Miami-Dade has ranked third in the nation for cash sales this past January according to a report released by CoreLogic. CoreLogic is a real estate research firm that specializes in business data for U.S. real estate, mortgage, and consumers and the research included the analysis of 100 “major metropolitan areas.”
Despite overall decreases in cash sales, Miami-Dade has still managed to have more than doubled the amount of the nation’s cash sales. Even with rising home values, and more inventory, sales remain steady particularly with international buyers who continuously give a boost to cash transactions in Miami. Although compared to January 2015 the percentage of cash sales is less by 5.8 percent, the sales this past January show that 53.4 percent of homes were sold without any financing. Closely following Miami-Dade was Palm Beach County at 54.3% and Broward at 51.5 percent cash sales. Number one in the nation for cash sales was Detroit, Michigan surprisingly at 65.6 percent.
The majority of the cash sales in Miami were from the condo market, which comprised of 65.7 percent of the cash purchases. There has been an abundance of luxury condos available for sale and the majority of them are purchased by international buyers. Miami-Dade continues to prove its diversity in everything from culture, language, and international buyers.
If you are interested in buying or selling your home in Miami, please do not hesitate to contact Suzanne.
Data. (n.d.). Retrieved May 08, 2016, from http://www.corelogic.com/
Stewart-Muniz, S. (2016, April 22). Miami-Dade ranks third in nation for cash sales in January – See more at:Http://therealdeal.com/