Miami is one of the hottest and most attractive cities for new residents, visitors and investors. The Association of Realtors has emitted the Monthly Market Summary November report for homes and condominiums which reflects:
Single Family Homes;
* Increase in median sale price by 12% compared to November 2014.
* Increased in inventory by 3.5% compared to November 2014.
* November 2014 saw 972 closed sales and November 2015 sales decreased to 907 in real estate transactions.
Condominiums and townhouses;
* Cash sales increased by 7.7% compared to November 2014.
* Median sales price in November 2014 was $189,777 and shows and increase of 7% by November 2015.
In general, there is a 5.2 month supply of inventory for single family homes and 6.5 month for condominiums in Miami Dade. A balance market between Sellers and Buyers typically offers six to nine month supply.
The percentage of distressed property sales has been reduced significantly.
Miami real estate market continues strong with the presence of international Buyers. Ninety percent of the transactions were cash sales. However, cash transactions have been reduced by 12% compared to November 2014.
If you have any real estate questions feel free to contact Maria Medina Realtor at 305-905-3370.