Thursday, September 18, 2014

The Top 10 List of Cities with the Most Cash Buyers


I was surprised to find out that there are so many places in the U.S where more than half of the homes sold are strictly cash deals and involve no financing of any kind. As you might suspect many of these locations have experienced a somewhat distressed housing market and prices are lower than the national average. This combined with the fact that many of the buyers are investors that are able to take advantage of a buyer’s market accounts for such a high percentage of cash only deals. It should also be noted that in many areas the number of short sales were higher than the national average.

As you can see below the #1 location in the country for all cash transactions is the Miami-Fort Lauderdale-Pompano Beach areas of Florida. During the 2nd quarter of this year cash sales accounted for more than 64% of all real estate transactions, more than any other metropolitan area in the entire country. As mentioned above this area also experienced a short sale ratio of more than 10% in the month of July and more than 8% of those buyers were institutional investors.

10. Las Vegas-Paradise, Nev. (50.7% Cash Sales with an Average List Price of $204,000)

9. Palm Bay-Melbourne-Titusville, Fla. (50.7% Cash Sales with an Average List Price of $149,900)

8. Jacksonville, Fla. (51.5% Cash Sales with an Average List Price of $169,900)

7. McAllen-Edinburg-Mission, Texas (52.0% Cash Sales with an Average List Price of $149,000)

6. Orlando-Kissimmee, Fla. (52.2% Cash Sales with an Average List Price of $174,900)

5. Lakeland, Fla. (53.0% Cash Sales with an Average List Price of $119,995)

4. Tampa-St. Petersburg-Clearwater, Fla. (54.6% Cash Sales with an Average List Price of $144,900)

3. Sarasota-Bradenton-Venice, Fla. (61.5% Cash Sales with an Average List Price of $181,000)

2. Cape Coral-Fort Myers, Fla. (62.1% Cash Sales with an Average List Price of $221,450)

1. Miami-Fort Lauderdale-Pompano Beach, Fla. (64.1% Cash Sales with an Average List Price of $225,000)

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