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Miami Real Estate Market Soares and Reaches a Seven-Year Maximum!

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2013 was a great year for Miami, and the analysis and latest data of the real estate market now shows the complete picture of the year, including the fourth quarter data recently released.

It's exciting to get great news about the Miami area when it comes to its appealing lavish new pre-construction projects, which indicate a great ambiance for new businesses, but numbers and year-to-year comparisons are a great way to get this market's health and recovery completely clear! And numbers are great and getting better! This incredible condo market reached a maximum since 2007 during the fourth quarter 2013, with a price increase of 14.3% in comparison with median prices of the same period in 2012.

This was a spectacular soar, fueled by sales increases of 0.4%, and a shorter time of properties in the market, which went from 68 days as an average, down to 63. It takes less time to sell a property under this market's current conditions, meaning there are healthier indicators that promote vibrant activity. 

A few years ago it was hard to find good news about this market, other than bulk deals that were attracting smart investors to this very popular market. There was no construction activity at all, and there were price cuts one after the other. Now we're talking about a very different scenario, with New York buyers and international investors with eyes set on a Miami's vibrant condo market that reports a 13.1% price increase in comparison with the 2012 fourth quarter, to reach $190,000.

As a matter of fact, those international buyers represent a big share of Downtown Miami luxury condos demand right now, and this is reflected on the 28.8% of home sales thru mortgages, a low percentage that shows how cash-buyers dominate the market; those cash buyers are mainly overseas buyers!