The Real Deal Miami

The week in real estate market reports

A weekly feature bringing you the industry's latest intel

July 16, 2015 01:30PM
By Katherine Kallergis

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Cash sales across the country (Credit: CoreLogic)

Cash sales across the country (Credit: CoreLogic)

Cash sales on a steady decline, higher than national average: CoreLogic

Nationally, cash sales accounted for 33.7 percent of total home sales in April, marking the 28th consecutive month of declines. If the portion of cash sales continues to fall at the same rate, it could hit 25 percent by mid-2017.

Miami-Dade also saw a decrease over the same period last year. Cash sales represented 56.8 percent of all sales, a decline of 5.6 percentage points.

Foreclosure activity decreased by 22 percent year-over-year: RealtyTrac

Florida led the country with the highest foreclosure rate: 1.06 percent of all housing units, which comes out to one in every 95 filing for foreclosure. Despite that, the amount of foreclosures in Florida decreased by 22 percent, according to the report. Miami had the most sales, 2,276. Tampa followed with 1,443 and Fort Lauderdale with 1,356.

Office rents are up and vacancy rates are decreasing: Marcus & Millichap

In Miami-Dade and Broward counties, average office rents increased by 3.8 percent to $24.59 per square foot. Rents also increased last year by 3.2 percent.

Vacancy rates in the office sector were also down in both counties. In Miami-Dade, vacancy rates will fall to 13.6 percent this year, according to the report. In Broward, vacancy rates will fall to 15.4 percent, the second lowest level in all of South Florida.

Retail vacancy rate highest in Palm Beach County: Colliers International South Florida

The vacancy rate in Palm Beach is 7.2 percent, higher than in Miami. Average asking rent for retail space in Palm Beach County is $19.09, while Miami is at $29.11.

Hotel revenue per available room up double digits: STR

For the week ending July 11, the Miami/Hialeah market’s revenue per available room rose 11.9 percent to $114.82.