The Miami real estate market continues to strengthen, as home sale prices again increased in February in the context of a dwindling supply of inventory coupled with strong demand. Miami condo prices rose for the 20th consecutive month and single-family home prices have now seen 15 months of increases.
“Demand for housing in Miami from both foreign and domestic buyers continues to deplete local inventory and to drive significant price appreciation,” said 2013 Chairman of the Board of the MIAMI Association of Realtors Natascha Tello. “Miami remains a top market for net migration from other states in addition to being the top market in the nation for foreign buyers. Such demand will continue to strengthen Miami real estate long into the future.”
The number of cash sales reflects the presence of international buyers in the market. In Miami-Dade County, 66.8% of total closed sales in February were all-cash sales, compared to 65.5% in February 2012 and 64.7% the previous month. Nearly 90% of foreign buyers in Florida purchase properties all cash.
Miami is not the only Florida market experiencing a strong market. In the state of Florida, sales of existing single-family homes totaled 15,666 in February, up 10.3% compared to a year ago and condominium sales totaled 8,028, up 7.0% from February 2012.
The MIAMI Association of Realtors is an affiliated association with WorldProperties.com.