The volume of real estate sales in Miami in 2012 rose to a record level, while housing prices here doubled – this increase was caused by the activity of foreign buyers, according to an online source Property Wire, referring to the latest Association data Miami realtors.
In December 2012, real estate sales in Miami grew by 12.5% compared to the previous year. During the same period, 16.4% more single-family homes were sold in the secondary housing market here compared to 2011, and the increase in condominium sales was 9.8%.
In December 2012, the average market value of single-family homes in Miami increased by almost 49% to $482,761, while condominiums rose by 36%, and the average cost rose to $358,856.
Almost 90% of foreign buyers purchase real estate in Miami without resorting to bank financing. Miami Association of Realtors experts expect further growth of the real estate market in 2013.
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