The numbers are in, and according to the Miami Association of REALTORS, Miami-Dade County single-family home sales set an all-time record high in 2015. Miami also had the third-most existing residential sales with 29,886 including homes and condos in its history. Single-family home sales rose 3.1% over 2014 the media price of closed sales rose 8.2%. This strong growth reflects the demand investors and residents alike have had for Miami's record breaking market.
The strong market is attributable to population increase, a strong local jobs market and South Florida’s continued growth as a leading place to live and work. These factors are expected to continue positively effecting the Miami real-estate market through 2016 and beyond. Miami has also benefited from foreign buyers looking for a safe place to invest their foreign currency in the United States. Foreign buyers prefer single-family homes, which has caused a shortage of inventory, the pattern is expected to continue.
Miami real-estate has also been selling very close to list price at 95.2% and cash deals have represented 51.8% of Miami’s total closed sales, more than double the national average. Cash deals made up 65.4% of condo sales in 2015 and distressed property transactions fell by 7% with short-sales fell by 40.5%. There is still lots of opportunity to take advantage of this strong real-estate market that Miami is currently experiencing as new construction sales continue to stay strong. Miami and the South Florida real-estate markets are a great place to invest whether you are American or a foreign buyer, Miami offers great investment opportunities at all price levels.