All Cash Sales Another Emerging Pattern in Miami Real Estate

61 Percent were All Cash in Miami Dade During September

61 percent of total closed sales in Miami Dade during September were all cash sales according to the latest report of the Miami Association of Realtors. All-cash sales accounted for 47.7 percent of single-family home and 71 percent of condominium closings, compared to a year ago when cash sales were 42.6 percent and 76.5 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 33 percent of transactions in September, up from 32 percent the previous month and 28 percent in September 2012. This makes our local Real Estate market a much stable and solid investment if compared to the rest of the country.                        

The uplifting news for Miami that indicates our robust and healthy local real estate market does not end here. 
One of the most encouraging signs from September’s data is the speed at which real estate is being sold in Miami, demonstrating a strong demand from buyers. 

The median number of days on the market for single-family homes sold in September 2013 was just over a month, 41 days. In addition, the average sales price was 95.9 percent of the listed price, up from 93.1 percent the prior year, indicating that homes are being priced right. 

Condominiums also sold at a rapid pace and close to their asking price in September 2013. Condominiums sold in September had been on the market for just 46 days. Meanwhile, selling prices for condominiums were 96.7 percent of the listed price last month. 
 What fantastic news for investors and owners alike! Their properties are earning double-digit appreciation, being sold fast and almost at listing price! In fact, the best properties sometimes when multiple offers are on the table are sold for above the listing price.

Call me now to schedule a complete presentation of any project in Miami. Please contact me at 954.254.6085 or email me at JuanSolerRealtor@gmail.com 

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