Florida Ranks Top 5 Cities in U.S. Where Cash Is King in Real Estate Transactions

Cash sales accounted for more than half of all sales in Miami, New York, Detroit, Atlanta, & Las Vegas

I know that news stations have told you the market is slowing down.  With less banks foreclosing and fewer short sales coming on the market, it makes sense.  But the numbers don't lie- housing is still a bargain for investors and they are cashing out on their other investments to secure their financial future.  That, coupled with many foreign investors know what a solid prospect real estate is in the U.S. compared to other countries, many Brazilians and Chinese investors are rocking our Florida market.   What's even harder for me to believe is that 43% of all transactions are cash. 

Among metropolitan statistical areas with a population of at least 500,000, those with the top five highest percentages of cash sales were all in Florida: Cape Coral-Fort Myers, (73.6 percent), Miami (67.1 percent), Sarasota, (65.1 percent), Palm Bay, (64.1 percent), and Lakeland, (61.8 percent).

Other major metro areas with more than 50 percent all-cash sales included New York (57.0 percent), Columbia, S.C., (56.1 percent), Memphis (54.9 percent), Detroit (53.5 percent), Atlanta (53.2 percent) and Las Vegas (52.2 percent).

Below is the list of cities that made the top 11 spots with Florida coming in the top 5 places. 
  1. Cape Coral-Fort Myers, Fla.: 73.6%
  2. Miami: 67.1%
  3. Sarasota, Fla.: 65.1%
  4. Palm Bay, Fla.: 64.1%
  5. Lakeland, Fla.: 61.8%
  6. New York: 57%
  7. Columbia, S.C.: 56.1%
  8. Memphis, Tenn.: 54.9%
  9. Detroit: 53.5%
  10. Atlanta: 53.2%
  11. Las Vegas: 52.2%

Source: RealtyTrac