August 21, 2013
Demand for property in Miami is continuing to sizzle, thanks to international and domestic buyers and investors.
The last two years in the Miami real estate market have been record-breaking, and it looks as if 2013 will follow.
Over the past year, the average sales price for condominiums and single-family homes increased by 14.9% and 14.2% respectively. The average sale price for condominiums now stands at $352,246, while for single-family homes the average sales price is $446,289.
Properties that are priced correctly are selling very quickly, with some receiving multiple offers.
And ‘cash’ is doing all the talking. Cash sales accounted for 75.8% of condominium sales, and 44.7% of single-family home sales. These high figures reflect the fact that 90% of foreigners pay for their homes in cash.