All the sales are up in Miami-Dade and Broward counties, according to the latest report from the Miami Association of Realtors. Millennials, and their parents, are also driving sales.
By Miami Diario Newsroom
Many parents are offering to give the tickets for their children to buy properties in Miami according to Nancy Batchelor, a Realtor with Berkshire Hathaway HomeServices EWM Realty.
Also the baby boomers they are leaving the suburbs for urban life. "They want to live in a walkable neighborhood and have a carefree lifestyle," Batchelor said.
Total home sales increased 15,6% year over year, from 1.607 sales in January 2019 to 1.857 sales in January 2020. Condo transactions increased 16.4%.
Median prices continued to rise in Miami-Dade. Single-family home prices grew 7.1%, from $350,000 to $375,000. Condo prices increased by 6.5%, from $230,000 to $245,000.
Over 90% of single-family homes and condominiums sell for or near asking price.
Cash transactions were down, comprising 33.8% of sales in January 2020 compared to 37.7% in January 2019. Still, that's nearly double the national percentage of 21%.
"Banks have good rates," Batchelor said. "They've come up with some creative loan programs."
The number of foreign buyers also decreased. Batchelor said that about 85% of his clients are from the United States, as opposed to five years ago, when that percentage was about 50%.
Source: Cuba in Miami
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