October sales of single-family homes in Miami jumped 13.6 percent from last year according to records garnered by MIAMI Association of REALTORS and local Multiple Listings Service systems. This fall’s market reports also revealed a 6.5 increase in condominium sales compared with the 2013 results, which made for a combined 9.5 increase in residential real estate sales for the city. Potential homebuyers will be happy to know however that this growth in sales has not resulted in higher prices, with single-family homes remaining relatively unchanged despite the revived market.
This boom in sales is due to Miami’s growing reputation as both a vacation destination and international business center. According Liza Mendez, 2014 Chairman of the Board of MIAMI Association of REALTORS, “Miami continues to experience population growth, interest from foreign and domestic second home buyers, and economic expansion. The Miami real estate market continues to strengthen due to demand for local properties, as evidenced by sales that exceed record sales activity in 2013.” There has also been a rise in seller confidence among South Floridians in response to the increased sales activity, with listings increasing 19.5 percent during 2014.
The strong desire for Miami properties has resulted in faster deals, with closing prices very close to the listing prices. According to the recent reports, about 95.3 percent of the original list price was received upon sale, and the average number of days a single-family home remained on the market was just 43. The Miami real estate market recently has been fast paced, with little time for buyers to wait around, especially as demand for both commercial and residential properties continues to grow.
The recent boost in sales reveals the growing attraction of the city, which offers both relaxation and entertainment. Miami’s diversity provides residents access to glittering nightlife, beautiful beaches, and thriving commercial business, so it is no wonder that property demand is on the rise. If you are interested in either commercial or residential real estate in Miami, contact a RE/MAX agent today!