The news remains good in Miami for single family home sales over $1 million as we saw a 4.7% increase in April over the same time last year. Low interest rates have helped to maintain a strong housing market locally. As reported by the Miami Association of Realtors the Miami market sold 311 luxury single-family homes in the first four months of 2015 and is projected to top last year’s 933 total luxury home sales.
Condominiums have seen a slightly different reaction with a 12.5% decrease in sales in April compared to last year’s sales. The strength in condominiums is our global reach in Miami. High net worth people from all over the world are coming to Miami and the condo market is the greatest beneficiary.
In this same vein, the condo market boasts that 65.8% of all condo closings are cash deals. Single-family homes saw a decrease in cash deals this year and only saw 35.7% close with cash.
The general sense in the market right now is that we are in a stable market, especially single-family homes, and prices are still increasing at slight levels.
Thanks to the Miami Association of Realtors for this very interesting information on the current state of the market.
Feel free to call me with any questions or real estate advice at 305.798.8685 or visit my website: Luxury Miami Real Estate.
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