Throughout the country, the percentage of all-cash home sales has decreased for the 25th straight month. However, it should be no surprise that Florida remains at the very top of the country’s most cash sales list as a state, according to CoreLogic (January 2015 data). Overall, the majority of the cash sales in Florida took place in South Florida, specifically in Miami-Dade, West Palm Beach and Fort Lauderdale.
Cash real estate sales by percentage in January 2015:
Miami – Miami Beach – Kendall: 59% of real estate sales were cash
West Palm Beach – Boca Raton – Delray Beach: 58.4% of real estate sales were cash
Ft. Lauderdale – Pompano Beach – Deerfield Beach: 57.6% of real estate sales were cash
Among the top cities in the country in real estate cash sales, Miami takes 2nd place overall, only second to Detroit, and this should be NO surprise. It is definitely not a secret that the majority of people who invest in Miami real estate, whether condo investments or home purchases, pay cash. With the rapid increase in commercial developments, luxury residential condo developments and mega, mixed-use projects being developed throughout the city, Miami is creating a new energy and attracting the wealthy from all over the world to buy real estate as either an investment or a home away from home.