The Miami real estate market appears to be headed towards another record year! Â Home sales for 2013Â continue to exceed 2 previous years of record sales.Â Miami-Dade residential sales â€“ including existing single-family homes and condominiums â€“ spiked 13.6 percent in the second quarter, from 7,228 to 8,214, compared to a year earlier and 27.2 percent compared to the previous quarter. In the second quarter, Miami sales of existing single-family homes increased 19.5 percent compared to a year earlier. The sales of existing condominiums increased 8.9 percent compared to the second quarter of 2012.
â€œWe are experiencing robust sales activity throughout Miami-Dade County and in all price ranges except for properties listed under $100,000,â€ said 2013 MIAMI Association of REALTORS Residential President Fernando I. Martinez. â€œThe low end of the market is seeing decreased sales due to a depletion of inventory. As our prices recover, we are also seeing fewer new listings in the lowest price points. In this sellerâ€™s market, properties that are priced right are selling very rapidly and generating multiple offers.â€
Statewide closed sales of existing single-family homes totaled 63,173 in the second quarter, up 14.7 percent compared to the year-ago figure. Closed sales of condominiums totaled 31,829, up 7.9 percent compared to 2012.
Nationally, total existing-home sales, including single-family and condos, rose 2.4 percent to a seasonally adjusted annual rate of 5.06 million in the second quarter from 4.94 million in the first quarter, but were 12.3 percent above the 4.51 million pace during the second quarter of 2012.
Majority of Sales All Cash
In the second quarter, 62.6 percent of all closed sales were all cash compared to 65 percent a year ago. All cash sales were 44.7 percent of single-family home closings and 75.8 percent of all condominium sales. Since nearly 90 percent of foreign buyers pay cash, this reflects Miamiâ€™s position as a top market for foreign buyers.