JTHS Council of the MIAMI Association of REALTORS - Jupiter, Tequesta, Hope Sound

     

                

  • JTHS-MIAMI Golf Tournament to Benefit Veterans Organization on 9/11

    Aug 10, 2017
    The Jupiter-Tequesta-Hobe Sound Council of the MIAMI Association of REALTORS® (JTHS-MIAMI) will host its 32nd annual JTHS-MIAMI Golf Tournament on Monday, Sept. 11 at the PGA National Resort & Spa in Palm Beach Gardens. Partial proceeds will benefit the Renewal Coalition, a Jupiter-based organization that assists wounded veterans and their families.
    Full story
  • JTHS-MIAMI Realtors Collect 240 Pounds of Food for Needy Palm Beach Residents

    May 16, 2017
    The Jupiter-Tequesta-Hobe Sound Council of the MIAMI Association of REALTORS® (JTHS-MIAMI) collected 240 pounds of non-perishable food for the Palm Beach County Food Bank in April as part of the JTHS-MIAMI Leadership Academy’s “Move for Hunger” Food Drive.
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  • JTHS-MIAMI Rock the Market Attracts Top Experts, Panels

    Mar 09, 2017
    Palm Beach County real estate will continue outperforming the national average because of continued population gains, a growing economy and spectacular amenities, South Florida top brokers and real estate analysts said at the Jupiter-Tequesta-Hobe Sound Council of the MIAMI Association of REALTORS® (JTHS-MIAMI) Rock the Market conference on Feb. 28 in Jupiter.
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  • JTHS-MIAMI Realtors to Host Rock the Market in Jupiter

    Feb 27, 2017
    The Jupiter-Tequesta-Hobe Sound Council of the MIAMI Association of REALTORS® (JTHS-MIAMI) will host JTHS-MIAMI Rock the Market on Tuesday, Feb. 28 at the Wyndham Grand Jupiter at Harbourside Place. The conference is designed to equip local Realtors with the latest market information, services and trends so they can better serve their clients.
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  • Lynne Rifkin Elected 2017 JTHS President of the MIAMI Association of REALTORS

    Feb 10, 2017
    The MIAMI Association of REALTORS® (MIAMI) has elected Lynne Rifkin, Broker Associate, ABR, MRP, PMN, SRES as the 2017 President of the Jupiter-Tequesta-Hobe Sound Association of Realtors (JTHS) Council. She and the entire 2017 JTHS Board of Governors were installed Dec. 2 at Frenchman’s Creek Beach & Country Club in Palm Beach Gardens.
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  • JTHS Realtors Collect More than 500 Holiday Toys for Local Children

    Jan 09, 2017
    The Jupiter Tequesta Hobe Sound (JTHS) Council of the MIAMI Association of REALTORS® (MIAMI) collected more than 500 toys for local families in need this holiday season during its first JTHS Young Professionals Network Toy Drive on December 15.
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  • JTHS Realtors to Host Educational Breakfast with Palm Beach Schools Superintendent

    Jan 09, 2017
    The Jupiter Tequesta Hobe Sound (JTHS) Council of the MIAMI Association of REALTORS® (MIAMI) will host a “Make a Connection” Breakfast with Palm Beach County Schools Superintendent Dr. Robert Avossa as the featured speaker on Wednesday, Jan. 18 at the Eastpointe Country Club in Palm Beach Gardens.
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  • YOUR July Minute with the JTHS President

    Jul 29, 2016
    Announcing Important Upcoming Events
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  • Jupiter Broker Patti Fitzgerald Appointed to Florida Real Estate Commission

    Mar 03, 2016
    The MIAMI Association of REALTORS® is honored to have one of its members, Patti Fitzgerald, named to the Florida Real Estate Commission, which administers and enforces real estate license law. Fitzgerald is a past president of the statewide Florida Realtors association and is currently a real estate broker associate and manager for Illustrated Properties in Hobe Sound.
    Full story
  • YOUR February Minute with the JTHS President

    Feb 18, 2016
    We are halfway through February. Time goes by so quickly. Our JTHS Leaders continue to focus on goals to maximize our Member's strengths. Our Professional staff continue to make enhancements to products and service offerings.
    Full story
  • Sue Gaieski Elected 2016 JTHS Council President of the MIAMI Association of REALTORS

    Feb 18, 2016
    The MIAMI Association of REALTORS® (MIAMI) has elected Sue Gaieski, e-PRO, SFR as the 2016 President of the Jupiter-Tequesta-Hobe Sound Association of Realtors (JTHS) Council. She and the entire 2016 JTHS Board of Governors were installed Dec. 11 at Frenchman’s Creek Beach & Country Club in Palm Beach Gardens.
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Miami Real Estate Market Continues Strong Performance in 3Q

by | Nov 19, 2014

Print Version

The performance of the Miami real estate market remains consistent with record activity in 2013 due to strong demand despite increased existing and new construction supply, according to the 34,000-member MIAMI Association of REALTORS® and the local Multiple Listing Service (MLS) systems.

Median& Average Sales Prices Continue to Rise

In the third quarter, the median sales price for homes in Miami-Dade County was $250,000, an increase of 8.7 percent compared to last year. The median sale price for condominiums rose 3.5 percent to $189,900 in the third quarter compared to a year earlier. Third quarter price increases mark 11 consecutive quarters of growth for both single-family homes and condominiums.

"The Miami real estate market continues to attract the attention of both domestic and foreign buyers, fueling solid growth and creating opportunities for both buyers and sellers," said 2014 Chairman of the Board of the MIAMI Association of REALTORS® Liza Mendez. "While there is more supply available than a year ago, there is still strong demand, and the growth of supply, new listings, sales and prices is more moderate, resulting in a more balanced market."

Nationally, the median sales price of existing single-family homes was $217,300 in the third quarter, up 4.9 percent from the third quarter of 2012. The national median sales price for condominiums was $211,000, a 2.7 percent increase over the previous year.

The statewide median sales price for single-family existing homes in the third quarter was $182,000, up 4.0 percent from the same quarter a year ago, according to the latest housing data released by Florida REALTORS®. The median sales price for condominiums in Florida was up 6.9 percent compared to the same quarter last year at $139,000.

Compared to last year, the average sales prices for single-family homes and condominiums in Miami-Dade County increased 14.9 percent to $438,431 and 3.8 percent to $341,927, respectively.

Sales Continue to Rise for Single-Family Homes
There were 7,632 homes and condos sold in Miami-Dade County during the third quarter of 2014, a negligible decrease of 5.0 percent compared to the third quarter of 2013, when there was record sales activity. Sales of single-family homes increased 0.2 percent to 3,552, while condominium sales decreased 9.0 percent to 4,080 compared with the same period in 2013.

"In Miami, market performance continues to vary greatly depending on location, property type, price range and other factors," said 2014 MIAMI Association of REALTORS® Residential President Francisco Angulo. "While in most cases, increased supply is offering buyers more choices and less pressure, others are still experiencing significant competition and bidding wars."

Nationally, total existing-home sales, including single-family and condos, increased 5.2 percent to a seasonally adjusted annual rate of 5.12 million in the third quarter from 4.87 million in the second quarter of 2013, but were still 3.8 percent below the 5.32 million pace during the third quarter of 2013, according to the National Association of Realtors.

Statewide closed sales of existing single-family homes totaled 64,633 in the third quarter, up 7.6 percent compared to the year-ago figure. Closed sales of condominiums totaled 26,506, down 4.6 percent compared to 2013.

Home Inventory Moving Rapidly Despite More New Listings
The Miami Association's initiatives to increase inventory and focus on assisting members to get more listings has proven successful along with some additional distressed properties coming on the market. The fact that sales remain at historically strong levels while inventory is growing points to seller confidence. Sellers are listing properties for sale because they have confidence in the market.

Home and condominium listings also increased in the second quarter but by narrower margins. There were 6,237 new single-family home listings during the third quarter, a growth of 5.1 percent relative to the same period last year. New condominium listings increased by only 1.0 percent from 8,282 in the third quarter of 2013 to 8,366 this year.

Third quarter active listings in Miami-Dade County totaled 17,480, representing an increase of 22.5 percent. This reflects the success of the MIAMI campaign to achieve a more balanced market between buyers and sellers. At the current sales pace, current inventory represents 5.7 months of inventory for single-family homes and 8.1 for condominiums. Compared to the third quarter of 2013, months supply of inventory for single-family homes and condominiums increased 13.5 percent and 33.6 percent respectively. A balanced market between buyers and sellers offers between six and nine months supply of inventory.

The median days on the market of single-family home listings during the third quarter was 45 days compared to 37 days during the same period last year, an increase of 21.6 percent. Similarly, the median days on the market for condominium listings were 57 days compared to 46 last year, an increase of 23.9 percent.

Percentage of Cash Sales Declines
In the third quarter, 55 percent of closed sales were all cash compared to 59.2 percent a year ago. All cash sales were 40.4 percent of single-family home closings and 67.5 percent of all condominium sales. Since nearly 90 percent of foreign buyers pay cash, this reflects Miami's position as a top market for foreign buyers. Miami has a significant percentage of international buyers, generating more than double the cash transactions than the national average.

New Construction Market Update
Strong sales in the coastal new construction condominium Miami market (east of I-95) reflect significant demand for new properties, according to the latest New Construction Market Status Report released today by Cranespotters.com and MIAMI.

At the end of the third quarter, there were seven (7) towers that had been completed in 2014 in Miami-Dade County east of I-95, 55 under construction, and 60 are planned but have not begun development. There are also 66 towers that have been announced but not approved.

Of the above projects in Miami-Dade:

  • 82 projects with 96 towers comprising 14,690 units are currently selling
  • Since 2011, 65 percent or 9,478 units have been sold
  • The mean price per square foot of these units is $850, compared to $844 last month