Miami Home Sales Volume Highest in Seven Years

by Isaac Benmergui, Esq on July 29, 2013

Profit upSales are brisk in the Miami housing market. The area reported its highest sales volume for the past seven years during the second quarter of 2013, according to the most recent Douglas Elliman market report.  
In the city’s coastal areas, more than 6,400 homes were sold, which is a 15.4 percent increase from one year ago. Non-distressed property sales were up to 67.2 percent, from 46.6 percent during the same quarter three years ago.

Inventory of available homes in the Miami market has dropped 18.8 percent over the past year, which is related to a 44.1 percent decrease in distressed property listings. Foreclosures also declined and are currently at their lowest level since 2006.

As inventory has dropped, prices are on the rise, with more buyers competing for fewer properties. The average sales price during the second quarter was $453,556; an increase of 13.5 percent from last year.

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