For the eleventh consecutive month, home sales in Miami rose on an annual basis due to sizeable gains in mid- to high-end activity as well as a record level of sales to investors and other absentee buyers.
In March, DataQuick said 10,215 new and resale houses and condominiums closed escrow in the Miami metropolitan area, which includes Miami-Dade, Palm Beach and Broward counties. Overall, March sales increased 18.8% from the prior month and 7.1% from a year earlier.
A sales gain between February and March is normal for this time period with the change between these two months averaging 26.7% since 1997, which is when the San Diego-based real estate information provider started tracking sales for Miami.
During the first quarter of 2013, a total of 28,294
Additionally, absentee buyers—investors, vacation homebuyers and others who indicate at the time of sale that the property tax bill will be sent to a different address—purchased a record 43.6% of all homes sold in the Miami area in March.
Meanwhile, cash buyers acquired 66.6% of the housing supply sold in Miami in March.
When viewed by price segment, the number of homes that sold for $200,000 to $600,000 jumped 24.9%, while the number of homes that sold for above $800,000 rose 27% compared to March 2012.
Furthermore, 124 homes sold for $2 million or more in March, up 63.2% from a year ago. Additionally, in the first three months of 2013, 278 of homes priced in this tier were bought, nearly 49% more than this same time period last year.
In the Miami market, the median price paid for all new and resale houses and condos sold in March was $154,000. This is a 14.1% increase than a year ago and marks the 15th month in a row with a year-over-year increase.
