Miami … Residential Market Spotlight
3 Record-Breaking Years For Highest Number of Sales 2011 – 2012 – 2013 Prices at 2003 Levels
Single Family Median $243,700 +6% Condos $190, % % Increase over June 2013 June 2014 Sales Prices
Sales Prices Have Increased Consistently Since 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
Sales Prices Peak 2007 $380,000 for SF $272,000 for Condos Bottom June 2014 $243,700 SF $190,000 Condos = 2003 Prices $243,000 $193,000 SF Condos
Sales Price Comparison MiamiFloridaU. S. SF$243,700 $185,000 Condo$190,000 $141,000 $223,300 All Housing
Active Listing Inventory 43,000 in August ,443 in January ,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 Family95.3% LP41 DOM Condos94.5% LP61 DOM
Cash Sales National 32% Cash Sales Miami Apx. 57.5% Cash Sales 44.6% Single Family 69% Condos _____________ New Construction 90%
Traditional Sales Increasing Over Distressed Sales Miami-Dade January % Traditional 33.4% Distressed 9.1% Short Sales 24.3% Foreclosures U.S. January % Traditional 11% 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 2013 Florida – Sept 2013 Miami – Oct 2013
Top 8 States in US Florida 23% California 17% Arizona/Texas 9% NY/Virginia 3% GA/Nevada 2%
Profile of Int’l Home Buyers In Florida August % Miami/Ft Lauderdale #2 Orlando at 13.5%
Top 8 Countries for International Buyers in Miami 1 Venezuela 2 Argentina Brazil 3 Colombia Canada 4 France Mexico 5 Italy
2 nd Tier – 14 More Markets Important to Miami (22 total markets) PeruRussia SpainDominican Republic United KingdomChile EcuadorGermany ChinaCosta Rica Honduras Nicaragua IndiaPanama
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, CA 2.Miami, FL 3.Las Vegas, NV 4.Orlando, FL 5.Detroit, MI 6.Houston, TX 7.New York, NY 8.Fort Lauderdale, FL 9.San Francisco, CA 10.Chicago, IL Stats from Realtor.com May 2014
Where are Global Buyers Searching in the US? 1.Canada: Las Vegas, Fort Lauderdale, Los Angeles, Naples, Miami 2.United Kingdom: Los Angeles, Orlando, Houston, Beverly Hills, Atlanta 3.Australia: Los Angeles, New York, Detroit, Las Vegas, Houston 4.Germany: Los Angeles, San Antonio, Colorado Springs, Miami, Las Vegas 5.India: New York, Denver, Los Angeles, San Jose, Dallas 6.Ireland: Los Angeles, New York, Orlando, Washington, D.C., Las Vegas 7.Brazil: Miami, Orlando, Los Angeles, New York, Fort Lauderdale 8.Mexico: San Diego, El Paso, Laredo, San Antonio, Miami 9.France: Los Angeles, Miami, New York, Miami Beach, San Francisco 10.Japan: San Diego, Honolulu, Fort Scott (KA), Los Angeles, Jacksonville 11.Singapore: Houston, Los Angeles, Atlanta, Las Vegas, San Francisco 12.China: Los Angeles, San Francisco, Houston, Seattle, Irvine 13.Italy: Miami, Los Angeles, Miami Beach, New York, Detroit 14.Philippines: Las Vegas, Los Angeles, Southgate (MI), Phoenix, San Diego 15.Netherlands: Los Angeles, New York, Miami, Houston, Detroit 16.South Korea: Los Angeles, Las Vegas, Colorado Springs, San Diego, Houston 17.Spain: Miami, Los Angeles, New York, Miami Beach, Washington, DC 18.Russian Federation: Los Angeles, New York, Miami, San Francisco, Orlando 19.Switzerland: Philadelphia, Miami, Los Angeles, Dallas, Miami Beach 20.New Zealand: Los Angeles, Detroit, Calabasas, San Francisco, Las Vegas Realtor.com Posted monthly On Realtor.org May 2014
Who’s Looking at our Properties? Top 10 Visitors by Country on Miamire.com July Brazil 2.Argentina 3.Venezuela 4.Canada 5.Colombia 6.India 7.France 8.Germany 9.Mexico 10.Italy Which International Markets are Writing About Miami Real Estate Top countries covering the MIAMI Market through our Association’s News Releases According to PR Web – April U.K 2.Canada 3.New Zealand 4.India 5.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 California 2.Texas 3.Georgia 4.New York 5.Virginia 6.Illinois 7.Pennsylvania 8.Michigan 9.North Carolina 10.Tennesee Who is Writing about the Miami Real Estate Market … 1.Florida 2.Connecticut 3.California 4.New York 5.South Carolina 6.New Hampshire 7.Arkansas 8.Illinois 9.Arizona 10.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 1.London 2.Geneva 3.Paris 4.Zurich 5.Moscow Latin America 1.Sao Paulo 2.Rio 3.Buenos Aires 4.Mexico City 5.Santiago Asia Pacific 1.Singapore 2.Hong Kong 3.Shanghai 4.Beijing 5.Sydney Middle East 1. Dubai Top 5 Cities by Region And Top 5 Future Hotspots Knight Frank Wealth Report 2014
SFMarketIntel.com MIAMI Association Site for Market Data
Posted at MiamiRE.com/Market Teresa King Kinney, CEO Lynda Fernandez, SVP