Miami home sales hit five-year high, first-ever report from Elliman and Miller Samuel shows

From the South Florida website: The Miami housing market saw its highest level of sales activity in more than five years during the first quarter, with all-cash purchases accounting for close to two-thirds of that, according to the first-ever Miami housing market report by Douglas Elliman Florida, which was prepared by appraisal firm Miller Samuel and released today. Sales of condominium units, townhouses and single-family homes rose by 25.9 percent year-over-year, and cash purchases rose by 12 percent during that time period, the report says. Meanwhile, average sales prices were down by 14 percent from last year, reaching a five-year low of $260,918 as distressed properties took an increasing share of the market and remained stable pricewise. TRD [more]