The market for Miami housing continued its robust performance in February, according to the Miami Association of Realtors. Median sales prices for single-family homes were up 17%, up to $227,000 from $194,000 in February 2013. The average sales price was up 6.7% for the same period.
“Despite the recent increase in inventory, sales activity remains at historically strong levels, resulting in rising prices,” said 2014 Chairman of the Board of the Miami Association of Realtors Liza Mendez. “While additional inventory is creating a more balanced market, the fact that homes continue to sell fast and almost at asking price is still indicative of a seller’s market.”
The median sales price for condominiums also continued its growth for the 32nd straight month and was up 7.3% year-over-year for February.
The increasing prices weren’t the only good news for Miami. The median days on the market for single-family homes sold in February was 47 days, down 2.1% from February 2013. Homes in Miami are also selling near list price. The average percent of original list price received was 95.2%, up 1.4 % from 93.9% in February 2013.
“The Miami real estate market also offers great opportunities for buyers,” said 2014 Miami Association of Realtors Residential President Francisco Angulo. “Prices are still low, comparable to what they were more than 10 years ago. And, interest rates are still at historical lows, making buying a home more affordable. Consumers considering buying a home should take advantage of all of the current favorable market conditions.”
People are clearly buying and they’re buying in cash. All-cash transactions made up nearly 63% of the total closed sales in Miami in February, significantly higher than the national average of 35%.
Since nearly 90% of foreign buyers in Florida purchase properties with all cash, this continues to reflect the much stronger presence of international buyers in the Miami real estate market.