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Miami, Florida (PRWEB) April 30, 2013
Attention from foreign consumers searching U.S. properties increased for Miami in March, according to the 26,000-member MIAMI Association of Realtors (MIAMI).
South Florida, the top area in the nation for international real estate buyers, remains the focus of consumers from a diverse group of nations.
Miami Top Market for Foreign Consumers
In March, Miami ranked second only to Los Angeles among the top ten overall most searched U.S. cities by non-U.S. consumers throughout the month of March 2013, according to Realtor.com
Miami, Florida (PRWEB) December 27, 2012
The total number of listings, including single-family homes and condominiums, that pended* in Miami-Dade County during the month of November increased 52 percent, from 2,226 to 3,374, year-over-year even though it was 19.1 percent less than the previous month, according to the 25,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. The number of single-family and condominium listings that pended in November increased 73.8 percent and 37.4 percent respectively compared to November 2011.
The Miami real estate market continues to perform robustly as it approaches a new sales record and exceeds one full year of significant price appreciation, said Martha Pomares, 2012 chairman of the board of the MIAMI Association of REALTORS. Strong market fundamentals in Miami offer sound and profitable investment opportunities. Population drives real estate, and Miami continues to grow as a result of net U.S. migration, trade, business enterprises, tourism and second and vacation homebuying activity.
Inventory shortage remains a problem for the Miami market, as the number of active listings drops year-over-year below what is considered a balanced market. While new listings are coming on the market, more inventory is needed to satisfy demand.
In November, 1,581 single-family homes and 2,382 condominiums were listed, reflecting a 3.1 percent decrease and 1.3 percent increase respectively when compared to November 2011.
Homeowners who have been waiting to sell should sell now, said 2012 MIAMI Association of REALTORS Residential President Patricia Delinois. Record demand is evident for Miami properties, creating an advantage for sellers. Therefore, when a home is priced right, it sells fast.
Sellers Offering Few Discounts
Limited supply coupled with rising demand is yielding offers that are increasingly closer to asking price, as sellers offer fewer discounts. In November, single-family home and condominium sales received 93.7 percent and 96.2 percent respectively of the original list price, compared to 91.9 percent and 93.3 percent in November 2011. The increase in percent of original list price received is an indication that rising demand is absorbing inventory more rapidly.
Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 5.2 percent to 104.8 in October from 99.6 in September, according to the National Association of Realtors. The index is 13.2 percent higher than the 92.6 index reported in October 2011.
Increased pending sales are an indication of increased future sales. A sale is listed as pending when a contract is signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
*Pended sales are defined as only the sales that pended during a particular month.
MIAMI Association of REALTORS
The MIAMI Association of REALTORS was chartered by the National Association of Realtors in 1920 and is celebrating more than 90 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of four organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, and the International Council, it represents more than 25,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local association in the National Association of Realtors, and has partnerships with more than 100 international organizations worldwide. MIAMIs official website is http://www.miamire.com.
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Miami, Florida (PRWEB) December 20, 2012
Miami home prices have increased each of the last 12 months as a result of strong demand and very tight supply, according to the 25,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system.
Despite very limited inventory, Miami-Dade County residential sales surged 23 percent in November compared to a year earlier. The sales of existing condominiums in Miami-Dade increased 19.8 percent, from 1,139 to 1,365. Sales of single-family homes increased 26.2 percent, from 802 to 1,012, year-over-year.
It appears the Miami real estate market will set another record in 2012, exceeding sales levels at the height of the boom in 2005 and during the all-time record in 2011, said 2012 Chairman of the Board of the MIAMI Association of REALTORS Martha Pomares. Considering the shortage of housing inventory available, it is remarkable that sales remain this strong. This record demand coupled with extremely limited supply is driving strong and consistent price appreciation.
Statewide sales of existing single-family homes totaled 17,072 in November, up 24.4 percent compared to a year ago. Statewide condominium sales totaled 8,079, up 18.3 percent from November 2011. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops rose 5.9 percent from November and were 14.5 percent higher than they were in November 2011, according NAR.
Evident Demand Continues to Fuel Strong Appreciation
Miami home prices rose again in November, marking 12 consecutive months of appreciation for both single-family homes and condominiums. The median sales price of Miami-Dade condominiums, which has increased each of the last 17 months, rose 31.7 percent to $ 158,000 compared to a year earlier. The median sales price of single-family homes rose 15.9 percent to $ 195,000.
In November the average sales price for condominiums in Miami-Dade County increased 22.9 percent to $ 285,512. The average sales price for single-family homes increased 17.4 percent to $ 377,918.
Florida and U.S. Home Prices
Statewide median sales prices in November increased 11.2 percent to $ 150,00 for single-family homes and 23.2 percent to $ 112,000 for condominiums, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. The national median existing-home price for all housing types was $ 180,600 in November, a 10.1 percent increase from November 2011, according to the National Association of Realtors (NAR).
The Miami markets robust performance offers opportunities for both buyers and sellers, said 2012 MIAMI Association of REALTORS Residential President Patricia Delinois. While prices are rising, Miami remains more affordable than most U.S. markets and other world-class, global cities. Sellers are recovering significant equity lost during the downturn, resulting in greater profits.
Inventory Shortage Persists
Over the last year, the inventory of residential listings in Miami-Dade County has dropped 19 percent, from 14,641 to 11,862. Compared to the previous month, the total inventory of homes increased 1.5 percent. Currently, there are 4.1 months of supply of single-family homes and 4.6 months of supply of condominiums in Miami-Dade. Total housing inventory nationally decreased 3.8 percent at the end of November and was 22.5 percent below year-ago levels, representing a 4.8-month supply at the current sales pace.
Median Days on the Market
Properties are selling much more rapidly in the current market than they did a year ago. The current median days on the market is only 43 for single-family homes and 51 for condominiums, compared with historic averages of 90 to 120 days on the market. These are respectively 12.2 percent and 1.9 percent decreases year-over-year. Nationally, the median time on the market was 70 days.
Distressed Sales Decrease
Strong demand for bank-owned (REO) properties and improved processing of short sales continues to yield absorption of distressed listings and to contribute to price appreciation. In November, 43.4 percent of all closed residential sales in Miami-Dade County were distressed, including REOs (bank-owned properties) and short sales, compared to 56 percent in November 2011 and 47.4 percent the previous month. Nationally, distressed homes accounted for 22 percent of November sales, down from 24 percent in October.
Cash Sales Reflect Strong International Presence
In Miami-Dade County, 63 percent of total closed sales in November were all-cash sales, compared to 64 percent in November 2011 and 63.7 percent the previous month. Cash sales accounted for 45 percent of single-family and 75.3 percent of condominium closings. Nearly 90 percent of foreign buyers in Florida purchase properties all cash. This reflects the much stronger presence of international buyers in the Miami real estate market by comparison all-cash sales nationally accounted for 30 percent of transactions in November, up from 29 percent the previous month; they were 28 percent in November 2011.
Note: Statistics in this news release may vary depending on reporting dates. Statistics reported by MIAMI are not impacted by NARs rebenchmarking efforts. MIAMI reports exact statistics directly from its MLS system.
About the MIAMI Association of REALTORS
The MIAMI Association of REALTORS was chartered by the National Association of Realtors in 1920 and is celebrating more than 90 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of four organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, and the International Council, it represents more than 25,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local association in the National Association of Realtors, and has partnerships with more than 100 international organizations worldwide. MIAMIs official website is http://www.miamire.com.
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