Miami …
Residential
Market Spotlight
3 Record-Breaking Years
For Highest Number of Sales
2011 – 2012 – 2013
Prices at 2003 Levels
June 2014 Sales Prices
Single Family
Median $243,700
+6%
Condos
$190,000
+2.6%
% Increase over June 2013
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 - 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
SF
$193,000
Condos
Sales Price Comparison
Miami
SF
$243,700
Condo $190,000
Florida
U. S.
$185,000
$141,000
$223,300
All 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
(LP)
Single Family 95.3% LP
Condos
94.5% LP
Days on Market
(DOM)
41 DOM
61 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
U.S.
January 2014
January 2014
66.6% Traditional
33.4% Distressed
89% Traditional
11% Distressed
9.1% Short Sales
24.3% Foreclosures
Peter Zalewski & Cranespotters.com
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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 2013
29.6%
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
Tier – 14 More Markets
Important to Miami (22 total markets)
nd
2
Peru
Spain
United Kingdom
Ecuador
China
Honduras
India
Russia
Dominican Republic
Chile
Germany
Costa Rica
Nicaragua
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:
Stats from
Realtor.com
May 2014
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
Where are
Global
Buyers
Searching in
the US?
Realtor.com
Posted monthly
On Realtor.org
May 2014
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
Canada: Las Vegas, Fort Lauderdale, Los Angeles, Naples, Miami
United Kingdom: Los Angeles, Orlando, Houston, Beverly Hills, Atlanta
Australia: Los Angeles, New York, Detroit, Las Vegas, Houston
Germany: Los Angeles, San Antonio, Colorado Springs, Miami, Las Vegas
India: New York, Denver, Los Angeles, San Jose, Dallas
Ireland: Los Angeles, New York, Orlando, Washington, D.C., Las Vegas
Brazil: Miami, Orlando, Los Angeles, New York, Fort Lauderdale
Mexico: San Diego, El Paso, Laredo, San Antonio, Miami
France: Los Angeles, Miami, New York, Miami Beach, San Francisco
Japan: San Diego, Honolulu, Fort Scott (KA), Los Angeles, Jacksonville
Singapore: Houston, Los Angeles, Atlanta, Las Vegas, San Francisco
China: Los Angeles, San Francisco, Houston, Seattle, Irvine
Italy: Miami, Los Angeles, Miami Beach, New York, Detroit
Philippines: Las Vegas, Los Angeles, Southgate (MI), Phoenix, San Diego
Netherlands: Los Angeles, New York, Miami, Houston, Detroit
South Korea: Los Angeles, Las Vegas, Colorado Springs, San Diego, Houston
Spain: Miami, Los Angeles, New York, Miami Beach, Washington, DC
Russian Federation: Los Angeles, New York, Miami, San Francisco, Orlando
Switzerland: Philadelphia, Miami, Los Angeles, Dallas, Miami Beach
New Zealand: Los Angeles, Detroit, Calabasas, San Francisco, Las Vegas
Who’s Looking at our Properties?
Top 10 Visitors by Country
on Miamire.com
July 2014
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Brazil
Argentina
Venezuela
Canada
Colombia
India
France
Germany
Mexico
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 2014
1. U.K
7. Australia, France,
2. Canada
Germany,
3. New Zealand
Malaysia,
4. India
Philippines, UAE,
5. Italy
Venezuela
6. Colombia
8. Argentina,
Belgium, Brazil,
Mexico, Poland &
South Africa
Top 10 Visitors by STATE
on Miamire.com
July 2014
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
California
Texas
Georgia
New York
Virginia
Illinois
Pennsylvania
Michigan
North Carolina
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:
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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
Top 5 Cities by Region
And Top 5 Future Hotspots
Knight Frank Wealth Report 2014
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
SFMarketIntel.com
MIAMI Association
Site for Market Data
Posted at
MiamiRE.com/Market
Teresa King Kinney, CEO
tkinney@miamire.com
305-468-7010
Lynda Fernandez, SVP
lynda@miamire.com
305-468-7040