Miami Real Estate Market Still Boosted by Overseas Buyers | Bedford NY Real Estate
Real estate in Miami is traditionally one of the most popular markets for overseas buyers, and prices have steadily increased for 23 consecutive months.
According to the article in Propertywire, the median sales price for a Miami home in October was $220,000, compared to a price of $185,000 for the same time last year, a massive increase of 18.9%. The prices of Miami condos have also shown double digit increases.
A year ago the median sales price for a Miami condo was $145,000, but in October it reached $170,000, an increase of 17.2%. The average sales prices have also risen considerably.© jovannig – Fotolia.com In October the average Miami condo price reached $296,568 compared to a year earlier when the average price was $265,225.
This is an increase of 11.8%. The average sale price of a single-family home in Miami in October reached $421,546. This is a 29.9% increase compared to a year earlier when the average price was just $324,611.
Overall sales figures did decline slightly in October compared to a year earlier, but still remained strong compared to historical averages. The number of traditional sales increased, but the number of short sales declined, something that’s probably due to the government shut down delaying numerous transactions that required tax return verifications.
The shutdown also contributed to the fact that there were fewer closings that month.
- See more at: http://realtybiznews.com/miami-real-estate-market-still-boosted-by-overseas-buyers/98722949/#sthash.i8Xdf5vU.dpuf
According to the article in Propertywire, the median sales price for a Miami home in October was $220,000, compared to a price of $185,000 for the same time last year, a massive increase of 18.9%. The prices of Miami condos have also shown double digit increases.
A year ago the median sales price for a Miami condo was $145,000, but in October it reached $170,000, an increase of 17.2%. The average sales prices have also risen considerably.© jovannig – Fotolia.com In October the average Miami condo price reached $296,568 compared to a year earlier when the average price was $265,225.
This is an increase of 11.8%. The average sale price of a single-family home in Miami in October reached $421,546. This is a 29.9% increase compared to a year earlier when the average price was just $324,611.
Overall sales figures did decline slightly in October compared to a year earlier, but still remained strong compared to historical averages. The number of traditional sales increased, but the number of short sales declined, something that’s probably due to the government shut down delaying numerous transactions that required tax return verifications.
The shutdown also contributed to the fact that there were fewer closings that month.
- See more at: http://realtybiznews.com/miami-real-estate-market-still-boosted-by-overseas-buyers/98722949/#sthash.i8Xdf5vU.dpuf
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