Miami Real Estate October Market Summary (2)
Miami continues to experience population growth, interest from foreign and domestic second home buyers, and economic expansion," said 2014 Chairman of the Board of the Miami Association of Realtors Liza Mendez. "The Miami real estate market continues to strengthen due to demand for local properties, as evidenced by sales that exceed record activity in 2013."
Single Family Homes sold in 43 Days
Miami properties continue to sell rapidly and at nearly asking price, reflecting strong demand. The median number of days on the market for single-family homes sold in October was just 43 days, an increase of 7.5 percent from October 2013.The median number of days on the market for condominiums sold in October was 58 days, an increase of 31.8 percent compared to the same period in 2013.
93.7% Average Sales Price of Asking Price for Condos
The average percent of original list price received for single-family homes was 95.3 percent, down a negligible 1.0 percent from a year earlier. The average sales price for Condos was 93.7 percent of the asking price, a decrease of 3.9 percent. *Miami Association of Realtors & World Property Channel
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