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Miami Single-Family Home Sales Jump Ten Percent in July 2015 Condominium Transactions Also Rise

Posted by fidest press agency su venerdì, 21 agosto 2015

miamiThe Miami real estate market continued its historic summer by registering its second-highest single-family home sales month in history in July, according to a new report by the 38,000-member MIAMI Association of REALTORS® (MIAMI) and Multiple Listing Service (MLS) system. Miami-Dade County had 1,354 single-family home sales in July 2015, nearly eclipsing its record of 1,390 transactions established last month.Miami single-family home transactions surged 10.2 percent year-over-year in July 2015, from 1,229 to 1,354. Existing condominium sales increased 4.8 percent, from 1,403 to 1,471, which is noteworthy considering the continued rise of Miami pre-construction condo sales.The interest rate for a 30-year fixed-rate mortgage averaged 4.05 percent in July 2015, down from the 4.13 percent average recorded during the same month a year earlier, according to Freddie Mac.
Total existing Miami-Dade County residential sales, including single-family and condo markets, rose 7.3 percent to 2,825 last month compared to 2,632 a year ago.Despite the rise in sales, access to mortgage loans for existing condominium buyers remains limited. The lack of Federal Housing Administration loans for a large number of existing Miami condominium buildings is preventing further market strengthening. Of the 8,523 condominium buildings in Miami-Dade and Broward Counties, only 29 are approved for FHA loans, according to statistics released earlier this year from the Florida Department of Business and Professional Regulation and FHA. Just .0034 percent of local condo buildings are approved for FHA loans. The U.S. average is 30 percent.
Single-family home prices, which again increased in July, remain at 2004 levels despite four years of consistent year-over-year increases. Condo prices also increased in July 2015, marking 49 months of growth in the last 50 months. The median sales price for single-family homes rose 8.6 percent, up to $278,000 in July 2015 from $255,950 in July 2014. The median sales price for condominiums increased 2.6 percent in July to $195,000 from $190,000 a year ago.Despite the increase in median prices, Miami’s residential properties remain more affordable than other world-class global cities, according to the National Association of Realtors 2015 Profile of Home Buying Activity of International Clients. NAR analyzed the cost of a 120-square meter condo in a number of foreign cities based on prices reported in the Global Property Guide and compared the prices against the median price of a condo in several major U.S. cities. A 120-square meter condo in Miami-Fort Lauderdale-Miami Beach cost $149,900 on average, according to NAR. The price for the same condo in London ($960,840), Hong Kong ($776,280), and New York ($1.6 million) were at least five times higher.
Miami single-family homes and condominiums continue to sell close to asking price, reflecting strong consumer demand. The median number of days on the market for Miami single-family homes decreased 4.7 percent to 41 days in July 2015 from 43 days in July 2014. The average percent of original list price received was 95.6 percent, an increase of 0.4 percent from a year earlier.
The median number of days on the market for condominiums sold in July 2015 was 59 days, the same number recorded in July 2014. The average percent of original list price received was 93.8 percent, a 0.3 percent year-over-year increase.
Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops increased 2 percent to a seasonally adjusted annual rate of 5.59 million in July from a downwardly revised 5.48 million in June, according to the National Association of Realtors (NAR). Sales have now increased year-over-year for ten consecutive months and are 10.3 percent above a year ago (5.07 million).Statewide, closed sales of existing single-family homes statewide totaled 26,916 last month, up 21.8 percent over July 2014, according to Florida Realtors. Florida’s condominium sales jumped to a total of 10,235 transactions, up 13.9 percent compared to July 2014.The national median existing-home price for all housing types in July was $234,000, which is 5.6 percent above July 2014. July’s price increase marks the 41st consecutive month of year-over-year gains.
The statewide median sales price for single-family existing homes last month was $199,900, up 8.1 percent from the previous year, according to Florida Realtors. The statewide median price for townhouse-condo properties in July was $150,000, up 9.1 percent over the year-ago figure Miami’s Cash Buyers Represent More than Twice the National Averagedeals represented 48.2 percent of Miami’s total closed sales in July 2015. That is more than double the national average as just 23 percent of all U.S. housing sales were made in cash in July, according to NAR. Cash transactions represented 54.4 percent of total Miami deals in July 2014. Miami’s high percentage of cash sales continues to reflect South Florida’s historic ability to attract international home buyers, who tend to purchase properties in all cash.Condominiums comprise a large portion of Miami’s cash purchases as 62.1 percent of condo closings were made in cash in July compared to 33.1 percent of single-family home sales.
Distressed property transactions again declined in Miami. Only 26.1 percent of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, compared to 31.5 percent in July 2014.Short sales and REOs accounted for 5.1 percent and 21.0 percent, respectively, of total Miami sales in June. Short sale transactions decreased 31.8 percent year-over-year while REOs decreased 4.1 percent. Nationally, distressed sales were 7 percent of sales in July, down from 9 percent a year ago.
Seller confidence continues to result in more properties being listed in Miami. Active listings at the end of July increased 3.8 percent year-over-year, from 17,167 to 17,820. Active listings remain about 60 percent below 2008 levels when sales bottomed. Inventory of single-family homes decreased 4.7 percent from 6,181 active listings last year to 5,890 last month. Condominium inventory increased 8.6 percent to 11,930 from 10,986 listings during the same period in 2014.
At the current sales pace, there is a 5-month supply of Miami single-family homes, a decrease of 11 percent from 5.6 months in July 2014. There is an 8.8-month supply of condominium inventory, up from 7.8 months in July 2014, an increase of 12.1 percent. A balanced market between buyers and sellers offers between six and nine months supply of inventory.New listings of Miami single-family homes increased 1.8 percent from 2,076 in July of last year to 2,114 last month. New listings of condominiums decreased 0.3 percent to 2,729 last month, compared to 2,738 during the same time period in 2014.Nationally, total housing inventory at the end of July declined 0.4 percent to 2.24 million existing homes available for sale, and is now 4.7 percent lower than a year ago (2.35 million). Unsold inventory is at a 4.8-month supply at the current sales pace, down from 4.9 months in June. Miami-Dade Statistical Reports: SFMarketIntel.com.

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Miami Home Condominium Sales Rise in February

Posted by fidest press agency su giovedì, 26 marzo 2015

Miami-skyline-for-wikipediaMiami – Miami single-family home sales registered double-digit growth in February, and all residential median sale prices continued their more than three years of gains, according to a new report by the 35,000-member MIAMI Association of REALTORS® (MIAMI) and the local Multiple Listing Service (MLS) system. Miami single-family home and condominium sales grew year-over-year in February. Single-family home transactions — which set an all-time Miami annual record in 2014 — increased 14.2 percent relative to February 2014, from 860 to 982. Existing condominium sales — which posted the second best year in Miami history last year despite an increase in new condo construction — rose 1.4 percent from 1,176 in February of last year to 1,192 last month. Combined, Miami-Dade County residential real estate sales increased 6.8 percent to 2,174 last month compared to 2,036 during the same time period in 2014.“Miami residential home sales continue to grow at a moderate rate,” said Christopher Zoller, a 27-year Miami-based Realtor and the 2015 Residential President of the MIAMI Association of REALTORS. “Seller confidence and buyer demand in the Miami real estate market is leading to more active listings and higher sale prices.”Single-family home prices, which again increased in February, remain at affordable 2004 levels despite more than three years of consistent year-over-year increases. Condo prices also increased in February 2015, marking 44 months of growth in the last 45 months. The median sale price for single-family homes increased 7.9 percent, up to $245,000 in February 2015 from $227,000 in February 2014. The average sale price for single-family homes increased 4 percent to $431,746 last month from $415,312 during the same time period last year.Compared to February 2014, the median sale price for condominiums increased 6.8 percent to $189,000 from $177,000 a year prior. The average sale for condominiums increased 8.4 percent to $365,856 from $337,382 in February 2014.
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 February 2015 was just 46 days, a decrease of 2.1 percent compared to the same period in 2014. The average percent of original list price received was 94.6 percent, down a negligible 0.6 percent from a year earlier.The median number of days on the market for condominiums sold in February 2015 was 65 days, an increase of 14 percent compared to the same period in 2014. The average percent of original list price received was 93.3 percent, a 1.8 percent decrease.
Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops increased 1.2 percent from January. Sales were 4.7 percent higher than a year ago and above year-over-year totals for the fifth consecutive month, according to the National Association of REALTORS® (NAR).Statewide closed sales of existing single-family homes totaled 18,701 last month, up 19 percent compared to the year-ago figure, according to Florida Realtors. Statewide sales of condominiums totaled 8,260, up 7.4 percent compared to February 2014.The national median existing-home price for all housing types in February was $202,600, which is 7.5 percent above February 2014, according to NAR. The national median home price has now seen 36 consecutive months of year-over-year price gains.The statewide median sale price for single-family existing homes last month was $179,995, up 9.1 percent from the previous year, according to Florida Realtors. The statewide median price for townhouse-condo properties in February was $143,000, up 8.3 percent over the previous year.
Cash sales in Miami increased relative to last month, but are down compared to the same time period last year. Access to mortgage loans for condominium buyers remains limited. The lack of Federal Housing Administration loans for a large number of existing Miami condominium buildings is preventing further market strengthening.In Miami-Dade County, 58.8 percent of total closed sales in February 2015 were all-cash transactions — up from 57.2 percent from the previous month. Cash deals in Miami are down relative to February 2014 when 62.5 percent of transactions were all-cash. Miami condominiums comprise a large portion of Miami’s cash purchases as 71.1 percent of condominium closings were made in cash in February compared to 43.9 percent of single-family home sales.Miami’s percentage of all-cash sales is more than double the national average. About 26 percent of all national housing transactions were in cash in February 2015, according to NAR. Since 82 percent of foreign buyers in Florida purchase properties all cash, this continues to reflect Miami’s ability to attract international buyers.“Miami’s location and proximity to the Caribbean and Latin America have always attracted foreign buyers,” said Carlos Gutierrez, a 13-year Miami-based Realtor and the 2015 Residential President-elect of the MIAMI Association of REALTORS. “Miami’s home prices are still very affordable when they are compared with other major cities such as Los Angeles and New York and even in comparison to cities with less attractive lifestyles and amenities.”While traditional sales remain strong, distressed property transactions declined in Miami-Dade in February 2015 due to fewer short sales. In February 2015, only 35 percent of all closed residential sales in Miami were distressed, including REO (bank-owned properties) and short sales, compared to 36 percent in February 2014.Short sales and REOs accounted for 7.2 percent and 27.8 percent, respectively, of total Miami sales in February 2015. Sales of REOs increased 21.7 percent year-over-year while that of short sales declined 33.9 percent.After three years of record sales activity that resulted in an inventory shortage, seller confidence continues to result in more properties being listed in Miami.Active listings at the end of February increased 9 percent, from 16,836 in the same time period last year to 18,353 last month. Active listings remain about 60 percent below 2008 levels when sales bottomed. Inventory of single-family homes increased 3.5 percent from 6,113 active listings last year to 6,330 last month. Condominium inventory increased 12.1 percent to 12,023 from 10,723 listings during the same period in 2014.At the current sales pace, there is a 5.5-month supply of single-family homes, a negligible decrease of 1.8 percent from 5.6 months in February 2014. There is an 8.9-month supply of condominium inventory, up from 7.5 months in February 2014, an increase of 19.1 percent. A balanced market between buyers and sellers offers between six and nine months supply of inventory.New listings of single-family homes decreased 1.3 percent from 2,006 in February of last year to 1,979 last month. New condominium listings increased 0.8 percent to 2,979 last month, compared to 2,956 during the same time period in 2014.Nationally, total housing inventory at the end of February increased 1.6 percent to 1.89 million existing homes available for sale compared to the previous month, which represents a 4.6-month supply at the current sales pace.Strong sales in the preconstruction condominium Miami market east of Interstate 95 continue to reflect significant demand for new properties, according to the latest New Construction Market Status Report released by Cranespotters.com and MIAMI.Since 2011, 11 towers with 1,381 units have been completed in Miami-Dade County east of I-95. There are 69 towers with 9,515 units under construction in Miami east of I-95, according to Cranespotters.com and MIAMI’s March 14 report. About 79 towers with 11,816 units are planned, but have not begun development. There are also 54 towers with 8,403 units that have been proposed in Miami east of I-95.Overall in Miami-Dade County, developers have announced 213 towers with 31,115 units since 2011. Of the above projects in Miami-Dade:97 projects with 113 towers comprising 16,924 units are currently selling.70 percent of units have been sold.The mean minimum price per square foot of these units is $907, compared to $874 last month.
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.

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Miami Existing Single-Family Home Sales Set Record in 2014

Posted by fidest press agency su sabato, 24 gennaio 2015

Miami-skyline-for-wikipediaMiami, FL –Miami home sales increased in December, as single-family home sales set an all-time annual record in 2014 and median sales prices continue to increase at a more moderate rate, according to the 35,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system.Year-end sales of single-family home sales in 2014 set an all-time record, increasing 4.8 percent to 13,521 compared to 12,899 the previous year. Condominium sales in 2014 were the second highest in history, decreasing 4.3 percent to 16,409 compared to 17,142 the previous year. Combined sales for the year decreased a negligible 0.4 percent.Single-family home sales in Miami-Dade County increased 9.6 percent relative to December 2013, from 1,140 to 1,250. Condominium sales decreased 2.1 percent from 1,426 the previous year to 1,396 last month. Combined, residential real estate sales increased 3.0 percent to 2,646 compared to 2,566 in December of last year.“The Miami real estate market again reflected great demand in 2014,” said 2015 Residential President of the MIAMI Association of REALTORS Christopher Zoller. “More single-family homes were sold in Miami-Dade County than ever in history, while condominium sales marked their second strongest year ever despite competition from new construction supply.”Single-family home prices, which again increased in December year-over-year, remain at affordable 2004 levels despite more than three years of consistent year-over-year increases. Condo prices also increased in December, marking 42 months of growth in the last 43 months.The median sale price for single-family homes increased 3.6 percent, up to $255,000 from $246,180 in December 2013. The average sale price for single-family homes decreased 1.7 percent from $414,560 in December 2013 to $393,340 last month.Compared to December 2013, the median sale price for condominiums increased 9.6 percent to $195,000 from $175,000 a year prior. The average sale price for condominiums increased 19.9 percent to $409,707 from $341,687 in December 2013.
Year-end sale prices for 2014 increased 8.9 percent to $245,000 for single-family homes and 8.6 percent to $190,000 for condominiums.The median number of days on the market for single-family homes sold in December was just 45 days, an increase of 9.8 percent from December 2013. The average percent of original list price received was 94.7 percent, down a negligible 1.7 percent from a year earlier.The median number of days on the market for condominiums sold in December was 57 days, an increase of 9.6 percent compared to the same period in 2013. The average sale price was 93.8 percent of the asking price, a decrease of 3.3 percent.The median days on market for properties sold in 2014 were 45 days for single-family homes, an increase of 9.8 percent, and 57 days for condominiums, an increase of 23.9 percent. The average sales price was 95 percent of the asking price, a decrease of 0.6 percent, for single-family homes and 94.7 percent, a decrease of 1.7 percent, for condos.
Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops in December, rose 2.4 percent from November and were up 3.5 percent from what they were in December 2013, according to the National Association of Realtors (NAR). Statewide closed sales of existing single-family homes totaled 22,414 in December, up 15.8 percent compared to the year-ago figure, according to Florida Realtors. Statewide sales of condominiums totaled 9,466, up 11.3 percent from December 2013.The national median existing-home price for all housing types was $209,500 in December, a 6.0 percent increase from December 2013, according to NAR. The statewide median sale price for single-family existing homes last month was $185,000, up 6.9 percent from the previous year, while that of townhouse-condo properties was $149,000, up 8.4 percent over the previous year.Statewide closed sales of existing single-family homes totaled 244,543 in 2014, up 8.1 percent compared to the 2013 figure. Closed sales of condominiums totaled 108,354 statewide in 2014, a decrease of 1.2 percent from 2013.
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, 55.9 percent of total closed sales in December were all-cash transactions, compared to 57.2 percent in December 2013. Cash sales in Miami are still double the national figure of 26 percent. All-cash sales accounted for 41.8 percent of single-family home and 68.5 percent of condominium closings, compared to a year earlier when cash sales were 41.0 percent of single-family home sales and 70.3 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.“In addition to active domestic buyers, foreign buyers continue to bolster the Miami real estate market, as evidenced by the high percentage of cash sales locally compared to the rest of the nation,” said Zoller. “As Miami continues to build its image as a leading global city, foreign investment in our real estate is expected to continue to fuel market expansion.”While traditional sales remain strong, distressed property transactions in December again declined in Miami-Dade due to fewer short sales. In December, only 31.5 percent of all closed residential sales in Miami-Dade County were distressed, including REOs (bank-owned properties) and short sales, compared to 37.2 percent in December 2013.Short sales and REOs accounted for 7.1 and 24.3 percent, respectively, of total Miami sales in December. Sales of REOs increased 17.2 percent while that of short sales declined by 53.2 percent.In 2014, distressed sales accounted for 33.7 percent of total closed sales compared to 37.9 percent in 2013.
Nationally, distressed homes accounted for 11 percent of December sales compared to 14 percent in December 2013 and 9.0 percent in November.
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 total inventory and new listings are now increasing by narrower margins. Supply and demand for single-family homes continues to favor sellers, while that of condominiums reflects a balanced market between buyers and sellers.
Active listings at the end of December increased 10.9 percent, from 15,963 in 2013 to 17,695 last month but remain 60 percent below 2008 levels, when sales bottomed. Inventory of single-family homes increased 4.7 percent from 5,986 in December 2013 to 6,265 last month. Condominium inventory increased 14.6 percent to 11,430 from 9,977 active listings during the same period in 2013. At the current sales pace, there is a 5.6-month supply of single-family homes, a decrease of .02 percent from 5.6 months (figures the same due to rounding) in December 2013, and an 8.4-month supply of condominiums, up from 7.0 months in December 2013, an increase of 19.7 percent. A balanced market between buyers and sellers offers between six and nine months supply of inventory.
New listings of single-family homes increased 3.1 percent, up to 1,675 in December 2014 from 1,625 during the same period in 2013. New condominium listings increased 10.4 percent to 2,488.At the end of the December, total housing inventory nationally declined 11.1 percent to 1.85 million existing homes available for sale compared to the previous month, which represents a 4.4-month supply at the current sales pace. Unsold inventory nationally is 0.5 percent lower than a year earlier.
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.
As of December 29, there were nine (9) towers with 981 units that had been completed through 2014 in Miami-Dade County east of I-95, 66 towers with 9,598 units under construction, and 73 towers with 10,554 units that are planned but have not begun development. There are also 54 towers with 7,905 units that have been announced but not approved.
Overall in Miami-Dade County, developers had announced 202 towers with 29,038 units since 2011 through December 29.
Of the above projects in Miami-Dade:
• 91 projects with 106 towers comprising 16,175 units are currently selling
• 67 percent of units have been sold
• The mean price per square foot of these units is $856, compared to $820 last month

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Miami Condominium Prices

Posted by fidest press agency su venerdì, 21 ottobre 2011

Burger King headquarters in unincorporated are...

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Miami, FL – Sales of existing single-family homes in the Miami Metropolitan Statistical Area (MSA) rose 46 percent in September, from 582 to 848, compared to September 2010, according to the 25,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. Sales of existing condominiums increased 58 percent, from 833 to 1,319, compared to September 2010. Statewide sales increased 10 percent to 15,036 for single-family homes and 10 percent to 6,666 for condominiums compared to September 2010. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops declined three percent from the previous month and but were 11.3 percent above September 2010, according to the National Association of Realtors (NAR).
In September, the median sales price for condominiums rose for the second consecutive month. The effect of short sales and foreclosures on the median and average sales prices for both single-family homes and condominiums has lessened particularly in some areas of the county. In September, 59 percent of all closed residential sales in Miami-Dade County were distressed, including REOs (bank-owned properties) and short sales, compared to 69 percent in September 2010 and 56 percent the previous month. The median sales price of condominiums in September increased a significant 17 percent to $116,000. The median sales price of single-family homes decreased six percent to $176,600 from a year earlier.Statewide median sales prices increased one percent to $133,900 for single-family homes and seven percent to $87,200 for condominiums. The national median existing-home price for all housing types was $165,400 in September, down 3.5 percent from September 2010.
he average sales prices for single-family homes in Miami-Dade County increased 29.8 percent, from $264,602 in September 2010 to $343,497 in September 2011. The average sales price for condominiums increased 13 percent, from $187,185 in September 2010 to $211,455 last month.

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