Miami Residential Sales Prices Continue Upward Trend in March

 

Sales Rise for Single-family Homes, Condos

Single-family home transactions — which set an all-time Miami annual record in 2014 — increased 10 percent year-over-year in March 2015, from 1,129 to 1,242. Existing condominium sales — which posted the second best year in Miami history last year— rose 4.2 percent from 1,413 in March of last year to 1,472 last month. Combined, Miami-Dade County residential real estate sales increased 6.8 percent to 2,714 last month compared to 2,542 a year ago.

“Miami continues to attract international and domestic home buyers looking to live in a global city with world-class amenities and a diversified economy,” said Christopher Zoller, a 27-year Miami-based Realtor and the 2015 Residential President of the MIAMI Association of REALTORS. “Buyer demand in Miami properties is leading to more sales and higher sale prices.”

Single-family home prices, which again increased in March, remain at affordable 2004 levels despite more than four years of consistent year-over-year increases. Condo prices also increased in March 2015, marking 45 months of growth in the last 46 months. The median sale price for single-family homes increased 10.6 percent, up to $260,000 in March 2015 from $235,000 in March 2014. The average sale price for single-family homes increased 3.2 percent to $473,677 last month from $459,102 during the same time period last year.

The median sale price for condominiums surged 7.5 percent in March to $215,000 from $200,000 a year ago. The average sale price for condos increased 5.8 percent to $398,994 from $377,290 in March 2014.

Miami Real Estate Continues Selling Fast, Close to List Price

Miami single-family homes and condominiums continue to sell close to asking price, reflecting a strong consumer demand. The median number of days on the market for single-family homes sold in March 2015 was 54 days, an increase of 14.9 percent compared to the same period in 2014. The average percent of original list price received was 94.6 percent, down a negligible 0.3 percent from a year earlier.

The median number of days on the market for condominiums sold in March 2015 was 60 days, an increase of 1.7 percent compared to the same period in 2014. The average percent of original list price received was 93.5 percent, a 0.7 percent decrease.

Miami Residential Sales Prices Continue Upward Trend in March

Houses staying on the market longer in Miami | Miami Herald Miami Herald

 

Houses are staying on the market longer in the Miami area than in most other big cities around the country, according to a report by the online real estate company Trulia.

The likely culprits? High prices and a glut of new inventory, said Trulia chief economist Ralph McLaughlin.

“Miami is in this weird stalemate situation where sellers probably don’t want to reduce the price of their units because they don’t want to lose money, but middle-class buyers aren’t able to afford them,” McLaughlin said. “So what we’ll see is homes sitting on the market longer until either sellers decide to lower their sales price or the economy continues to improve and buyers can start to afford them.”

About 65 percent of Miami-Dade County homes listed on Trulia’s website in February were still on the market two months later, the company found.

Related

Of the 100 largest housing markets the company analyzed, only nine cities had a greater percentage of homes on the market after two months. They included Albany, New York; Knoxville, Tennessee; Pittsburgh, Pennsylvania; and Birmingham, Alabama.

The analysis looked at both new sales and resales of single-family homes, condominiums and town houses.

Miami also saw one of the biggest year-over-year jumps in the percentage of homes staying on the market. In April 2014, 56 percent of homes listed on Trulia had been on the market for two months. Only Austin and Atlanta saw bigger annual increases.

An unusual combination of factors is producing a tough market for both buyers and sellers: Miami is one of the least affordable housing markets in the U.S. at a time when new development is happening across the county, which has about 18,000 new units under construction, according to a Census estimate.

“This combination of new supply and waning demand because of affordability would lead to a situation where homes stay on the market longer,” McLaughlin said.

Four Miami-Dade Communities Rank as Top Places to Invest in Florida Real Estate

 

By Christopher Zoller

A budding technological industry, a nationally renowned art scene, and several recent multibillion-dollar retail ventures have played key roles in turning Miami into one of the world’s most attractive and dynamic global cities. Miami’s median single-family home prices – which have registered four years of consistent growth and sit at $245,000 according to the latest MIAMI Association of REALTORS® (MIAMI) report – remain affordable compared to other similar international cities.

The region’s long-term housing appreciation helped four Miami communities – Doral, Bal Harbour, Homestead, and Miami Lakes – finish as the top-four places to invest in real estate in the entire state of Florida, according to a new study from consumer finance site NerdWallet. Miami communities comprised seven of NerdWallet’s top-10 places to invest, and 12 Miami-Dade County locations made the top-25. The San Francisco-based NerdWallet analyzed 227 Florida cities using U.S. Census and Florida Department of Revenue data. Municipalities were scored using Census vacancy rates, affordability, and 10-year home value appreciations.

Doral topped the list because of its relative affordability, low unemployment rate (4.4 percent or more than a full percentage point lower than the statewide rate), and strong population growth, NerdWallet said. The Miami-Dade County city has increased its population by 14 percent, or 6,000, from 2010-13.

Bal Harbour in Miami-Dade finished second mostly because of its speedy residential sales, NerdWallet said. According to NerdWallet’s 0-10 scale for speed of sale, Bal Harbour scored 8.66. Bal Harbour’s percentage of housing value has increased 62.06 percent in the past 10 years, according to NerdWallet.

Homestead in Miami-Dade is the third-best place to invest in real estate in Florida, NerdWallet said. About 56 percent of Homestead’s homes have increased in value over the past 10 years. Homestead prices averaged $79.42 per square foot, the most affordable in NerdWallet’s study.

Miami Lakes was named the fourth-best place to invest in Florida because of it price appreciation the past 10 years, NerdWallet said. About 57 percent of the city’s homes have increased in value the last decade while vacancies have dropped by 3.6 percent. Buyers are paying an average of $152 per square foot for a Miami Lakes home.

NerdWallet’s Florida rankings: 1. Doral, 2. Bal Harbour, 3. Homestead, 4. Miami Lakes, 5. Marianna, 6. Hialeah Gardens, 7. Aventura, 8. Pinecrest, 9. Cape Coral, 10. Winter Garden, 11. Cooper City, 12. Callahan, 13. Miramar, 14. Key Biscayne, 15. Hialeah, 16. Cutler Bay, 17. Lauderdale-by-the-Sea, 18. Surfside, 19. Freeport, 20. Wellington, 21. Weston, 22. Coral Gables, 23. Palm Springs, 24. Parkland, 25. North Miami Beach.

For more information, contact the MIAMI Association of REALTORS® 2015 Residential President Christopher Zoller at zoller.c@ewm.com The MIAMI Association of REALTORS was chartered by the National Association of Realtors in 1920 and is celebrating 95 years of service to Realtors, the buying and selling public, and the communities in South Florida.  Comprised of five organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, the YPN Council and the award-winning International Council, it represents more than 35,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage.  It is the largest local Realtor association in the U.S., and has official partnerships with more than 125 international organizations worldwide. 

In battle for buyers, developers sell over-the-top luxury | Miami Herald Miami Herald

 

Real estate is war — and for residential developers in Miami, luxury is the weapon of choice.

Today’s condo towers aren’t just offering the high ceilings, rooftop pools and European appliances of building cycles past.

Instead, their amenities are the stuff of whimsy, fantasy and incredible wealth: Cigar lounges, dog walkers and monumental sculptures by Jeff Koons. Glass between the kitchen and living room that turns opaque when you entertain and want to shield your guests from the unseemly commotion of cooking. An elevator for your Bentley.

The trend kicked off as developers coming out of the crash realized one thing: To avoid getting burned in the next bust, they needed to demand that buyers put down more money before closing. To justify the 50 percent deposits that became standard, the new projects would need eye-catching, over-the-top amenities that would make the extra investment seem worth it to the ultra-rich.

Read complete story at;   In battle for buyers, developers sell over-the-top luxury | Miami Herald Miami Herald

Miami Housing Market Singled Out as Top Performer in January

 

Miami, South Florida Housing Market Singled Out as Top Performer

April 3, 2015 | By Brandon Cornett |

The latest update to the Case-Shiller Home Price Index was published earlier this week, and the Denver and Miami housing markets were singled out as top performers. Prices in those two metro areas rose by more than 8% during the last 12-month reporting period, more than any other city tracked by the index.

According to the report, “Denver and Miami reported the highest year-over-year gains, as [home] prices increased by 8.4% and 8.3%, respectively, over the last 12 months.”

Nationally, prices rose by around 4.5% in January 2015, compared to the same month last year. So these two markets have clearly outpaced the nation as a whole. (The report released on March 31 contained data through the end of January, due to a two-month reporting lag.)

Miami Housing Market Singled Out as Top Performer in January