Single-family homes in Miami-Dade County sold at a good clip in September, but it was a down month for condos.
The housing market in Broward County was strong in both sectors.
In Miami-Dade, 1,200 single-family homes were sold in September, up 2.9 percent from September 2014, according to a monthly report released Thursday by the Miami Association of Realtors. But condo and townhome sales fell to 1,307 for the month, down 8.3 percent year over year.
Miami’s downtown building boom is now starting to bear fruit, with about 4,000 new condo units scheduled to hit the market next year. The new inventory and a strong dollar are combining to depress existing condo sales, particularly by foreign buyers.
Cash deals — a good proxy for foreign buyers — fell to 48.7 percent of all home sales in September, down from 55.8 percent in September 2014, the association said.
Read more here: http://www.miamiherald.com/news/business/real-estate-news/article40889919.html#emlnl=Business_News#storylink=cpy
