miami … residential market spotlight. 3 record-breaking years for highest number of sales 2011 –...
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Miami …Residential
Market Spotlight
3 Record-Breaking Years
For Highest Number of Sales2011 – 2012 – 2013
Prices at 2003 Levels
Single FamilyMedian $243,700
+6%
Condos$190,000
+2.6%
% Increase over June 2013
June 2014 Sales Prices
Sales Prices Have Increased ConsistentlySince December 2011
Most have been double-digit appreciation
Condominiums – 36 Months of increases
Single-Family – 31 Months of increases
Prices still equal to 11 years ago - 2003
Sales Prices
Peak 2007$380,000 for SF$272,000 for Condos
Bottom 2011
-------------
June 2014$243,700 SF$190,000 Condos
= 2003 Prices
$243,000 $193,000 SF Condos
Sales Price Comparison
Miami Florida U. S.
SF $243,700 $185,000
Condo $190,000 $141,000
$223,300All Housing
Active Listing
Inventory
43,000 in August 2008
16,443 in January 2014
17,089 in June 2014
SF = 5.5 Months of Inventory
Condos = 7.8 months
MIAMI Real Estate Market is Strong …
% of List Price Days on Market (LP) (DOM)
Single Family 95.3% LP 41 DOM Condos 94.5% LP 61 DOM
Cash SalesNational
32% Cash Sales
Miami
Apx. 57.5% Cash Sales
44.6% Single Family69% Condos
_____________
New Construction 90%
Traditional Sales Increasing Over Distressed Sales
Miami-Dade
January 2014
66.6% Traditional33.4% Distressed
9.1% Short Sales
24.3% Foreclosures
U.S.January 2014
89% Traditional11% Distressed
Peter Zalewski & Cranespotters.com• Preconstruction sales = apx 29% of 35,000 announced• Presale total = 60%+ of 16,200 currently being marketed• “Sold” = under presale contracts or– already closed• 23 new condo towers with 1,775 units rept’d as sold out• 25 towers with 3,370 units are rept’d at 90% sold• 9 towers with 1,700 rept’d at 80% sold• 21 towers with 2,400 units rept’d at 70% sold
78 towers with 9,245 units
#2 Miami
Internationally
Speaking …
120 Global Partnerships Worldwide
International Buyer Profiles Prepared by the National Association of Realtors
National – June 2013Florida – Sept 2013Miami – Oct 2013
Top 8 States in US
Florida 23%California 17%Arizona/Texas 9%NY/Virginia 3%GA/Nevada 2%
Profile of Int’lHome Buyers
In FloridaAugust 2013
29.6%Miami/Ft Lauderdale
#2 Orlando at 13.5%
Top 8 Countriesfor International Buyers in Miami
1 Venezuela2 Argentina Brazil3 Colombia Canada4 France Mexico5 Italy
2nd Tier – 14 More Markets Important to Miami (22 total markets)
Peru Russia
Spain Dominican Republic
United Kingdom Chile
Ecuador Germany
China Costa Rica
Honduras Nicaragua
India Panama
Who’s looking at Miami properties…
Indicators of Future/Potential
Business
Where are Global Buyers Searching in the US? Top 10 U.S. Cities Searched by International Consumers:
1.Los Angeles, CA2.Miami, FL3.Las Vegas, NV4.Orlando, FL5.Detroit, MI6.Houston, TX7.New York, NY8.Fort Lauderdale, FL9.San Francisco, CA10.Chicago, IL
Stats fromRealtor.com
May 2014
Where are Global Buyers
Searching in the US?
1.Canada: Las Vegas, Fort Lauderdale, Los Angeles, Naples, Miami2.United Kingdom: Los Angeles, Orlando, Houston, Beverly Hills, Atlanta3.Australia: Los Angeles, New York, Detroit, Las Vegas, Houston4.Germany: Los Angeles, San Antonio, Colorado Springs, Miami, Las Vegas5.India: New York, Denver, Los Angeles, San Jose, Dallas6.Ireland: Los Angeles, New York, Orlando, Washington, D.C., Las Vegas7.Brazil: Miami, Orlando, Los Angeles, New York, Fort Lauderdale8.Mexico: San Diego, El Paso, Laredo, San Antonio, Miami9.France: Los Angeles, Miami, New York, Miami Beach, San Francisco10.Japan: San Diego, Honolulu, Fort Scott (KA), Los Angeles, Jacksonville11.Singapore: Houston, Los Angeles, Atlanta, Las Vegas, San Francisco12.China: Los Angeles, San Francisco, Houston, Seattle, Irvine13.Italy: Miami, Los Angeles, Miami Beach, New York, Detroit14.Philippines: Las Vegas, Los Angeles, Southgate (MI), Phoenix, San Diego15.Netherlands: Los Angeles, New York, Miami, Houston, Detroit16.South Korea: Los Angeles, Las Vegas, Colorado Springs, San Diego, Houston17.Spain: Miami, Los Angeles, New York, Miami Beach, Washington, DC18.Russian Federation: Los Angeles, New York, Miami, San Francisco, Orlando19.Switzerland: Philadelphia, Miami, Los Angeles, Dallas, Miami Beach20.New Zealand: Los Angeles, Detroit, Calabasas, San Francisco, Las Vegas
Realtor.comPosted monthlyOn Realtor.org
May 2014
Who’s Looking at our Properties?
Top 10 Visitors by Country on Miamire.comJuly 2014
1. Brazil2. Argentina3. Venezuela4. Canada5. Colombia6. India7. France8. Germany9. Mexico10. Italy
Which International Markets are Writing About Miami Real EstateTop countries covering the MIAMI Market
through our Association’s News Releases
According to PR Web – April 2014
1. U.K2. Canada3. New Zealand4. India5. Italy 6. Colombia
7. Australia, France, Germany, Malaysia, Philippines, UAE, Venezuela
8. Argentina, Belgium, Brazil, Mexico, Poland & South Africa
Top 10 Visitors by STATE on Miamire.com
July 2014
1. California2. Texas3. Georgia4. New York5. Virginia6. Illinois7. Pennsylvania8. Michigan9. North Carolina10. Tennesee
Who is Writing about the Miami Real Estate Market …
1. Florida2. Connecticut3. California4. New York5. South Carolina6. New Hampshire7. Arkansas8. Illinois9. Arizona10.Michigan
Study by Knight Frank with research firm
Wealthinsight
Study by Knight Frank
with research firm Wealthinsight
Ranking of cities by attractiveness
to the rich on 4 criteria:
• Economic activity• Quality of life• Knowledge/influence• Political power
Only 2 US Cities in Top 10: New York
Miami
North America
1. New York
2. Miami
3. D. C.
4. San Francisco
5. Toronto
Europe
6. London
7. Geneva
8. Paris
9. Zurich
10.Moscow
Latin America
1. Sao Paulo
2. Rio
3. Buenos Aires
4. Mexico City
5. Santiago
Asia Pacific
6. Singapore
7. Hong Kong
8. Shanghai
9. Beijing
10.Sydney
Middle East
1. Dubai
Top 5 Cities by Region And Top 5 Future Hotspots
Knight Frank Wealth Report 2014
SFMarketIntel.com
MIAMI AssociationSite for Market Data
Posted at
MiamiRE.com/Market
Teresa King Kinney, [email protected]
305-468-7010
Lynda Fernandez, [email protected]
305-468-7040