Although it sometimes seems like every home in San Francisco is selling in an all-cash deal, in reality the San Francisco area has a far lower percentage of cash sales than lots of other cities, according to new data released by Zillow. In fact, the San Francisco metro area barely made it into the top 50 markets for all-cash deals, landing at number 46.
Metropolitan areas in Florida took most of the top spots on the list, with Miami, Sarasota, Fort Myers, Daytona Beach, and Tampa filling out the top five. Cleveland, Ohio was the first non-Florida city on the list at number six. In Miami, which has a large proportion of foreign buyers looking for investments, 55 percent of all sales in the second quarter of 2015 were all cash. Cleveland and Detroit, the only non-Florida cities in the top 10, are both targets for investors. In the San Francisco metro, only about 20 percent of sales are all cash.
Zillow's report came on the back of new regulations from the Department of Treasury requiring title companies handling cash deals in Miami and Manhattan to reveal the buyers' identity if the sales price tops $3 million.