Well with Spring behind us and the start of Summer it looks like the Miami-Fort Lauderdale Metropolitan area will continue to heat up for home sales. In the latest sales data for the area in the month of June shows 4,341 closed sales which is up 12.2% from June 2013.
The buyer paying with cash was also up with 1,817 homes accounting for almost 42% of all sales. South Florida leads the nation in cash sales as both domestic and international home buyers are investing here. The median home sale price for the metropolitan area is $275,000 and up 5.8% from last year.
There was one area that somewhat bucked the trend and that is the overall days on market actually rose from 40 days in 2013 to 44 days in 2014. The main reason for the increased days on market is from a slight increase in inventory which is giving some home buyers more to choose from.
The one area that really looks promising is the amount of short sales has fallen by 42.7% and that is finally helping the median home price values.