Cash Sales in Miami Continue to Decline Through 2017
All cash sales in the Miami real estate market continue to decline through 2017, after reaching highs in 2014. The Miami Association of Realtors reported a 20% drop year-over-year for January 2017 cash home sales, with a mere 232 deals completed in cash. This is compared to the June 2014 peak with over 600 all cash deals completed during the period. The highest percentage of cash deals came following the last Miami real estate crash in Q1 2013, with cash sales hovering around 50% for all real estate transactions during the period. This all comes at a period where international investment has been slowing down, the U.S. dollar is strengthening against foreign currency and U.S. home prices continue to rise. This should give a leg up to cash investors looking to get a deal as sellers do not always like to take the risk on a buyer closing on their mortgage. It also points to the market beginning to hit a state of equilibrium as lenders become more comfortable issuing loans in the market and limited foreclosures and REO's available to investors.