Broward Council of the MIAMI Association of REALTORS

                                                                                                     

                

  • MIAMI Realtors Sign Four International Agreements at Miami International Congress

    Jan 07, 2019
    The MIAMI Association of Realtors (MIAMI) signed four international collaboration agreements during its recent Miami International Congress. MIAMI now has 204 international partners. These alliances create business opportunities for MIAMI members, enhance Miami’s global position and strengthen the local economy. The bilateral agreements also provide resources, visibility and connections for MIAMI’s international partners.
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  • MIAMI Realtors Partners to Host Miami Shores Plaza 98 Monthly Events

    Dec 26, 2018
    The MIAMI Association of Realtors (MIAMI) is partnering to host free monthly community events from 5-8 p.m. on Jan. 12, Feb. 9, March 9 and April 13 at Miami Shores’ new community destination, Plaza 98, at 9802 NE 2nd Ave. The events are open to all ages and feature family entertainment and games and food and drink for purchase.
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  • Palm Beach County Condominium Sales Continue Rising in November

    Dec 19, 2018
    Palm Beach County condominium sales have now increased in 12 of the last 13 months after another strong November of condo sales, according to a new report by the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
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  • Broward Condo Sales Rise for Eighth Consecutive Month

    Dec 19, 2018
    Broward County existing condominium sales increased for the eighth consecutive month in November as total Broward home sales increased 4.3 percent year-over-year, according to a new report by the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
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  • Miami Real Estate Posts Fifth Consecutive Month of Rising Home Sales

    Dec 19, 2018
    Total Miami-Dade County home sales increased 7 percent year-over-year in November, marking the market’s fifth consecutive month of year-over-year transaction gains, according to a new report by the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
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  • MIAMI Realtors Signs 15 New Collaboration Agreements with AMPI Chapters in Mexico

    Dec 17, 2018
    The MIAMI Association of REALTORS® (MIAMI) is honored to have recently signed 15 new international collaboration agreements with local chapters of AMPI, the Mexican Association of Real Estate Professionals, at the 2018 AMPI National Real Estate Congress in Oaxaca, Mexico.
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  • South Florida’s Biggest Open House Weekend Set for December 8-9

    Dec 07, 2018
    The MIAMI Association of REALTORS® (MIAMI) is organizing South Florida’s biggest open house weekend of the year for December 8-9. MIAMI expects more than 2,000 properties at every price range to host open houses in Miami-Dade, Broward, Palm Beach and Martin counties. More than $1 billion in houses and condos are participating.
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  • Palm Beach County Home Sales Register Robust October

    Nov 21, 2018
    Total Palm Beach County home sales increased 17.1 percent year-over-year in October as median prices and dollar volume rose for all properties, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
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  • Broward Existing Condo Sales Continue Upward Trend, Surge 20 Percent in October

    Nov 21, 2018
    Broward County existing condominium sales increased for the seventh consecutive month in October, this time rising 20 percent year-over-year, as total Broward County home sales surged 15.1 percent year-over-year, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
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  • Miami Real Estate Posts Fourth Consecutive Month of Rising Home Sales

    Nov 21, 2018
    Total Miami-Dade County home sales surged 14.7 percent year-over-year in October, marking the market’s fourth consecutive month of year-over-year home transaction gains, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
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  • MIAMI Realtors Partners with FIABCI-Arabic Countries

    Nov 21, 2018
    The MIAMI Association of REALTORS® (MIAMI) recently signed an international collaboration agreement with FIABCI-Arabic Countries during FIABCI World President -Elect and FIABCI-Arabic Countries President Walid Moussa’s visit to Miami, increasing MIAMI’s international partners to 180 (the most of any U.S. Realtor association). The alliance will create business opportunities for MIAMI members, enhance Miami’s global position and strengthen the local economy. FIABCI-Arabic Countries includes United Arab Emirates, Lebanon, Bahrein, Tunisia, Saudi Arabia, and Kuwait.
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  • MIAMI Realtors and Turkey Federation Sign International Partnership

    Nov 21, 2018
    The MIAMI Association of REALTORS® (MIAMI) signed an international honorary reciprocal agreement with Türkiye Tüm Emlak Müşavirleri Federasyonu (TEMFED) at the 24th Annual Miami International Real Estate Congress in Coral Gables, increasing MIAMI’s international partners to 179 (the most of any U.S. Realtor association). The alliance will create business opportunities for MIAMI members, enhance Miami’s global position and strengthen the local economy.
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  • Total Palm Beach Home Sales Increase in 3Q 2018

    Nov 07, 2018
    Total Palm Beach County home sales increased 7.4 percent in 3Q 2018 as median prices for all properties rose, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
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  • Total Broward Home Sales Increase in 3Q 2018

    Nov 07, 2018
    Total Broward County home sales increased 5.9 percent in 3Q 2018 as median prices for all properties rose, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
    Full story
  • Total Miami Home Sales Jump in 3Q 2018

    Nov 05, 2018
    Total Miami-Dade County home sales surged 15.2 percent in 3Q 2018 as median prices for all properties rose for the 27th consecutive quarter, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
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  • MIAMI International Real Estate Congress to Feature Delegates from 12 Countries

    Oct 22, 2018
    Delegates from 12 foreign countries will participate in the 24th annual MIAMI Association of REALTORS® (MIAMI) International Real Estate Congress on Oct. 28-30 at the Biltmore Hotel. More than 300 real estate professionals will attend the prestigious event, which will feature 20 industry speakers, numerous panels and marketing sessions.
    Full story
  • Total Miami Home Sales Surge a Year after Hurricane Irma

    Oct 19, 2018
    Total Miami-Dade County home sales surged 35.7 percent last month a year after Hurricane Irma brought minimal damage and stalled hundreds of sales in September 2017, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
    Full story
  • MIAMI Commercial & Expo to Explore Industry Trends and Opportunities

    Oct 17, 2018
    The MIAMI Association of Realtors Commercial (MIAMI Commercial) will present its 18th annual Commercial Conference & Expo on Friday, Oct. 19 at the Biltmore Hotel in Coral Gables. Five panels and sessions with more than 15 speakers will analyze the latest trends and opportunities in the South Florida commercial real estate market.
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  • MIAMI Realtors to Showcase South Florida Real Estate at Paris Expo

    Oct 11, 2018
    The MIAMI Association of REALTORS® (MIAMI) along with partner association FNAIM Gran Paris will again promote South Florida’s lifestyle and real estate market at one of France’s largest property showcases, Salon National de L’Immobilier, on Oct. 12-14 in Paris. MIAMI will make several South Florida market presentations at the expo, which is expected to attract 7,000 visitors and 70 exhibitors.
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  • Delegates from Six Countries Confirmed for MIAMI International Real Estate Congress

    Oct 10, 2018
    Delegates from six foreign countries have confirmed their participation for the 24th annual MIAMI Association of REALTORS® (MIAMI) International Real Estate Congress on Oct. 28-30 at the Biltmore Hotel. MIAMI will announce more participating countries soon as it prepares to host the international real estate event of the year, attended by more than 300 real estate professionals.
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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

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