Luca Migliore
Real Estate Consultant
Miami's housing market continues to improve faster than expectations.
The highest number of sales since 2006: 6,416
The highest overall average sales price since 3Q 2008: $453,556
The lowest overall inventory since the beginning of this metric in 2Q 2011: 9,490
Cash Dominates: The use of mortgages for purchasing property remains the exception with cash accounting for 63.5% of all sales (condos 75% and single family 44.2%). This suggests that the Miami housing market has a more solid position than before the 2008 real estate crisis.
There were 8,027 homes and condos sold in Miami-Dade County during the third quarter of 2013. This represented a significant 21.2% and 8.7% increase in the sales of homes and condos, respectively, compared with the same period in 2012.
“The surge in sales of Miami homes and condos is driven by a robust demand for real estate from international buyers from worldwide markets – and large numbers of U. S. buyers from other states,” said 2013 Chairman of the Board of the MIAMI Association of REALTORS Natascha Tello.
Homes were sold much faster during the third quarter of 2013 compared to the previous year. The median duration of a home listing during the last quarter was 37 days compared to 43 days during the same period last year, a significant decrease of 14%.
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