The Real Deal Miami

Miami-Dade ranks third in nation for cash sales in January

Detroit, Michigan had highest share of cash sales with 65.6 percent

April 22, 2016 03:45PM

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A 2009 photo of downtown Miami (Credit: Marc Averette)

A 2009 photo of downtown Miami (Credit: Marc Averette)

Though all-cash deals are gradually dropping in the Magic City, a new report shows Miami-Dade County still saw the nation’s third-highest share of cash home sales in January.

The report, released by real estate research firm CoreLogic, shows 53.4 percent of Miami-Dade home sales in January were made without financing.

That figure has fallen by 5.8 percentage points since January 2015, but Miami-Dade’s cash sales rate is still much higher than the national rate of 35.5 percent.

Of the 100 major metropolitan areas CoreLogic analyzed, Miami-Dade ranked third for no-finance home sales. At the top was Detroit, Michigan, where a whopping 65.6 percent of home sales were paid for in cash, followed by Palm Beach County with 54.3 percent. Behind Miami-Dade was its northern cousin, Broward County, with 51.5 percent.

Naturally, Miami-Dade’s distressed properties had the highest share of cash deals in January at 59.8 percent. Their market share is down to 7.8 percent, however, from their 2011 peak of 23.9 percent. Resales, the sector with the highest share of sales, had 35 percent of its deals completed in cash. — Sean Stewart-Muniz