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Miami Real Estate Boosted by Overseas Cash Buyers

   
BusinessAccording to the latest figures from the Miami Association of Realtors, overseas buyers are driving the Miami market with all-cash purchases. In March, more than 64% of closed sales were cash transactions, and international sales, represented approximately 60% of closed resales and 90% of new construction sales and that can be good news for real estate watchers.

According to the Miami Association of Realtors Miami condo sales increased 85% year-on-year in March, and 80% compared to the previous month. Sales of family homes were also up 59% year-on-year, and 90% compared to the previous month, that created a lot of buzz all over the market.

“Current strong sales levels are even more impressive when you consider that last year at this time sales were boosted by the first-time homebuyer tax credit. Nationally, sales have seen a drop compared to March 2010 because the tax credit is no longer applicable. But Miami and South Florida continue to outperform last year’s healthy real estate sales levels and the U.S. real estate market, reflecting the truly unique nature of our area and market,” Jack Levine, chairman of the Miami Association of Realtors, said.

The median sales price of condos dropped 30 percent to $97,400 but increased 3.6 percent from the previous month. Despite the increase in sales, the median sales price of single-family homes in March decreased 19 percent to $159,800 from a year earlier, which was expected nonetheless.

Miami Association of Realtors president Ralph De Martino, said that “In South Florida especially, the median sales prices don’t accurately represent our market, as the bank-owned inventory is being bought up four times faster than new listings that are coming on the market,” He then said, “The vast majority of distressed properties sell in the lower price ranges, disproportionately impacting median sales prices.”

http://miamirealestateinc.org

  

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