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.
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  • 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: THE Global Destination

by | Dec 17, 2014

Print version

Miami is a unique city and world-class global destination. In 2011, the Wall Street Journal featured Miami along with Hong Kong, London, Paris, and New York as The New Global City. And this year Knight Frank's Wealth Report ranked Miami seventh in the world on the list of most important global cities to the world's wealthy. Rankings are based on economic activity, quality of life, knowledge, influence, political power, and number of residents who are high net worth individuals.

Miami offers a strategic location between Latin America and Europe, enviable year-round weather, cultural affinity for all, and an exciting lifestyle. Affordability compared to other world-class markets, strong rental returns, and favorable currency exchange rates for foreign buyers enhance Miami's appeal.

Miami continues to expand, attracting new residents, visitors and tourists and global business enterprises. The local area offers world-class shopping venues, prime restaurants featuring worldwide cuisine, sporting activities and events, all types of entertainment and endless recreational options amidst a refreshing global culture. These factors will continue to attract commerce and domestic and foreign buyers to Miami unlike any other market long into the future.

Miami is also considered a business hub for Latin American companies, for technology, and for logistics and transportation. Building on the momentum of Art Basel and the Perez Art Museum (PAM), Miami has also quickly become a center for international artists, collectors and art dealers.

Consistently the top market for foreign buyers, Miami continues to benefit from rising international buying activity – but also from local, U.S. and international buyers. Miami remains a top market for vacation and second homebuyers, for baby boomers, and for net migration from other states.

2014: Another Record Year?
Following three years of record sales activity, the Miami real estate market continued to strengthen in 2014 while reflecting more balance between buyers and sellers due to increased existing and new construction supply. Despite more new listings finally coming on the market, strong sales continue to drive home values, which have experienced double-digit appreciation since December 2011.

Current market fundamentals create opportunities for both buyers and sellers. While many homeowners have recovered equity lost during the market downturn and can now make a profit if they sell, median sales prices in Miami remain at pre-boom levels of 2004. Those who purchased in the last three or four years are yielding strong returns on their investments.

Demand Continues to Fuel Strong Price Appreciation
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 41 months.

The median sale price for single-family homes increased 9.1 percent, up to $240,000 from $220,000 in October 2013, while the median sale price for condominiums increased by 8.8 percent to $185,000.

Miami-Dade Sales • 2008 - Oct. 2014

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Miami Properties Selling Fast, Near Asking Price
Miami properties continue to sell rapidly and at nearly asking price, reflecting strong demand. In October, single-family home and condominium sales respectively received 95.3 and 93.7 percent of the original list price, compared to 96.3 percent and 97.5 percent in October 2013. The median number of days on the market for single-family homes sold in October was just 43 days, while that of condos was 58 days.

Distressed Sales Continue to Decline
The percentage of distressed sales again dropped significantly in 2014, as strong demand for bank-owned (REO) properties, improved processing of short sales, and limited short sale supply yield rapid absorption and strong price appreciation. Currently distressed sales account for approximately 34 percent of all closed residential sales in Miami-Dade County, including REOs (bank-owned properties)and short sales, compared to 39 percent a year ago. During the market downturn, distressed sales accounted for two-thirds of all closed transactions.

Cash Sales in Miami Double the National Average
In Miami-Dade County, 55.8 percent of total residential transactions in October were all-cash sales, compared to 60 percent in October 2013. Cash sales accounted for 40.8 percent of single-family and 67.8 percent of condominium closings. Nearly 90 percent of foreign buyers in Florida purchase properties all cash, not included in above percentage. This reflects the much stronger presence of international buyers in the Miami real estate market. Cash sales in Miami are still more than double the national figure of 27 percent, reflecting the strong presence of international buyers in the local market.

Inventory Supply Rises, Creates More Balance
Subsequent to the downturn during the last decade, excess housing inventory locally was absorbed at a record pace, years faster than experts predicted, resulting in limited supply in 2011 and a housing shortage in 2012. In 2014, MIAMI's initiatives to increase inventory and to focus on assisting members to get more listings proved successful along with some additional distressed properties also coming on the market. Seller confidence continues to result in more properties being listed for sale in Miami.

Currently, there are 5.8 and 8.2 months supply of inventory for single-family homes and condominiums, respectively, in Miami-Dade. A healthy market that is balanced between buyers and sellers typically offers six to nine months of supply.

With 17,801 active listings, residential inventory in Miami-Dade County is currently 19.5 percent higher than it was at the end of 2013, when active listings totaled 14,892. Since August 2008, when sales bottomed, existing housing inventory has dropped more than 60 percent, down from 43,095 active listings.

New Construction Market Update
New construction supply is impacting existing condo sales, as consumers are drawn to newly built product. 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 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 the above units have been sold
  • The mean price per square foot of these units is $855, compared to $850 last month

Global Media Exposure
The MIAMI Association of REALTORS® strategically positions its members and the local market for continued strengthening and success through unprecedented global media exposure and strategic relationships with more than 125 worldwide partner organizations. As the "Central Address" for South Florida real estate, MIAMI is the source for accurate market statistics to Realtors®, the media, and the consumers.

MIAMI is featured in hundreds of leading media outlets – including television, radio, print and electronic – throughout the world, generating millions of dollars in coverage for you and our market!

 

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