The third best year after real estate crisis- Miami market
- ttamayo
- Feb 18, 2016
- 2 min read
2015 was the third best year of residential sales after the real estate crisis and historical record of sales in South Florida.
2013 is still the best year with 30.041 housing sales, followed by 2014 with 29.930 sales. And 2015 closed with 29.886 total residential sales.
2015 SINGLE-FAMILY HOMES SALES: 13.936 2014 SINGLE-FAMILY HOMES SALES: 13.521 Single-family houses sales closed with 13.936, a 3.1 percent above 2014 (13.521). And condominiums sales closed with 15.950 which is a 2.8 percent less than in 2014.
2015 CONDOMINIUMS SALES: 15.950
The average price of single-family homes closed in $265.000 in 2015, which is an 8.2 percent above 2014. The condominiums price closed in $200.000 which is a 5.3 percent above 2014.
2015 SINGLE-FAMILY HOMES AVERAGE PRICE: $265.000 2014 CONDOMINIUMS AVERAGE PRICE: $200.000
Low mortgage rates play an important roll in the increase of sales in Miami, Florida and in the country.
2015 30-YEAR FIXED RATE MORTGAGE: 3.85%
2014 30-YEAR FIXED RATE MORTGAGE: 4.17%
Buyers who paid in cash in Miami doubled the national average. In 2015 cash payments represented 51.8 per cent of the total closed sales in Miami. Just 24 percent of housing sales in the United Sates are made in cash, according to the National Association of Realtors (NAR). In 2014, cash transactions represented 57.2 percent of Miami bids.
According to the National Association of Realtors, the high percentage of cash sales in this city, reflect the ability of South Florida to attract international home buyers who tend to buy properties in cash. In 2015 condominiums constituted a high proportion of cash purchases of Miami with a 65.4 percent. Sales of single-family homes represented 36.4 percent of sales.
Comments