miami leading florida property market revival
News Posted On: 30 November 2011
Miami is still paving the way for a property market recovery in Florida with a record-breaking sales run that looks set to continue well into next year.
Latest data shows condo prices have increased for three consecutive months, sales of single family homes within the Miami Metropolitan Statistical Area increased by a massive 41% in October compared to the same month last year, and sales of existing family homes, condominiums, townhomes and co-ops increased by 1.4% month-on-month, 13.5% year on year.
Encouraged by these figures, estate agents in Miami expect to see double-digit price appreciation next year, due to increased demand and limited supply.
International buyers are still paying cash for their investments. According to the data, almost 90% of all international buyers purchasing property in Florida are paying in cash compared to a national figure of just 29%. The percentage of cash transactions stood at 64% in October, an increase of 1% compared to the previous month.
All cash transactions accounted for a massive 77% of condominiums sales and 43% of single family sales.
Prices are also on the increase with the median sales price for condominiums increasing by 8% to $117,900, the third consecutive monthly increase. In comparison the median sales price of single family homes fell by 12% to $174,600 compared to a year earlier.
Median prices throughout the state decreased by 4% to $131,200 for single family homes, but increased by 9% to $87,800 for condominiums. The population of Florida is also on the up, growing by an average of 300,000 to 400,000 each year since 2005, which bodes well for rental prices.
View Florida property for sale
Written by Les Calvert
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