Broward Council of the MIAMI Association of REALTORS

                                                                                                     

                

  • Colombia Continues to be Top Country Searching for Miami Homes

    Jul 09, 2018
    Colombian consumers registered the most international web searches for Miami homes in March, according to a new report by the MIAMI Association of REALTORS® (MIAMI). Colombia registered 11.9 percent of all international searches on MIAMI’s portal, www.MiamiRealtors.com, in March 2018. Colombia has led the rankings for four consecutive months.
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  • South Florida Multifamily Transactions, Prices Rise in 1Q

    Jun 26, 2018
    South Florida multifamily real estate transactions jumped 8.5 percent year-over-year in 1Q 2018 and per-unit multifamily prices increased in Miami-Dade, Broward and Palm Beach counties, according to the new 1Q 2018 The Quarterly Report – South Florida Commercial Real Estate
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  • JTHS-MIAMI Realtors Collect 364 Pounds of Food for Needy Palm Beach Residents

    Jun 25, 2018
    The Jupiter-Tequesta-Hobe Sound Council of the MIAMI Association of REALTORS® (JTHS-MIAMI) collected 364 pounds of non-perishable food for the Palm Beach County Food Bank in April as part of its annual JTHS-MIAMI’s “Move for Hunger” Food Drive.
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  • Colombia Leads Countries Looking for Miami Homes in February

    Jun 25, 2018
    Colombian consumers registered the most international web searches for Miami homes in February, according to a new report by the MIAMI Association of REALTORS® (MIAMI). South Florida remains the most-searched U.S. market by international consumers and a top-five market for homebuyers in the world’s six largest regions, according to February data.
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  • Miami Luxury Home Sales Jump in May 2018

    Jun 20, 2018
    Total Miami luxury home sales rose 24.1 percent year-over-year in May as existing condominium sales rose for the second consecutive month, 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 Join Chapman Partnership to Feed Homeless

    Jun 18, 2018
    Continuing its changing communities initiative, MIAMI Association of Realtors (MIAMI) members and peers again fed dinner to 500 homeless residents on June 14 at the Chapman Partnership’s Downtown Miami Homeless Assistance Center.
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  • Miami Existing Condo Sales Jump 24.6 Percent in April

    May 24, 2018
    Miami’s existing condominium market posted its best April in three years as condo transactions jumped 24.6 percent and condo dollar volume surged 40.8 percent year-over-year, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system. Miami single-family home sales and residential prices rose.
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  • MIAMI REALTORS® Launches MIAMI Platinum PLUS for its Members

    May 17, 2018
    The MIAMI Association of REALTORS® (MIAMI) is now offering its members subscriptions to MIAMI Platinum PLUS, an exclusive and unparalleled suite of upgraded Realtor products and services, so Realtors can utilize an even higher level of industry tools to improve and expand their business while enhancing the home buying and home selling process for the public.
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  • Miami Luxury Home Sales Soar in 1Q 2018

    May 15, 2018
    Total Miami luxury home sales surged 12.3 percent in 1Q 2018 as median prices rose for the 25th 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 REALTORS CEO Named to South Florida’s Most Influential Business Women

    May 14, 2018
    MIAMI Association of REALTORS® (MIAMI) Chief Executive Officer Teresa King Kinney was named one of the top 25 Most Influential Business Women in South Florida. The South Florida Business Journal honored Kinney’s strong record of leadership, community involvement and industry innovation at an event on May 11 in Fort Lauderdale.
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  • Miami Luxury Single-Family Home Sales Jump in March

    Apr 23, 2018
    Miami luxury single-family home sales posted double-digit gains as median prices for all properties continued rising in March, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
    Full story
  • South Florida Industrial Real Estate Prices, Transactions Rise in 4Q

    Apr 23, 2018
    South Florida industrial real estate prices increased 11.4 percent year-over-year in the 4Q 2017 and the Miami-Dade, Broward and Palm Beach tri-county region posted its second highest industrial transaction volume for the year,
    Full story
  • Patricia Anglero Elected 2018 Broward President of the MIAMI Realtors

    Apr 07, 2018
    The MIAMI Association of REALTORS® (MIAMI) has elected Fort Lauderdale broker Patricia C. Anglero as its 2018 Broward Council president. She and all of MIAMI’s leadership boards were installed Feb. 2 at the MIAMI 2018 Inaugural and Awards Celebration.
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  • MIAMI REALTORS Commercial Partners with Research and Data Firm Vizzda to Provide South Florida Commercial Statistics Reports

    Apr 05, 2018
    MIAMI Association of Realtors Commercial (MIAMI Commercial) has formed a strategic alliance with Vizzda (Visual Data) to provide The Quarterly Report – South Florida Commercial Real Estate, which will offer comprehensive commercial research and statistics to MIAMI’s 46,000 members and the consumers they serve.
    Full story
  • MIAMI Realtors Commercial Association Rebrands as MIAMI Commercial

    Apr 05, 2018
    The MIAMI Association of REALTORS® (MIAMI) has rebranded its commercial real estate organization, to MIAMI Commercial. MIAMI Commercial’s new name and logo is part of MIAMI’s successful expansion of the commercial reach of the Miami Association of Realtors that enhances the 25-year-old organization, which was formerly the Realtors Commercial Alliance MIAMI (RCA MIAMI).
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  • Miami Condo, Luxury Home Sales Rise in February  

    Mar 21, 2018
    Miami existing condominium and total luxury home sales increased in February, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
    Full story
  • Miami Realtors Expands Presence of South Florida Real Estate at Global Expo

    Mar 14, 2018
    The MIAMI Association of REALTORS® (MIAMI) has increased its presence by 400 percent at the world’s largest commercial real estate conference, MIPIM. MIAMI Realtors will have exhibits promoting South Florida at MIPIM from March 13-16 in Cannes, France as part of the National Association of REALTORS® (NAR) expanded U.S. pavilion. This year, MIAMI has significantly expanded the U.S. and MIAMI/South Florida presence by adding its own adjacent exhibit space.
    Full story
  • Colombia Leads Countries Looking for Miami Homes in January

    Mar 13, 2018
    Colombian consumers registered the most international web searches for Miami homes in January, according to a new report by the MIAMI Association of REALTORS® (MIAMI). South Florida remains the most-searched U.S. market by international consumers and a top-five market for homebuyers in the world’s six largest regions, according to January data.
    Full story
  • Urgent Legal Alert from Florida REALTORS General Counsel

    Mar 06, 2018
    Recently, Florida Realtors became aware of several lawsuits filed against real estate brokers in Miami Dade and Broward counties concerning allegations of discriminatory advertising—a violation of fair housing laws. Specifically, brokers are being sued for discriminating against tenants with Section 8 vouchers. These violations, however, pertain to local ordinances, not the Federal Fair Housing Act. Under these local ordinances, landlords and Realtors are precluded from discriminating against tenants with Section 8 vouchers, as this falls under the protected class "source of income."
    Full story
  • Miami Condo, Single-Family Home Sales Jump in January

    Feb 22, 2018
    Miami existing condominium and single-family home sales rose in January as $1 million-and-up luxury transactions jumped 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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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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