The number of houses sold and the average price in South Florida have kept on rising year by year.
In Miami, single-family houses have grown by 14.2% month after month. The existing condo sales rose by 10.4%, as new luxury units multiply on the beach and in Downtown. The Icon Brickell, the Bristol Tower and the Santa Maria condos in Brickell have experienced in 2015 compared to 2014 a rise of respectively 13%, 50% and 100% in terms of volume of sales.
Same for inventory, the number of single-family houses available on the market have increased by 3.5% in Miami, going from 6,113 to 6,330 active listings in March 2015. Regarding the condos, it went up by 12.1%, rising from 12,023 to 10,723 active listings.
It acts as a proof that South Florida housing market has had a steady growth since the tumbling of the recession.
If one was to consider the market at the level of the State, the sales for single-family houses increased by 19% from one year to another, as compared to 7.4% for those for condos.
Regarding median sales prices in Miami Dade, single-family homes gained 7.9% up to $245,000 and condos went up by 6.8% to attain a $189,000 price range.
However, cash sales slightly dropped from 62.5% to 58.8% if we were to compare March 2014 and March 2015. The reason could be that the strengthening of the dollar is preventing foreign cash buyers to converge towards Miami to purchase properties. Although heavily responsible for the recent real estate recovery, their tumbling currencies might impede them from investing consequent sums.
Knowing that 26% of sales were cash sales last month, it shows how much foreign wealth matters in Miami’s growth.
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