Condo Sales in Florida Continue to Improve reports Oasis Condos
Cash is still the preferred payment method for condos
South Florida existing single-family plots and Miami-Dade county jumped over 16% in December 2012 when compared to December of 2011. That makes 2012 a record year for sales, according to the Miami Association of Realtors.
Within Miami-Dade, the median price of a single-family home had jumped for a single-family home by 19% to over $214,000, while condominiums rocketed up to 25.4% for $163,000. That marks a 13-month consecutive year-over-year gain.
Broward county also saw housing making similar gains behind strong demand and rising-yet-affordable prices.
In Broward, the median price for the single-family home rose 21.1% to $230,000 throughout December, according to Greater Fort Lauderdale Realtors. The price of the condo or townhouse rose to 24.7% to $95,100 for year-over-year prices .
The number of total single-family homes available in Miami-Dade fell by 27.5% in December to an even 5,000, while condos dropped 20.8% to 7,844, according to Miami Realtors. “You’re seeing more buyers chasing fewer properties,” said Ron Shuffield, president of Esslinger-Wooten-Maxwell Realtors in Coral Gables.
Cash is still the preferred payment, especially for condos. Over three-fourth of all transactions through all-cash, while just under half (49%) of single family homes were handled with cash. Cash payment was especially prevalent with foreign buyers.
“Buyers are quite surprised there is not more inventory after everything they have been hearing,” said Eyvonne Kafourus, an agent with Prudential Florida Realty in Fort Lauderdale. “I see a lot of people coming in from other states, for job transfers and retirement.”
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