Miami-Dade Market Update

Posted on Wednesday, September 11th, 2013 at 1:01pm.

Properties Selling Fast, Close to Asking Price Miami properties that are priced right are selling very quickly and yielding very high percentage of asking price.  In July, the median days on the market for single-family homes and condominiums were 35 and 45 respectively, reflecting sales at a very rapid pace.  The average percent of original list price received was 96.1 percent for single-family homes and 97.1 percent for condominiums.

All-cash sales accounted for 43.3 percent of single-family home and 73.6 percent of condominium closings, compared to a year ago when cash sales were 44 percent and 77.4 percent of closed sales respectively.  Since nearly 90 percent of foreign buyers in Florida purchase properties all cash, this reflects the much stronger presence of international buyers in the Miami real estate market.  By comparison all-cash sales nationally accounted for 31 percent of transactions in July, down from 33 percent the previous monJuly's figures mark 20 consecutive months of appreciation for both single-family homes and condominiums in Miami. The median sales price of single-family homes spiked 25.7 percent to $230,000 year-over-year and remained the same compared to the previous month. The median sales price of condominiums, which has significantly increased each of the last 25 months, jumped 33.3 percent to $180,500 compared to a year earlier.

Compared to July 2012, the average sales price for single-family homes in Miami-Dade County increased 24.9 percent to $406,532, while the average sales price for condominiums increased 20.9 percent to $323,338.




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