Data from the Miami Association of Realtors (MAR) shows that the Miami real estate market continued to perform well in the fourth quarter of 2014.
The median average sales price for single family homes increased to $246,140 in the fourth quarter, up 4.7% year-on-year. The median sale price for condos was up 8.6% to $190,000 from Q4 2013.
Attributing the increase to improved consumer confidence and increasing demand from both domestic and international buyers, MAR’s residential president Christopher Zoller added: “We expect Miami home prices to continue to increase in 2015 but at a more moderate rate. Limited supply and strong demand for single family homes is still reflective of a seller’s market. There is also strong demand for both new construction and existing condominiums, so we will continue to see price growth for residential properties in Miami-Dade.”
Miami has a significant percentage of international buyers and the area generates more than double the cash transactions than the national average, with nearly 90% of foreign buyers paying cash for their home.