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Demand for property in Miami

At present Miami market is being strengthened thanks to the high demand among native and foreign buyers, according to the Association of Realtors Miami. There is a lack of objects in the lower price tier, since building volumes cannot satisfy the demand.
Supply in the 2nd quarter of the previous year in Miami-Dade Region was 13,151 residential units. At the current pace of sales of this stock is enough only for 5 months for single-family homes and for 6 months for condominiums. Supply of single-family homes decreased by 15.9%, while the supply of condominiums increased by 2.6 % in annual terms. In respect of the quarterly stocks of single-family homes decreased by 3.1%, mainly due to the lack of propeties worth up to $ 200,000 (approx £ 128,907).
Natasha Tello, chairman of the Association of Realtors in Miami, notes that Miami real estate market continues to attract strong demand from both native and foreign buyers and investors. Data for the 2nd quarter of the previous year reflect the strengthening of the market with limited supply, increasing sales and the majority of sales for cash as a result of large number of foreign buyers in Miami.
Supply of condominiums, especially in the lower price tier, does not satisfy the demand. Supply of properties worth less than $ 50,000 decreased by 63.5 %, and cost from $ 50,000 to $ 100,000 by 37.6%. The prices are rising, the average sales price of condominiums was $ 180,000 in the 2nd quarter. It is 18.4% higher than a year ago. In respect of the quarterly prices increased by 11% for condominiums and by 9.4% for single-family houses.
Sales of homes and condominiums increased by 13.6 % in 2nd quarter, from 7228 to 8214 per year. In respect of the quarterly, the number of transactions increased by 27.2%. Sales of single-family homes increased by 19.5% for the previous year, and condominiums – by 8.9%.