Miami Sales Reach Seven Year High

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The Miami housing market reported its highest sales volume in seven years in the second, according to the latest Douglas Elliman market report. 

Overall, 6,416 homes were sold in the Miami coastal communities in the second quarter, increasing 15.4 percent from the same period a year ago. The market share of non-distressed sales increased to 67.2 percent, compared to 46.6 percent the same quarter three years ago, the report states.

The overall inventory in the Miami market dropped 18.8 percent from the same period last year, mostly due to a 44.1 percent decrease in distressed listings. Across the country, foreclosure activity recently reached its lowest level since 2006.

"Inventory continued to fall, causing prices to rise across most property types," Douglas Elliamn chief executive Dottie Herman said in the report. 

With a lower amount of properties available, the average sales price was $453,556 during the second quarter, increasing 13.5 percent from last year, and reaching the highest level in five years.  

Market sales were dominated by cash purchases, accounting for 63.5 percent of all sales. In the condo market, cash purchases accounted for 72.9 percent of non-distressed sales and 79.9 percent of distressed sales. 

"An improving regional economy as well as heavy international demand and a strong relationship with New York consumers is expected to keep the market moving over the next several quarters," Ms. Herman said.