Miami home sales hit 5-year high

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 condos, 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.

However, the gap between asking and selling prices narrowed to 8.3 percent from 11.6 percent during the first quarter of 2010, and listings were sold by an average of one week faster than they were last year at this time. TRD