Broward Council of the MIAMI Association of REALTORS

                                                                                                     

                

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    Total Miami-Dade County home sales surged 13.3 percent year-over-year in August with single-family homes and condominium markets posting double-digit gains as total luxury sales, median prices and dollar volume increased, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
    Full story
  • Colombia Continues to be Top Country Searching for Miami Homes

    Sep 17, 2018
    Colombian consumers registered the most international web searches for Miami homes in June, according to a new report by the MIAMI Association of Realtors (MIAMI). Colombia registered 12 percent of all international searches on MIAMI’s portal, www.MiamiRealtors.com, in June 2018. Colombia has led the rankings for seven consecutive months.
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  • MIAMI Realtors Showcase South Florida Real Estate at Brazilian Convention

    Sep 14, 2018
    The MIAMI Association of REALTORS® (MIAMI) promoted South Florida real estate at one of Brazil’s largest real estate events, the Secovi-SP Convention, on Aug. 26-28 in São Paulo. Secovi-SP, Latin America’s largest trade union, was MIAMI’s first of 178 foreign partner associations worldwide.
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  • JTHS-MIAMI Realtors Raises Money for Palm Beach’s Center for Child Counseling

    Sep 13, 2018
    The Young Professionals Network of the Jupiter-Tequesta-Hobe Sound Council of the MIAMI Association of REALTORS® (JTHS-MIAMI) donated about $7,560 to the Center for Child Counseling in Palm Beach Gardens from proceeds raised from their annual Battle of Bartenders event.
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  • South Florida Office Dollar Volume Surges in 2Q 2018

    Sep 04, 2018
    South Florida office dollar volume rose to its highest value in the past three quarters, according to the new 2Q 2018 The Quarterly Report – South Florida Commercial Real Estate released by data firm Vizzda (Visual Data) and the MIAMI Association of Realtors Commercial (MIAMI Commercial).
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  • Miami Existing Condo Sales Continue Upward Trend in July

    Aug 22, 2018
    Miami-Dade County existing condominium sales increased year-over-year for the fifth time in the last seven months as median prices rose for all properties in July 2018, 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 to Exhibit at Colombia’s Largest Real Estate Expo

    Aug 09, 2018
    The MIAMI Association of REALTORS® (MIAMI) will again promote South Florida’s lifestyle and real estate market at Colombia’s largest property showcase, El XII Gran Salón Inmobiliario – Feria Internacional, starting today through Sunday, Aug. 12 in Bogotá, Colombia. MIAMI will make a South Florida market presentation at the 13th annual expo, which is expected to attract 30,000 visitors and 200 exhibitors.
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  • Miami Condominium Sales Rise in 2Q 2018

    Aug 08, 2018
    Miami-Dade County existing condominium sales surged 5.6 percent in 2Q 2018 as median prices for all properties rose for the 26th 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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  • JTHS-MIAMI Realtors Collect School Supplies for Boys & Girls Clubs of Palm Beach County

    Aug 06, 2018
    The Jupiter-Tequesta-Hobe Sound Council of the MIAMI Association of REALTORS® (JTHS-MIAMI) collected $800 worth of school supplies for Boys & Girls Clubs of Palm Beach County children during its annual school supply drive.
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  • Colombia Continues to be Top Country Searching for Miami Homes

    Jul 24, 2018
    Colombian consumers registered the most international web searches for Miami homes in April, according to a new report by the MIAMI Association of REALTORS® (MIAMI). Colombia registered 12.2 percent of all international searches on MIAMI’s portal, www.MiamiRealtors.com, in April 2018. Colombia has led the rankings for five consecutive months.
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  • Luxury Sales Continue to Rise while Limited Supply in Lower Price Points Results in Fewer Sales, Increased Prices

    Jul 23, 2018
    Miami-Dade County luxury real estate sales continue to increase while lower price points experience strong demand and limited supply, resulting in price increases countywide, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
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  • 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
    Full story
  • 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.
    Full story
  • 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.
    Full story
  • 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.
    Full story

Miami Home Sales in October Surge, Exceed Record Levels

by | Nov 26, 2014

Print Version

Miami single-family home and condominium sales surged in October, exceeding record activity in 2013, according to the 34,000-member MIAMI Association of REALTORS® and the local Multiple Listing Service (MLS) system.

Sales Rise for Single-family Homes, Condos
Single-family home sales in Miami-Dade County increased 13.6 percent relative to October 2013, from 1,060 to 1,204. Condominium sales increased 6.5 percent from 1,416 the previous year to 1,508 last month. Combined, residential real estate sales increased 9.5 percent to 2,712 compared to 2,476 in October of last year.

Single-family home prices, which again increased in October, remain at affordable 2004 levels despite 35 months of consistent year-over-year increases. Condo prices also increased in October, marking 40 months of growth in the last 41months. Condo prices declined in August for the first time in more than three years but rebounded in September.

The median sale price for single-family homes increased 9.1 percent, up to $240,000 from $220,000 in October 2013. The average sale price for single- family homes decreased 6.6 percent from $421,546 in October 2013 to $393,515 last month.

Compared to October 2013, the median sale price for condominiums increased by 8.8 percent to $185,000 from $170,000 a year prior. The average sale price for condominiums increased 22.3 percent to $362,657 from $296,568 in October 2013.

Miami Real Estate Selling Fast, Close to List Price Miami properties continue to sell rapidly and at nearly asking price, reflecting strong demand.

The median number of days on the market for single- family homes sold in October was just 43 days, an increase of 7.5 percent from October 2013. The average percent of original list price received was 95.3 percent, down a negligible 1.0 percent from a year earlier.

The median number of days on the market for condominiums sold in October was 58 days, an increase of 31.8 percent compared to the same period in 2013. The average sales price was 93.7 percent of the asking price, a decrease of 3.9 percent.

National & State Figures
Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops also bounced back in October, increasing 1.5 percent from September and 2.5 percent below what they were in October 2013, according to the National Association of Realtors (NAR). Statewide closed sales of existing single-family homes totaled 21,894 in October, up 17.8 percent compared to the year-ago figure, according to Florida Realtors. Statewide sales of condominiums totaled 9,377, up 7.4 percent from October 2013.

The national median existing-home price for all housing types was $208,300 in October, a 5.5 percent increase from October 2013, according to NAR. The statewide median sale price for single-family existing homes last month was $177,000, up 4.6 percent from the previous year, while that of townhouse-condo properties was $139,900, up 7.7 percent over the previous year.

Cash Sales Decline Slightly, Condo Financing Remains an Obstacle
Cash sales in Miami continue to decline as more financing becomes available. Still, access to mortgage loans for condominium buyers remains limited, impeding further market strengthening.

In Miami-Dade County, 55.8 percent of total closed sales in October were all-cash transactions, compared to 61.7 percent in October 2013. Cash sales in Miami are still more than double the national figure of 27 percent. All-cash sales accounted for 40.8 percent of single-family home and 67.8 percent of condominium closings, compared to a year earlier when cash sales were 48.9 percent of single-family home sales and 71.3 percent of condominium sales.

Since nearly 90 percent of foreign buyers in Florida purchase properties all cash, this continues to reflect the much stronger presence of international buyers in the Miami real estate market.

Short Sales Continue to Decrease
While traditional sales continue to increase, distressed property transactions in October again declined in Miami-Dade due to fewer short sales. In October, only 34.9 percent of all closed residential sales in Miami- Dade County were distressed, including REOs (bank- owned properties) and short sales, compared to 38.2 percent in October 2013.

Short sales and REOs accounted for 8.0 and 26.9 percent, respectively, of total Miami sales in October. Sales of REOs increased 30.1 percent while that of short sales declined by 43.6 percent.

Nationally, distressed homes accounted for 9.0 percent of October sales compared to 14 percent in September 2013.

Active Inventory Continues to Rise
After three years of record sales activity that resulted in an inventory shortage, seller confidence continues to result in more properties being listed for sale in Miami. But new listings are now increasing by narrower margins.

“Seller confidence is resulting in greater inventory becoming available in the Miami real estate market,” said 2014 MIAMI Association of REALTORS® Residential President Francisco Angulo. “But strong home sales in Miami continue to yield rapid inventory absorption, resulting in rising prices even if at a more moderate pace.”

Active listings at the end of October increased 19.5 percent, from 14,893 in 2013 to 17,801 last month but remain 60 percent below levels 2008, when sales bottomed. Inventory of single-family homes increased 15.6 percent from 5,571 in October 2013 to 6,439 last month. Condominium inventory increased 21.9 percent to 11,362 from 9,322 active listings during the same period in 2013. At the current sales pace, there is a 5.8-month supply of single-family homes, an increase of 10.4 percent from 5.2 months in October 2013, and an 8.2-month supply of condominiums, up from 6.5 months in October 2013, an increase of 26 percent. A balanced market between buyers and sellers offers between six and nine months supply of inventory.

New listings of single-family homes increased 6.8 percent, up to 2,316 in October 2014 from 2,169 during the same period in 2013. New condominium listings increased 3.0 percent from 2,915 in October 2013 to 3,003 last month.

At the end of the October, total housing inventory nationally declined 2.6 percent to 2.22 million existing homes available for sale compared to the previous month, which represents a 5.1-month supply at the current sales pace. Unsold inventory nationally is 5.2 percent higher than a year ago.

New Construction Market Update
Strong sales in the coastal new construction condominium Miami market (east of I-95) continue to 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 October, there were nine (9) towers that had been completed in 2014 in Miami-Dade County east of I-95, 54 under construction, and 62 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:

  • 84 projects with 98 towers comprising 15,050 units are currently selling
  • 67 percent of units have been sold
  • The mean price per square foot of these units is $855, compared to $850 last month

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