Miami Keeps Leading the Nation in Cash Sales at 59%
Cash sales in Miami increased relative to last month, but are down compared to the same time period last year. Access to mortgage loans for condominium buyers remains limited. The lack of Federal Housing Administration loans for a large number of existing Miami condominium buildings is preventing further market strengthening.
In Miami-Dade County, 58.8 percent of total closed sales in February 2015 were all-cash transactions -- up from 57.2 percent from the previous month. Cash deals in Miami are down relative to February 2014 when 62.5 percent of transactions were all-cash. Miami condominiums comprise a large portion of Miami's cash purchases as 71.1 percent of condominium closings were made in cash in February compared to 43.9 percent of single-family home sales.
Miami's percentage of all-cash sales is more than double the national average. About 26 percent of all national housing transactions were in cash in February 2015, according to NAR. Since 82 percent of foreign buyers in Florida purchase properties all cash, this continues to reflect Miami's ability to attract international buyers.
"Miami's location and proximity to the Caribbean and Latin America have always attracted foreign buyers," said Carlos Gutierrez, a 13-year Miami-based Realtor and the 2015 Residential President-elect of the Miami Association of Realtors. "Miami's home prices are still very affordable when they are compared with other major cities such as Los Angeles and New York and even in comparison to cities with less attractive lifestyles and amenities."* NAR & World Property Journal
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