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.
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  • 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.
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  • 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 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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