Miami property sales set a new record in 2014, as more homes were sold in Miami-Dade County in 12 months than ever before.
Single-family homes set an all-time annual record in 2014, according to the Miami Association of Realtors.
Year-end sales of single-family home sales increased 4.8 percent to 13,521 compared to 12,899 the previous year, while December's sales alone jumped 9.6 per cent compared to the same month in 2013.
Christopher Zoller, 2015 Residential President, Miami Association of Realtors, comments: "Miami real estate again reflected great demand in 2014. More single-family homes were sold in Miami-Dade County than ever in history, while condominium sales marked their second strongest year ever despite competition from new construction supply."
Cash sales in Miami continue to decline as more financing becomes available, encouraging the return of domestic buyers rather than international investors. Nonetheless, cash sales still accounted for 55.9 per cent of total closed sales in December 2014, still double the national figure of 26 per cent. In 2014, cash sales accounted for 57.2 percent of total existing sales compared to 61.6 percent in 2013.
"In addition to active domestic buyers, foreign buyers continue to bolster the Miami real estate market, as evidenced by the high percentage of cash sales locally compared to the rest of the nation," says Zoller.
Miami properties continue to sell rapidly and at nearly asking price, reflecting strong demand. Indeed, condo sales dropped 4.3 per cent to 16,409 compared to 17,142 the previous year, but remain the second best annual result recorded by the Miami Realtors, while combined residential real estate sales increased 3 per cent in December to reach 2,646 (compared to 2,566 in December 2013).
The median days on market for properties sold in 2014 were 45 days for single-family homes, an increase of 9.8 percent, and 57 days for condominiums, an increase of 23.9 percent. The average sales price was 95 percent of the asking price, a decrease of 0.6 percent, for single-family homes and 94.7 percent, a decrease of 1.7 percent, for condos.
The median sale price for single-family homes, meanwhile, increased 3.6 percent, up to $255,000 from $246,180 in December 2013. Single-family home prices remain at affordable 2004 levels despite more than three years of consistent year-over-year increases. Condo prices also increased in December, marking 42 months of growth in the last 43 months.
"As Miami continues to build its image as a leading global city, foreign investment in our real estate is expected to continue to fuel market expansion," adds Zoller.