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International property investment helps Miami market reach record levels

Miami’s real estate market performed strongly in the fourth quarter of last year, according to the latest data from the Miami Association of Realtors. The market was boosted by strong demand from both domestic and foreign buyers and increasing consumer confidence.

The median sale price for single family homes in Miami rose 4.7 percent from a year earlier, to $246,140, the association revealed. Even bigger was the increase in the median sale price for condominiums, which rose 8.6 percent to $190,000 in Q4.
Miami-Dade County has now seen 12 straight quarters of growth for both condominiums and single family homes, and the Miami Association of Realtors expects that the trend will continue this year, although at a more moderate rate.

The association’s report also revealed that in Q4 the average price for condominiums in Miami-Dade County had grown 18.5 percent from a year earlier, to $375,269. At the same time, the average price for single family homes declined two percent to $394,095.
Miami saw record activity in single family homes transactions last year, with sales increasing 7.7 percent to 3,426 in the fourth quarter. At the same time condominium sales fell three percent.

In its report on the news, PropertyWire quoted Carlos Gutierrez, the 2015 president-elect of the association, who attributed the rise in activity to improving consumer confidence: “Huge gains in job growth and more solid economic indicators are resulting in more consumers returning to the housing market”.
Miami remains one of the top destinations for international property investment, as indicated by the strong activity in cash transactions, the preferred method of payment for most foreign buyers. In Q4, around 55 percent of closed sales were all cash, compared to 60 percent a year earlier.

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