate Sales Up in Miami

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The Miami housing market continues to be one of the strongest in the United States. It has attracted both domestic and international buyers alike, and as such, has seen unequaled growth in the past year. The most recent data from the month of October continues to reflect the strong gains experienced in the Miami residential property market, as pending home sales are up by more then ten percent from a year earlier.

Miami’s housing market has outperformed the nation as a whole throughout the past year, as buyers have been lured by the combination of business opportunities and leisure offered by the city. The number of homes and condominiums listed for sale in Miami has increased substantially in the past year, as have the total number of pending sales and finalized sales. Cash sales have been common in the city, as the majority of buyers have been from international waters.

Miami’s residential real estate market continues to keep the state of Florida afloat. While the rest of the state has struggled to match the numbers from last year, Miami has posted increases in sales volume and pricing. The trend is expected to continue, as international interest in the city’s residential property market remains high, and new condominium complexes are being constructed.

One of the key factors in Miami’s success has been the international influence. While many domestic buyers struggle with the bank’s stringent restrictions in terms of lending, many international buyers are able to complete their purchases with cash. As such, they do not have to worry about any kind of loan approval to buy property.

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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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