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Despite growth, still room for improvement in real estate market

The real estate market in Miami appears to continually be improving. The opinion of the Miami Association of Realtors is that prices have risen narrowly while inventory increased and demand has been steady.

The median sale price concerning single-family houses and condominiums in April 2014 has risen by eight percent from April 2013. As the median price is now at $243,000, we have seen 29 months in a row of growth. The price of just single-family homes is $421,207 which was an 11.3 percent increase from April 2013.

"Demand remains strong for both single-family homes and condominiums, as both domestic and international buyers continue to be drawn to the unique and vibrant Miami area and all the opportunities that the local market offers," stated one realtor. Sales of homes and condominiums nationally have been down from what they were in April 2013. However, we have seen the reverse trend in Florida.

Distressed property has also declined. There were 32.6 percent residential sales in April 2014 involving distressed property as compared to 36.8 percent in April 2013. Still, this is still far above national sales as distressed property only accounted for 15 percent of sales across the country. And 59.8 percent of sales this April in Miami involved cash transactions compared to the national average of 33 percent. This could be indicative of the strong presence of international buyers looking for real estate in Miami.

While the local real estate market is strengthening, there is still plenty of room for improvement. Homeowners are still struggling and will often need alternatives to foreclosure from professionals who understand the market and can provide legal representation. This could come in the form of short sales or deeds in lieu of foreclosure.

 

Source: World Property Channel, "60 Percent of all Miami Residential Sales in Cash," Michael Gerrity, May 28, 2014

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