Miami saw the highest sales activity in seven years as the general housing market recovers, according to a second-quarter market report by brokerage Douglas Elliman.
Sales jumped 15.4 percent to 6,416 condos, townhouses or single-family homes during the second quarter as prices rose 19.1 percent and inventory, particularly of distressed properties, contracted sharply compared to the same period a year ago.
“The second quarter of the Miami housing market reflected the continuing momentum of the market,” real estate appraiser Jonathan Miller told The Real Deal. “More sales closed in the second quarter than during any other quarter since 2006, when we began tracking the market,” he said.
The number of distressed properties fell 44.1 percent from last year, according to the report, contributing to a market-wide inventory shortage.
A majority of Miami-area sales — 63.5 percent — in the second quarter were all-cash deals. Notably, nearly three out of four non-distressed sales were all-cash, Miller said, which “perhaps makes Miami better able to absorb the mortgage rate rise than most U.S. metro areas.” – Emily Schmall