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Fla.’s housing market: Median prices up in April

According to Florida realtor news “ORLANDO, Fla. – May 24, 2017 – Rising median prices and constrained inventory remained a prevailing trend in Florida’s housing market in April, according to the latest housing data released by Florida Realtors®. The trend resulted in a loss of momentum for home sales: Sales of single-family homes statewide totaled 23,829 last month, easing slightly (-1.2 percent) when compared to April 2016.”

2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart.”It puts consumers in a position where they have to be prepared and ready to buy, as many Realtors around the state report seeing more instances of multiple offers. And, without more for-sale homes, median prices will continue to rise due to demand. In April, sellers of existing single-family homes received 96.2 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.7 percent – an indication that the listed price is extremely close to market value.

“Working with a local Realtor enables consumers to have the advice of an expert in their local housing market – someone who can guide them through their home search and help them find the right home that fits their budget and their lifestyle.”

The statewide median sales price for single-family existing homes last month was $234,900, up 10.3 percent from the previous year, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. The state wide median price for townhouse-condo properties in April was $172,000, up 7.2 percent over the year-ago figure. April was the 65th month in a row that statewide median prices for both sectors rose year-over-year. The median is the midpoint; half the homes sold for more, half for less.

According to the National Association of Realtors®(NAR), the national median sales price for existing single-family homes in March 2017 was =””> national median existing condo price was $517,020; in Massachusetts, it was $350,000; in Maryland, it was $269,204; and in New York, it was =””>”Closed sales of single-family homes were down in 14 of Florida’s 22 metro areas compared to last April, and fell by 1.2 percent statewide – but there is no indication that demand is falling off,” said Florida Realtors®Chief Economist Dr. Brad O’Connor. “Rather, all signs continue to point to a market being held back by a shortage of homes for sale. As of the end of April, the statewide inventory of single-family homes for sale was down by nearly 5 percent compared to where it was a year ago.

“Additionally, single-family homes that did sell in April were snapped up as quickly as in any month in recent years. According to Florida Realtors median-time-to-sale metric, half of the single-family homes selling in April of last year went from listing to close in 90 days or less, but this April, that figure fell to 85 days or less – a 5.6 percent decline.”

He noted that the townhouse-condo market has been relatively more balanced than the single-family market from a statewide perspective for several months, but local markets experience more variance in townhouse-condo inventory levels.

April’s inventory remained constricted with a 4-months’ supply for single-family homes and a 6.1-months’ supply for townhouse-condo properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.05 percent in April 2017, up significantly from the 3.61 percent average recorded during the same month a year earlier.

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You deserve this condo on the 38th floor, Here is why?

SUPER REDUCED for FAST Sale Best Deal in Brickell motivated seller, don’t look further.Call this beautiful corner 2 bedrooms 2 and half bathrooms your new home or vacation dream condo overlooking Miami skyline with two unique views from balcony- bay on left/front and and city on right. Modern luxurious estate of the art condo fully remodeled with lots of natural light makes a wonderful living experience. Resort lifestyle & top of the line amenities including Gym, 2 heated pools, steamroom, theater, business center, pool table and lounge.Close to major highways and walking distance to finest restaurants, lounges, shopping centers and the new Brickell city center.Call now, won’t last. Best Brickell condo with beautiful views & 2 master bedrooms with a unique feeling of the city.

When it comes to owning a condo in Miami several factors will motivate buyers from all over the world to make its final decision.  The Miamitome team recently acquired an amazing listing located at THE PLAZA in Brickell Avenue. An astonishing corner apartment overlooking miami beautiful nature describes a modern lifestyle and a convenient commute to the finest restaurants such as  Edge Steak & Bar, the River Seafood & Oyster Bar, Momi Ramen, Naoe, Bachour Bakery + Bistro’s Henry Hané, Cantina La Veinte’s, clubs, shopping centers and the new Brickell city center. This magnificent condo possesses a unique living experience not only because of its location, a five star resort experience, but thanks its wonderful amenities makes owning this condo a smart decision when investing in Real Estate.

Two Infinity pools, full equipped gym, pool table, business center, lounge, theater, jacuzzi will make your stay feel like a never ending vacation.

It is a fully remodeled unit located in Brickell avenue and 9th street with 24 hour valet and a friendly condo staff ready to meet your needs.

Fore more info please contact us at info@miamitome.com

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Is Miami a Good City for RETAIL Investments ?

A healthy demand and tightening availability for Miami retail properties have resulted in rapidly growing rents and low vacancy rates, making retail among the strongest sectors of Miami’s commercial real estate market.

“South Florida’s economic growth since the recession and the number of new people moving to the state have really ramped up retail.”
– Senior Economist at TD Bank Micheal Dolega

MIAMI OUTSELLS NEW YORK & LOS ANGELES
The Miami metro area, which includes Broward and Palm Beach counties, has more sales per square foot for non-anchor tenants than any other metro area in the U.S.

1 Miami: $768
2 Washington, D.C.: $608
3 New York: $581
4 Denver: $579
5 Los Angeles: $566

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Have you wonder how is Miami Industrial Real Estate?

Low vacancy rates, increasing lease rates and a growing demand by both U.S. and foreign companies have made Miami one of the country’s strongest markets for industrial development. Demand for new Class A industrial facilities is so high in this gateway market that many buildings are pre-leased before construction is even completed.

Industrial real estate has always been the steady and less glamorous cousin of of ce real estate, but now it is looking more attractive than ever. The strong macroeconomic climate has positioned the U.S. as a safe and stable environment for investors who may be experiencing economic volatility.

Source: NREIonline.com

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How is Florida Population Growth helping the state’s economy?

Florida’s Growth
Did you know Florida ranked second nationally for population growth, with an average of over 1,000 new residents a day, ahead of much larger California and behind only Texas.

“Florida remains a national leader in population growth. This is driven by excellent employment numbers, lagging home prices and favorable consumer sentiment. All of the relevant indicators suggest Florida will remain one of the nation’s premier live-work-play destinations.”
– Florida Research Manager, Cushman & Wake eld Chris Owen

Bye Bye New York

Between its harsh winters and even harsher tax burden, it’s no wonder that New Yorkers are leaving the state in big numbers for more appealing places like Florida, and that the number of residents moving to New York everyday has been on the decline.

STATES WITH THE LARGEST DAILY POPULATION INCREASE (2014 – 2015)

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How is the Office Market doing in Miami?

As the Miami market continues to grow as a hub for international nance and trade, the demand for of ce space has increased. This demand, combined with a lack of quality available options, has driven Miami’s of ce rental rates up over the last year. Tightening market conditions and positive economic trends are expected to maintain the strength of Miami’s of ce real estate sector.

“The of ce markets in Florida ended 2015 on a high note…rents grew across the board with
the vacancy rates approaching levels not seen since before the financial crisis. New construction, particularly in South Florida, is being fed by strong confidence in the positive market fundamentals.”
– Senior Managing Director, Cushman & Wake eld Larry Richey

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Miami Residential REAL ESTATE CORE SECTORS

Attributed to the proven desirability of the Miami market, as well as other factors, Miami’s core real estate sectors continue to be a healthy market. From all-time low vacancy rates and an influx of mixed-use projects slated for the commercial space, to historically low mortgage rates driving solid residential sales, we can expect to see continued growth in the market’s fundamental real estate segments.

RESIDENTIAL
For the second consecutive year, and eight out of the last 10 years, 30-year, fixed-rate mortgage rates have dropped, hitting an average rate of 3.44% in August. This trend has played a major role in the market’s consistently solid home sales.
Source:FreddieMac.com

“There’s every indication rates have further to fall and no indication that they’ll rise any time soon.”
– Red Fin Chief Economist Nela Richardson

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Miami PRE-CONSTRUCTION ANALYSIS

PRE-CONSTRUCTION ANALYSIS
The majority of today’s pre-construction condo projects, assuming they reach their pre-sale requirement of 60 – 75 percent, will not break ground until 2018. Given a minimum three-year construction cycle, most of the condo inventory currently listed as pre-construction will not be delivered until 2021.
With the majority of condo projects that are currently under construction expected to be delivered by 2018, it stands to reason that the South Florida market will see very little new condominium supply added between 2019 and 2020. This two-year gap in substantial new condo supply is rare, and quite significant for a region like South Florida.