Residential Property Sales Increased in Miami
Figures show an increase in sales, house prices and condominiums in Miami area in 2011.
Chairman of the Board of the Miami Association of Realtors Jack Levine said there has been a consistent rise in residential real estate sales in Miami-Dade County since August 2008, noting the 11% increase of single family home sales and the 2% increase in condo sales in November 2011 compared to November 2010.
International buyers are said to have played a big part in this rise in statistics.
According to the association’s residential president Ralph de Martino, “International buyers have fuelled an unprecedented recovery unlike any other in the nation, increasing demand and limiting supply of homes. We are fortunate because Miami combines all of the attributes that are expected to attract international buyers long into the future.”
Reports say a rise in cash transactions in the area is largely due to international buyers. About 90% of them in Florida purchase properties in cash, which can take part in the 41% single family home and 79% condominium cash sales. The powerful presence of international buyers in the Miami real estate market is mirrored in the 28% national cash sales of both the single family homes and condos.
A rise to 18% in the condominium median sales price is seen for the fourth month in a row, which is equal to $125,000 while that of single family homes stayed at $171,300, similar to last year.
The average sales prices for single family homes and condominiums in Miami Dade Country have also increased by 8.2% and 21.5%, respectively compared to a year earlier.
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