Tag Archives: dade county real estate stat

One Sotheby’s factoids on South Florida’s Luxury Real Estate Recovery…

150 Arvida Pkwy, Coral Gables, FL 33156

150 Arvida Parkway, Coral Gables, FL 33156

Gables Estates

(Living Room View to Biscayne Bay)

Listed by Mirce Curkoski and Ralph Arias of One Sotheby’s International

in Collaboration with Jason Smith of Keller Williams Realty Coral Gables

 

  • Pending Sales of all waterfront properties in Miami Dade County over $1 ,000,000 are up 44% from this time last year

  • Homes in South Florida over $5,000,000 are purchased 50% of the time with full cash.

  • The Average Sales price of waterfront homes in Coral Gables increased 100% (from $1,825,333 to $3,698,796) from mid year 2011 to mid year 2012.

  • Distressed properties (Short Sales and REOs) make up less than 2% of the South Florida $1,000,000 plus real estate market.

  • The total number of pending condos over $1,000,000 in Miami-Dade County is up 125% from this time last year.

  • The current inventory is down 22% in Miami Dade County for all properties over $1,000,000 from this time last year.

  • The Days on the Market from listed to sold is down 48% from this time last year to now for Miami-Dade Condos over $1,000,000.

  • Average Sales Prices Climbing…

  • South Florida leads the national real estate recovery, with the average sales price up 20% in Miami-Dade and 21% in Broward compared to this time last year.  South Florida is second in the nation for enjoying the most robust recovery, following only Phoenix, AZ.

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss a strategy for your home, call…

Jason Smith

Broker

Miami Realtor

Miami Listing Agent

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115

 

Miami Realtor Jason Smith discusses the local real estate market in Doug Hanks’ front page Miami Herald article…Sept. 20th, 2012

        Real Estate News

 

Posted on Wed, Sep. 19, 2012

A housing market on the mend, needing more houses

By Douglas Hanks dhanks@MiamiHerald.com

 

South Florida’s housing market lacks a certain something: houses for sale.

Tight inventory levels continued to help boost prices this summer as buyers competed for the limited number of houses and condos on the market. Despite the modest bump over last year’s prices, homeowners are balking at putting their properties on the market until values recover more.

“They still feel they won’t get they want,’’ said Jason Smith, a broker with Keller Williams in Coral Gables. “They say, “If I hold off for two years, I’ll get what I want.’ ’’

Maybe. If South Florida home values continue rising at their current pace, it will be 2017 before they return to peaks hit in 2006, according to the latest results from the Case-Shiller real estate index. But numbers released Wednesday show the healing continues.

In Broward, the number of sales of single-family homes increased 15 percent in August from August 2011, and the median price increased 12.5 percent to $215,000. August sales of single-family houses in Miami-Dade increased 5 percent compared to a year ago, and the median prices was up 11 percent to $195,00, according to the Miami Association of Realtors.

That marked the ninth consecutive month of yearly price increases in Florida’s largest housing market, the first such streak since September 2006.

A recovering economy, looser credit and the attractiveness of depressed prices all led to the ongoing rebound. But a lack of real estate listings is boosting prices, too.

Inventory figures tracked by Esslinger-Wooten-Maxwell show the 9,200 houses and condos for sale in Broward would last for 14 weeks under the current pace of about 2,500 units sold every 30 days. That’s far tighter than the 26 weeks of inventory on the market at the end of last summer.

In Miami-Dade, the inventory isn’t quite as tight; with about 11,400 houses and condos for sale, Miami-Dade’s current inventory would last for 18 weeks compared to 25 weeks a year ago.

A lack of affordable condos — and not the European financial crisis — continues to hold back sales for Brigitte Respaut Degrave, who pairs French buyers with real estate investments in the Miami area. “Two weeks ago, I met a buyer in France,’’ she said. “He wanted to spend $150,000. It ended up being $350,000 for what he wanted.”

For Degrave, Europe’s financial woes have been a boon. “The Europeans are afraid of the euro,’’ she said. “They want to diversify.”

Condo sales continue gaining steam in South Florida, although monthly numbers are typically more erratic than those related to single-family homes. The August Realtors report showed the volume of condo sales increased 8 percent in Miami-Dade and 2 percent in Broward from 12 months earlier. Prices were also up: 28 percent in Miami-Dade, to a median of $146,500, and 7 percent in Broward, to $86,000 .

The improved numbers belie the damage done to South Florida’s housing market that still hasn’t been erased. For instance, single-family sales in Miami-Dade remain down about 20 percent from past peaks hit in 2004, and values are off 47 percent across South Florida since the height of the housing bubble six years ago, according to the Realtors group and the Case-Shiller index.

An improved housing market hasn’t been enough to turn around South Florida’s nearly five-year-long decline in construction hiring, which is about 50 percent lower than it was during the housing boom. But construction activity is picking up, with a scattering of high-rises underway in downtown Miami and other commercial projects once against attracting crews.

“It’s a lot better than last year, no doubt,’’ said Roy MacRobert, head of sales for Supermix, which recently purchased the concrete plants and fleet of mixing trucks from Continental Florida Materials in South Florida as his companyit prepares for a rebound in the commercial sector. “The market has hit bottom,’’ said Bernardo Dias, a Supermix executive. “A lot of work that was being bid is finally going forward.”

For Smith, this summer has brought more interest from buyers than the Gables broker has seen since the boom. But a recent open house highlighted the ups and downs of the current market.

Smith got the listing — a three-bedroom house with a pool near South Miami — after it sat unsold for six months with a $560,000 listing price. Smith convinced the owner, a retiree eager to move north, to lower the price to $489,000.

The result: More than 150 people showed up last weekend to see the property — more than Smith can remember for an open house in 12 years in South Florida real estate. By Tuesday, he had about a dozen offers — half of them prequalified for a mortgage, and half of them offering to buy the house with their own cash.

“It was a frenzy,’’ he said. “It was like 2005 all over again.”


It was an honor to be featured on the front page of yesterday’s Miami Herald real estate article written by Doug Hanks.

 

Addendum…

Our South Miami listing mentioned by Doug Hanks at the end of the article (that generated 11 offers) sold for tens of thousands over list price.

 

 

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss a strategy for your home, call…

Jason Smith

Broker

Miami Realtor

Miami Listing Agent

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115

 

 

 

 

Miami Real Estate Market Update (Will the Presidential Election affect sales?)…

August 2012 Activity…

For the ShowcaseMiami Team, the last half of August was quite slow.  There weren’t many phone calls inquiring about our Miami Seller Listings.  Our Buyers, in general,  were not ready to make offers and secure a Miami house or condo.

September 2012 Activity…

Once September arrived, the phones started ringing off the hook for showing appointments for our Miami Listings.  It just goes to show the mini-cycles in the Miami real estate market. There are periods of time that are significantly busier than others. We attribute the slowdown in August to many people (Buyers, Sellers, Listing Agents and Buyer Agents) going out of town before school starts back up.  One would think that September would be a slower month with the Miami relocation season (February-August) coming to a close.

Jason’s Forecast for September-December 2012…

I think this year (September-December) will be much different than in years past.  At last weekend’s open houses, we saw an urgency on the part of buyers that was reminiscent of the frenzied market of 2005 (a Record 150 Buyers and Realtors came to our High Pines Open House over the course of 4 hours).  (See Sept 9th Blog Post at www.ShowcaseMiami.com)  Today’s Miami Buyers understand that inventory has declined significantly and they are seeking to lock in a contract and secure a home.  Miami Listing Inventory remains extremely low (today there are 10,000 available Seller Listings in Miami on the Multiple Listing Service (MLS)…5 years ago there were over 50,000 available Seller Listings in Miami).

Will the Upcoming Presidential Election slow Miami Real Estate Sales?

In the last 2 elections, we noticed a significant slowdown in the 2-3 months before the Presidential Election.  The Buyers’ conventional wisdom was to see which regime was elected and how would the Miami real estate market be affected.  Today, however, limited supply trumps Presidential Election considerations.

 

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss a strategy for your home, call…

Jason Smith

Broker

Miami Realtor

Miami Listing Agent

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115

A Tale of 2 real estate markets…(Miami vs. Vancouver)

 

Vancouver, British Columbia

My recent trip to Vancouver…

A few weeks ago, I had the pleasure of visiting some family members in Vancouver, Canada.  As is usually the case when I travel, I was interested in seeing what the local residential real estate market was doing.  My Filipino in-laws told me how red-hot the market has been due to the Asian buyer influx over the past few years.   The first thing I noticed in the Richmond section of Vancouver was For Sale signs everywhere. It reminded me of the Miami market 3-4 years ago when our inventory levels of available properties were sky-high.  How could such a vibrant market have so many for sale signs?   Was Vancouver at a peak in prices?

I decided to do some additional research and compare/contrast it to Miami’s real estate market.

You’ll find the fresh data below (per Real Estate Board of Greater Vancouver)…

  • The benchmark price (similar to our “average price”) for a single family home in Vancouver (according to the Real Estate Board of Greater Vancouver) is $961,600. 
  • Miami Dade County’s average Sold Price for June 2012 is $363,000.
  • Greater Vancouver housing market favoured buyers in June.
  • The number of residential property sales hit a 10-year low in Greater Vancouver for June, while prices remained relatively stable.
  • The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 2,362 in June, a 27.6 per cent decline compared to the 3,262 sales in June 2011 and a 17.2 per cent decline compared to the 2,853 sales in May 2012.
  • June sales were the lowest total for the month in the region since 2000 and 32.2 per cent below the 10-year June sales average of 3,484.
  • “Overall conditions have trended in favour of buyers in our marketplace in recent months,” Eugen Klein, REBGV president said. “This means buyers are facing less competition and have more selection to choose from compared to earlier in the year.”
  • At 18,493, the total number of residential property listings on the Vancouver MLS® increased 22 per cent from this time last year and increased 3.7 per cent compared to May 2012.

————————————————————————————————————————–

 Observation…

Vancouver’s real estate trends show a dramatic contrast to Miami Dade County’s Real Estate Market…

3,642 Miami Dade County Sales in June 2012

3,240 Miami Dade County Sales in     “”  2011

11% increase in Miami Dade County Sales June 2012 vs June 2011

Conclusion…

  • This is further evidence that the Miami Residential Real Estate Market is robust.
  • Supply remains tight in Miami.
  • This points to continued price appreciation in the Miami market  (if supply remains this low)

 

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss a strategy for your home, call…

Jason Smith

Broker (Seller Specialist)

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115

3 Reasons that Miami Realtor valuations are more accurate than Zillow or Trulia…

    

 

Oftentimes, the sellers that we interview prior to listing their Miami homes for sale are gauging the value of their home based on Zillow and Trulia estimates.  We find that these Trulia and Zillow estimates are often not representative of true market value.  These estimates frequently err on the high and the low side.

These estimates can be an indication of value for Miami home sellers but they do not take into consideration intagible factors that a local, professional realtor will.

Here are the 3 Reasons that Miami Realtor valuations are more accurate than Zillow and Trulia…

1)  Updates..a professional Miami Realtor will take into consideration the cost of updates of one home vs. another when calculating value.

2)  Seasonality…a professional Miami Realtor knows that a single family home in Coconut Grove, Coral Gables or Pinecrest will attract more buyer interest between late January to July than August to December.  Therefore, this factor must be considered when assigning a value to list a home.  Zillow does not do this.

3)  Subtle differences in property locations…a professional Miami Realtor knows that a home on a quiet street generally attracts more buyer interest than one on busy street.  Zillow does not factor this in.

 

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss a strategy for your home, call…

Jason Smith

Broker (Seller Specialist)

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115

Miami single family home stats $500K and under

Buying Frenzy up to $500K…

(That is what the Dade County market graph below illustrates)

Observations…

  • Pronounced jump in seasonal buying activity Jan-March of 2012 vs Jan-March of 2011
  • 37.8% less available homes for sale (current vs. same quarter 1 year ago)
  • 15% increase in pending sales (current vs. same quarter 1 year ago)
  • Available single family listings in Dade County has gone from 5744 in January 2011 to 3143 in March 2012
  •  

What this means for Sellers in this price range…

If your property is priced according to recent sales and competitively with the available competing listings, it will be under contract within 30 days (likely attracting more than one offer) and selling close to full price.

 

What this means for Buyers in this price range…

If you plan to make offers between now and July (July is the end of peak buying season for single family), be prepared to face multiple offer situations.

 

 

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss a strategy for your home, call…

Jason Smith

Broker (Seller Specialist)

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115

Is now the time to Buy Miami Real Estate?

Miami Dade MLS Statistics (past 14 months)

All Price Ranges (Single Family, Condo, Townhome)

 

As the graph above indicates, the quantity of available listings for sale in Miami-Dade County continues to decrease.  This is good for Sellers and signals increasing prices for 2012. 

Given the dramatic reduction in inventory, bank appraisals are keeping price appreciation in check.  Without the appraisals, this momentous swing in supply and demand would cause a sharper rate of appreciation (especially in highly sought-after areas such as Coconut Grove and Coral Gables where listings are attracting multiple offers).

 

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss a strategy for your home, call…

Jason Smith

Broker (Seller Specialist)

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115