MIAMI – November 24, 2015 – (RealEstateRama) — The Miami-Dade County real estate market continued to strengthen in October as properties sold fast and near asking price and sales prices again increased, according to a new report by the 41,000-member MIAMI Association of REALTORS® (MIAMI) and Multiple Listing Service (MLS) system.
Miami’s Cash Buyers Represent More than Twice the National Average
In October, cash deals represented 51.5 percent of Miami’s total closed sales, which is more than double the national average. Just 24 percent of all U.S. housing sales were made in cash in October, according to NAR. Cash transactions represented 55.8 percent of total Miami deals in October 2014. Miami’s high percentage of cash sales reflects South Florida’s ability to attract a diverse number of international home buyers, who tend to purchase properties in all cash.
Seller’s Market for Existing Single-Family Homes, Balanced Market for Condos
Miami-Dade County’s single-family sector is in a seller’s market, while condo sales reflect a balanced market between buyers and sellers. Inventory of single-family homes decreased 4.2 percent from 6,439 active listings last year to 6,169 last month. Condominium inventory increased 7.3 percent to 12,197 from 11,362 listings during the same period in 2014.
New Construction Market Update
Strong sales in the preconstruction condominium Miami market east of Interstate 95 continue to reflect significant demand for new properties, according to the latest New Construction Market Status Report released by the preconstruction condo projects website Cranespotters.com and MIAMI.