Latest Data Shows That Miami Real Estate Residential Home Property Sales Have Continued To Improve
Residential property sales in Miami are at an all-time high as more investors are continuously being drawn into the real estate market as we speak. According to the recent reports from members of the Miami Association of Realtors, the residential property sales of single-family homes have risen yet again to 46 percent in September of 2011.
Even Miami real estate market experts can’t believe the statistics due to the fact that the greater majority of residents in the Sunshine State are still having financial issues. But the numbers do not lie; the MSA has shown an increase of property sales of up to 46 percent in single-family home properties and up to 58 percent on condo units, giving the Sunshine State a total of 10 percent boost on overall residential property sales.
On the national level, the sales for different residential properties like townhomes, single-family homes, and have declined by 3 percent compared to August but are relatively better by 11.3 percent compared to September of last year. But regardless of the decline, this year is believed to be the start of something new as the national real estate market is looking for an even better statistics in the near future.
One of the reasons the local market is quite successful in terms of residential property sales is due to the fact that most of the investors and buyers opt to purchase properties by cash. Thanks to a huge amount of foreign investors, the Miami real estate market is starting to see signs of stability at a slow yet steady pace. If it were not for the international buyers and investors, the local market would still look more like a ghost town rather than the dynamic city that we are able to see today.
It does not come off as a surprise for to see that the majority of homeowners today are people from outside the United States. In fact, the international buyers account for more than 50 percent of the property sales initiated during the previous years and, because of their buying power via cash purchases, the road to recovery has been much smoother than expected. Of course, it does not end here since the Miami real estate market is continuously expanding; we can only expect that this is only the beginning of something bigger for the city and its people.
Miami Real Estate