Miami cash transactions comprised 35.8% of February 2021 total closed sales, compared to 37.3% last year. The national figure for cash buyers is 22%.
Miami’s high percentage of cash sales reflects South Florida’s ability to attract a diverse number of international homebuyers, who tend to purchase properties in all cash.
Condominiums comprise a large portion of Miami’s cash purchases as 47.8% of condo closings were made in cash in February 2021 compared to 20.5% of single-family home sales.
Source: World Property Journal from MIAMI Association of Realtors
111 Consecutive Months of Price Appreciation in Miami
Strong demand coupled with limited supply continue to drive price appreciation in Miami-Dade.
Miami-Dade County single-family home prices increased 21.6% year-over-year in February 2021, increasing from $370,000 to $450,000. Miami single-family home prices have risen for 111 consecutive months, a streak of more than 9 years. Existing condo prices increased 17.6% year-over-year, from $255,000 to $300,000. Condo prices have increased or stayed even in 113 of the last 117 months.
Miami, where the median price is still comparable to 2007 figures, remains a bargain compared to other global cities. In Miami, $1 million can net homebuyers 85 square meters of prime property, according to Knight Frank’s 2021 The Wealth Report. Monaco (15 square meters), Hong Kong (23), London (31), New York (34) and Geneva (35) and others offer significantly less prime land for $1 million.
Source: World Property Journal from MIAMI Association of Realtors
