For Third Straight Month U.S. Housing Inventory Grows...

After nearly four years of annual declines in inventory, the number of homes for sale has now increased year-over-year for three straight months.

That’s a bit of good news for home shoppers who face less competition as homes stay on the market for longer. But inventory levels are still well below where they were five years ago, and small increases have yet to meaningfully reverse those deficits. A year ago, inventory fell 9.1 percent on an annual basis.

Some of the markets that previously were among the hottest in the country are seeing the biggest increases in available homes, but these are also the places where restricted inventory created more competition for potential buyers.

After years of intense inventory shortages and cutthroat competition, any gains in inventory should be embraced by home buyers. Unfortunately, the small recent gains are not nearly enough to fully erase the existing deficit, nor are they evenly distributed – there are roughly twice as many homes available for sale in the higher reaches of the market than there are at the lower, more competitive end. Inventory levels are no longer in a free fall and are currently bumping along the bottom. And unfortunately, it’s looking increasingly unlikely that we’ll see a meaningful upward surge in inventory any time soon. Building activity has been sluggish at best. And potential sellers may now be thinking twice about listing their home for sale in a rapidly rising interest rate environment, when a similar home to the one they’re already in – let alone a larger or more expensive one – is likely to cost them more per month. This is a step in the right direction, but there’s a long march to go.”

Rents saw a slight increase in November after three months of flat or even declining costs. The median U.S. rent is $1,449, up 0.5 percent from a year earlier. Annual rent appreciation slowed since early 2018, even seeing slight declines in the fall. Orlando saw the biggest increases in rents, up 4.4 percent and 3.9 percent.

Mortgage rates ended the month at 4.57 percent, just above the monthly low of 4.56 percent. Rates peaked at 4.75 percent at the beginning of the month their highest level since 2011 based on thousands of custom mortgage quotes submitted daily to anonymous borrowers, several mortgages sites reflect the most recent changes in the market.

Miami Enjoys Over $3.1 Billion in Residential Sales in Q3

According to the Miami Association of Realtors, total Miami-Dade County home sales surged 15.2 percent in 3Q 2018 as median prices for all properties rose for the 27th consecutive quarter.

Total Miami sales rose 15.2 percent, from 5,895 to 6,792. Miami condo transactions jumped 16.7 percent, from 3,021 to 3,524. Miami existing single-family sales increased 13.7 percent, from 2,874 to 3,268. Third quarter statistics include September, which was impacted by stalled sales in 2017 due to Hurricane Irma. While sales have been trending upwards, the percentage is higher than it might have been because of closings delayed by the hurricane last year.

"The statistics are being compared to a quarter that saw many South Florida home sales stalled, but a long view analysis of Miami real estate shows a market thriving with high demand and low supply," MIAMI Chairman of the Board George C. Jalil said. "Miami single-family home sales are on pace to better last year's total home sales numbers, and Miami condos have posted positive gains in three of the last four quarters."

$3.1 billion in Total Miami Sales Volume in 3Q 2018

Total sales volume accounted for $3.1 billion in 3Q 2018, a 24 percent increase from the $2.5 billion sales volume a year ago. The sales do not include Miami's multi-billion-dollar new construction condo market.

Non-distressed sales comprised 93 percent of all closed residential sales in 3Q 2018 vs. 90 percent in 3Q 2017. Only 6.8 percent of all closed residential sales in Miami were distressed in 3Q 2018, including REO (bank-owned properties) and short sales, compared to 10.4 percent in 3Q 2017. In 2009, distressed sales comprised nearly 70 percent of Miami sales.

Short sales and REOs accounted for 1.5 and 5.3 percent, respectively, of total Miami sales in 3Q 2018. Short sale transactions decreased 29.2 percent year-over-year while REOs fell 23.6 percent.

Miami Luxury Homes Sales Surge 27.9 Percent

Total luxury home sales ($1 million and above) jumped 27.9 percent, from 343 in 3Q 2017 to 439 in 3Q 2018.

Single-family home luxury sales fueled the $1-million-and-above transaction surge, increasing 33 percent to 254 transactions in 3Q 2018. Condo luxury transactions increased 21.7 percent to 185 transactions in 3Q 2018.

A rise in sales among mid-priced condos also played a key role in 3Q 2018. Miami condo sales in the $150,000 to $400,000 range increased 27.8 percent year-over-year, from 1,772 sales to 2,264.

Low mortgage rates make purchasing a home more affordable. According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.57 percent for 3Q 2018, up from the 3.89 percent recorded during the same quarter a year earlier.

Miami Median Prices Rise for 27th Consecutive Quarter

The median price for single-family homes in Miami-Dade County increased to $360,000 in the third quarter, an 8.5 percent jump from $331,750 in the same period last year. The median price for existing condominiums increased 3.3 percent year-over-year from $227,500 to $235,000.

Median prices have now increased for 27 consecutive quarters, a streak spanning 6.75 years.

Statewide, the median sales price for single-family existing homes in 3Q 2018 was $255,000, up 6.3 percent from the same time a year ago, according to Florida Realtors. The statewide median price for condo-townhouse properties during the quarter was $182,500, up 6.1 percent over the year-ago figure.

The national median existing single-family home price in the third quarter was $266,900, up 4.8 percent from the third quarter of 2017 ($254,700), according to the National Association of Realtors.

Hot Markets Overview Reveals Strong Demand and Limited Supply in Many Local Areas

Months' supply of inventory is a strong indicator of real estate activity. Top Miami neighborhoods with the lowest months of supply of inventory in 3Q 2018:

Single-Family Homes

• Richmond Heights, a small community south of Kendall, had 7 months supply
• Westview, a north Dade community south of Opa-locka, had 4 months supply
• Palmetto Estates, a South Dade community west of Palmetto Bay, had 2.7 months supply
• El Portal, a small community south of Miami Shores, had 2.8 months supply
• Palm Springs North, a northwestern Dade community south of the Broward line, had 3.0 months supply

Condominiums

• Three Lakes, a South Dade community west of Kendall, had 2.2 months supply
• Richmond West, a south Dade community west of Palmetto Bay, had 1.9 months supply
• Tamiami, a South Dade community west of Kendall, had 2.2 months supply
• Naranja, a south Dade community north of Leisure City, had 2.5 months supply
• Miami Lakes, a north Dade town north of Hialeah, and Kendale Lakes, a south Dade community west of Kendall, each had 2.7 months supply

National, State Home Sales in 3Q 2018

Nationwide existing-home sales, including single family and condos, decreased 2.6 percent to a seasonally adjusted annual rate of 5.273 million in the third quarter, down from 5.413 million in the second quarter. That number is 2.4 percent lower than the 5.403 million pace during the third quarter of 2017, according to NAR.

Closed sales of single-family homes statewide totaled 72,843 in 3Q 2018, up 7.5 percent from the 3Q 2017 figure, according to Florida Realtors. Looking at Florida's condo-townhouse market, statewide totaled 28,894 during 3Q 2018, up 9.5 percent compared to 3Q 2017.

Balanced Market for Single-Family Homes, Buyer's Market for Condos 

At the current sales pace, the number of active listings represents 6.2 months of inventory for single-family homes and 13.6 for condominiums. A balanced market between buyers and sellers offers between six and nine months of supply inventory.

Miami real estate had 22,087 active listings in the third quarter, a 5.7 percent increase from the 20,894 listings at the same time last year. The inventory for single-family homes increased 9.8 percent, from 6,060 to 6,652. Miami existing condo inventory grew 4.1 percent, from 14,834 to 15,435.

Miami Homes Selling Close to List Price 

The median percent of original list price received was 95.7 percent for single-family homes and 94.1 percent for condos in 3Q 2018.

The median time to contract for single-family home listings was 44 days, a 4.8 percent increase from 42 days in 3Q 2017. The median time to contract for existing condos was 74 days, a 5.7 percent increase from 70 days in 3Q 2017.

The median time to sale for single-family homes decreased 4.3 percent, from 94 days to 90. The median time to sale for existing condos increased 1.8 percent, from 114 to 116

Miami Cash Sales Almost Double National Figure 

Cash sales represented 36.1 percent of Miami closed sales in the third quarter of 2018, compared to 39.9 percent in 3Q 2017. About 21 percent of U.S. home properties are made in cash, according to the latest NAR statistics. The high percentage of cash buyers reflects Miami's top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash.

Cash sales accounted for 49.4 percent of all Miami existing condo sales and 21.8 percent of single-family transactions.

Mortgage Rates in U.S. Decline in Early November...

According to Freddie Mac's most recent Primary Mortgage Market Survey for November 2018, U.S. mortgage rates dropping slightly after last week's increases.

Sam Khater, Freddie Mac's chief economist, says, "While higher mortgage rates have led to a decline in home sales this year, the weakness has been concentrated in expensive segments versus entry-level and first-time buyer which remains firm throughout most of the rest of the country. Despite higher mortgage rates, the monthly mortgage payment remains affordable. For many buyers the chronic lack of entry-level supply is a larger hurdle than higher mortgage rates because choices are limited and the inventory shortage has caused home prices to rise well above fundamentals."

Freddie Mac News Facts

• 30-year fixed-rate mortgage (FRM) averaged 4.83 percent with an average 0.5 point for the week ending November 1, 2018, down from last week when it averaged 4.86 percent. A year ago at this time, the 30-year FRM averaged 3.94 percent.

• 15-year FRM this week averaged 4.23 percent with an average 0.5 point, down from last week when it averaged 4.29 percent. A year ago at this time, the 15-year FRM averaged 3.27 percent.

• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.04 percent with an average 0.3 point, down from last week when it averaged 4.14 percent. A year ago at this time, the 5-year ARM averaged 3.23 percent.

(http://www.worldpropertyjournal.com/real-estate-news)

Miami Home Sales Spike 35 Percent Annually in September

According to a new report by the Miami Association of Realtors, total Miami-Dade County home sales in September 2018 surged 35.7 percent last month a year after Hurricane Irma brought minimal damage and stalled hundreds of sales in September 2017.

Miami-Dade single-family home sales jumped 43 percent year-over-year, from 684 to 978, in September. The condo market continued trending upward with 29.5 percent more sales in September 2018 vs. September 2017. Miami condo sales have risen in seven of the last nine months. 

"Miami is one of the most resilient communities in the world and our real estate market embodied that resiliency by bouncing back as expected from stalled transactions in September 2017," said MIAMI Chairman of the Board George C. Jalil. "The sales growth continues a trend of increased Miami home sales, particularly in the existing condo market."

Miami Single-Family Home Sales Jump 43 percent

Miami-Dade County single-family home sales increased 43 percent year-over-year, from 684 to 978. The Miami market has registered 9,851 single-family home sales year to date, an increase of 0.7 percent from this time last year.

The largest segment of growth for single-family home sales is the $200,000 to $600,000 range. The segment recorded 757 single-family home sales, an increase of 49 percent from September 2017.

Miami Existing Condo Sales Have Increased in Seven of the last Nine Months

Miami existing condo sales increased 29.5 percent year-over-year in September, from 804 to 1,041. The Miami market has registered 10,531 existing condo sales year to date, an increase of 5.2 percent from this time last year.

The largest segment of growth for existing condo sales is the $150,000 to $300,000 range. The segment recorded 539 condo sales, an increase of 47.7 percent from September 2017.

Sales Dollar Volume Jumps 42.6 Percent to $900 Million 

Total sales volume increased to $900 million from $631.1 million in September 2017. Existing condo sales volume increased from $304.7 million to $374.3 million (an increase of 22.8 percent). Single-family home total dollar volume rose 61.1 percent, from $326.4 million to $525.7 million.

Luxury sales played a significant role in the rise of the total sales volume. Miami single-family $1 million-and-up luxury sales jumped 62.2 percent, from 45 to 73 transactions. Existing luxury condo sales increased 25.6 percent, from 43 to 54 transactions. 

Luxury single-family home sales have now increased for five consecutive months. Luxury existing condo sales have increased in five of the last six months.

Lack of access to mortgage loans continues to inhibit further growth of the existing condominium market. Of the 9,307 condominium buildings in Miami-Dade and Broward counties, only 12 are approved for Federal Housing Administration loans, down from 29 last year, according to Florida Department of Business and Professional Regulation and FHA.

Nearly Seven Consecutive Years of Price Appreciation in Miami 

Miami-Dade County single-family home prices increased 7.5 percent in September 2018, increasing from $335,000 to $360,000. Miami single-family home prices have risen for 82 consecutive months, a streak of nearly seven years. Existing condo prices rose 1.3 percent, from $234,500 to $237,500 in September. Condo prices have increased in 85 of the last 88 months.

Low mortgage rates make purchasing a home more affordable. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased to 4.63 percent in September from 4.55 percent in August. The average commitment rate for all of 2017 was 3.99 percent.

Miami Distressed Sales Continue to Drop, Reflecting Healthy Market 

Only 6.8 percent of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, compared to 9.1 percent in September 2017. In 2009, distressed sales comprised 70 percent of Miami sales.

Total Miami distressed sales increased 1.5 percent year-over-year, from 135 in September 2017 to 137 last month.

Short sales and REOs accounted for 1.6 and 5.2 percent, respectively, of total Miami sales in September 2018. Short sale transactions increased 3.2 percent year-over-year while REOs increased 0.9 percent.

Nationally, distressed sales accounted for 3 percent of sales (lowest since NAR began tracking in October 2008), down from 4 percent a year ago.

Miami Real Estate Selling Close to List Price 

The median number of days between listing and contract dates for Miami single-family home sales was 47 days, an 14.6 percent increase from 41 days last year. The median number of days between the listing date and closing date for single-family homes was 91 days, a 1.1percent decrease from 92 days.

The median time to contract for condos was 70 days, a 4.1 percent decrease from 73 days last year. The median number of days between listing date and closing date decreased 7.5 percent to 111 days.

The median percent of original list price received for single-family homes was 95.6 percent. The median percent of original list price received for existing condominiums was 94.7 percent.

National and State Statistics 

Nationally, total existing-home sales fell 3.4 percent from August to a seasonally adjusted rate of 5.15 million in September. Sales are now down 4.1 percent from a year ago (5.37 million in September 2017). 

Statewide closed sales of existing single-family homes totaled 21,087 last month, up 17 percent compared to September 2017, according to Florida Realtors. Statewide closed condo sales totaled 8,492 last month, up 14.6 percent compared to a year ago.

The national median existing-home price for all housing types in September was $258,100, up 4.2 percent from September 2017 ($247,600). September's price increase marks the 79th straight month of year-over-year gains.

September was the 81st month-in-a-row (over six and a half years) that statewide median sales prices for both single-family homes and condo-townhouse properties increased year-over-year. The statewide median sales price for single-family existing homes was $251,610, up 4.9 percent from the previous year, according to Florida Realtors. The statewide median price for condo-townhouse units in September was $182,500, up 5.5 percent over the year-ago figure. 

Miami's Cash Buyers Represent almost Double the National Figure 

Miami cash transactions comprised 35.4 percent of September 2018 total closed sales, compared to 43.5 percent last year. Miami cash transactions are almost double the national figure (21 percent).

Miami's high percentage of cash sales reflects South Florida's ability to attract a diverse number of international home buyers, who tend to purchase properties in all cash. Miami has a higher percent of cash sales for condos due to lack of financing approvals for buildings.

Condominiums comprise a large portion of Miami's cash purchases as 48.9 percent of condo closings were made in cash in August compared to 21.1 percent of single-family home sales.

Balanced Market for Single-Family Homes, Buyer's Market for Condos 

Inventory of single-family homes increased 9.8 percent in September from 6,060 active listings last year to 6,652 last month. Condominium inventory increased 4.1 percent to 15,435 from 14,834 listings during the same period in 2017.

The increase in inventory is for properties above $300,000 for condos and for properties above $600,000 for single family homes.

Monthly supply of inventory for single-family homes increased 10.7 percent to 6.2 months, which indicates a balanced market. Existing condominiums have a 13.6-month supply, which indicates a buyer's market. A balanced market between buyers and sellers offers between six and nine months supply of inventory.

Total active listings at the end of September increased 5.7 percent year-over-year, from 20,894 to 22,087. Active listings remain about 60 percent below 2008 levels when sales bottomed.

New listings of Miami single-family homes increased 73.9 percent to 1,682 from 967. New listings of condominiums increased 59.9 percent, from 1,429 to 2,285. The numbers are impacted from the stalled transactions after Hurricane Irma in September 2017.

Nationally, total housing inventory at the end of September decreased from 1.91 million in August to 1.88 million existing homes available for sale, and is up from 1.86 million a year ago. Unsold inventory is at a 4.4-month supply at the current sales pace, up from 4.3 last month and 4.2 months a year ago. 

Homebuying in the fall: 6 good reasons not to wait for spring

Spring and summer have long been considered the best time to buy a house. Their seasonal sibling, fall, is usually hidden under a mound of leaves. After all, potential buyers are thinking more about spooky houses and houses filled with the aroma of roast turkey; they aren’t thinking about house-hunting.  

According to Margaret Heidenry in an article for Realtor.com, “The best month to snag a deal when buying a home? October. This isn’t just some random guess; it’s based on RealtyTrac’s analysis of more than 32 million home sales over 15 years. The resulting data showed that on average, October buyers paid 2.6% below estimated market value at the time for their homes.”  

For a $300,000 house, that’s a savings of $7,800. “Those savings are nothing to sneeze at,” Heidenry writes, “so bargain hunters should get hopping once autumn rolls around.”

Szwed lists the following six reasons for buying a home in the fall:

1. You see a house’s exterior issues better.Green grass and plant life around the house may look fantastic in spring or summer. “In fact, you may focus on the beautiful landscaping and not see the deck’s deteriorating wood or the rain gutters hanging precariously along the eaves,” noted Szwed. “Viewing houses in the fall, you can spot exterior flaws and even landscaping problems, setting you up to deal with these issues before you buy the house.”
2. It’s easier to get your agent’s attention.
   In spring or summer, real estate agents are busy.  They have long lists of things to do for many more clients than in the fall. “If you are one of their clients, you may get lost in the agent’s scramble to get too many things done for too many clients,” added Szwed. “In the fall, when things are slower, your agent may be able to devote more time and attention to your house-buying needs.”
3. Pressure to buy is lower.
   You may feel pressured to buy too quickly when houses are selling like hotcakes in the spring and summer. “If you don’t rush, you can carefully consider and compare houses,” stated Szwed. “You can  work your way through the home-buying process at a stress-free pace.”
4. You may find a better deal.
   Fewer buyers may mean sellers sometimes lower their asking price, especially if the house has been on the market throughout the spring and summer. After waiting for months, a seller may be ready to take less money for the house just so they can move on.
5. You may have a better chance of avoiding a bidding war.
   Buyers can take advantage of a seasonal hiatus, like when the kids go back to school because sales slow down at that time. “When the competition for homes weakens, there’s less of a chance that you’ll be outbid by someone else,” said Szwed.
6. You have time to get a tax break.
   “You can deduct certain expenses, including mortgage loan interest and property taxes, on your tax returns,” concluded Szwed. “You’ll have up to December 31st to close on a home and still write off qualifying expenses for a spring tax filing. It may only trim a few hundred dollars off your tax liability but every dollar counts.”

(https://miamiagentmagazine.com/2018/10/08/homebuying-fall-6-good-reasons-not-wait-spring/)

New-Home Sales Tick Up as Housing Shortfall Tops 4 Million

The numbers: New-home sales ran at a seasonally adjusted annual 629,000 rate in August, the Commerce Department said Wednesday.

What happened: Sales of newly-constructed homes rose 3.5% compared to July, and edged past the MarketWatch consensus of a 625,000 pace. And the pace of sales in August was 12.7% higher than a year ago. But hefty revisions to prior months were all downward, a reminder that the housing recovery remains grudgingly slow.

Big picture: The government’s home-construction reports are based on small samples and are often revised heavily, making it hard to rely on any one month’s data. For the year to date, sales were 6.9% higher than the same period last year. That year-to-date comparison has declined steadily over the course of the year, a possible sign of flagging momentum.

Another sign may be rising inventories: at the current pace of sales, it would take 6.1 months to exhaust available supply, one of the highest ratios in recent years. In a note out after the release, Amherst Pierpont Securities Chief Economist Stephen Stanley noted that there were 318,000 homes available for sale in August, the highest number since 2011.

What they’re saying: Economists at Freddie Mac analyzed the pace of new housing construction and found that years of underbuilding has left the U.S. with a cumulative shortfall—that is, supply compared to historical averages—of 4.6 million housing units in the years since 2000. That number is especially stark considering that builders constructed a surplus of homes in the bubble years of the last decade.

Investors have turned bearish on publicly-traded builders, even as the fundamentals remain tilted in their favor. On a Tuesday call with analysts, KB Home CEO Jeffrey Mezger addressed that issue, and reiterated the company’s commitment to lower-priced homes, where most housing-watchers think the greatest need—and the greatest opportunity—sits.

“I keep getting back to the current inventory levels which are low. While the national numbers are four months, many of the markets we’re in today at still two months, month-and-a-half, and then when you get into the price points we play at, it’s even less. So there’s not a lot of inventory out there at the affordable price band and much of the headlines, I think, are tied to higher price points that are seeing some slowdown and we’re trying to stay ahead of that,” Mezger said. “We think market conditions are very good and continue to see a great opportunity as we head into 2019.”

KB Home’s results from the most recent quarter beat Wall Street expectations.

Market reaction: The iShares U.S. Home Construction ETF was down in morning trading. Its shares have lost nearly 17% in the year to date.

The realtor.com® editorial team highlights a curated selection of product recommendations for your consideration; clicking a link to the retailer that sells the product may earn us a commission.

...Housing Trends eNewsletter- Lazaro Lopez

...Housing Trends eNewsletter- Lazaro Lopez

Los compradores de casas compran segundas casas de vacaciones con fines de lucro sobre el uso personal ...

Durante la última década, el mercado de segundas residencias y operaciones de viajes en línea se ha transformado significativamente. Una encuesta realizada por el asesor de bienes raíces Savills y HomeAway encontró que los compradores recientes están priorizando la compra de segundas residencias de vacaciones para obtener beneficios financieros en lugar de para el disfrute personal.

"En un entorno de baja tasa de interés, los inversores están buscando activos generadores de ingresos", dijo Paul Tostevin, director asociado de Savills World Research. "Los compradores de segunda vivienda de hoy quieren que las propiedades funcionen para ellos financieramente y buscan cada vez más no solo cubrir los costos, sino también obtener ganancias".

Este cambio en la dinámica ha demostrado ser extremadamente nuevo. El estudio encontró que en el año 2000, ocho de cada 10 propietarios de segunda vivienda nunca habían alquilado sus propiedades a turistas. Más recientemente, la investigación encontró que más de dos tercios de los propietarios de una segunda casa alquilan sus casas de vacaciones para aliviar la totalidad o parte de sus gastos de propiedad.

En 2007 y 2008, la demanda de segundas viviendas cayó y el mercado nacional de vivienda disminuyó debido a la crisis financiera mundial. En los últimos años, mientras que las propiedades más pequeñas y más baratas lideran el mercado con compradores que buscan un potencial de ingresos y ganancias, el crecimiento del mercado se ha reanudado. Aproximadamente un tercio de todos los propietarios de viviendas de alquiler cubren los gastos con los ingresos por alquiler, mientras que otra tercera parte genera ganancias. La investigación descubrió que el rendimiento bruto promedio en la muestra es de 6.4 por ciento, o 3.9 por ciento después de los costos, mientras se excluyen los impuestos.

Además, la accesibilidad de los mercados en línea como Airbnb para alojamientos de alquiler breve ha proporcionado medios para que los propietarios puedan alquilar sus propiedades más fácilmente a los viajeros.

“En los últimos diez años, la industria de viajes en línea ha cambiado significativamente. Alojarse en una casa de vacaciones se ha transformado, pasando de una forma alternativa de viajar a una forma preferida de quedarse ”, dijo Christophe Pingard, vicepresidente de EMEA, HomeAway. "Con el aumento de la popularidad de la categoría, los alquileres de vacaciones no solo atraen a más viajeros, y quizás lo más importante, una nueva generación de viajeros más jóvenes acostumbrados a reservar casas en hoteles para sus viajes".

HomeAway y Savills descubrieron que dentro de los Estados Unidos, los propietarios en Florida representan el 14 por ciento de las segundas residencias en la nación, ocupando el número 1 en la lista de propietarios. Después del Estado del Sol, California es el 7 por ciento y Carolina del Norte el 4 por ciento.

(https: //miamiagentmagazine.com/2018/09/19/homebuyers-purchase-secon ...)

Florida neighborhood ranks best for real estate buying and investing

A real estate research firm has picked a neighborhood in Southwest Florida as the "best neighborhood" in the United States based on schools, crime and other factors. The Pine Ridge neighborhood in Naples, Florida, was the nation's best based on six criteria: affordability, home price appreciation, school scores, crime rates, unemployment rates and property taxes. More from the AP and National Mortgage Professional Magazine.

NAPLES, Fla. (AP) — A real estate research firm has picked a neighborhood in Southwest Florida as the "best neighborhood" in the United States based on schools, crime and other factors.

ATTOM Data Solutions said Thursday that the Pine Ridge neighborhood in Naples, Florida, was the nation's best based on six criteria.

Those measurements are affordability, home price appreciation, school scores, crime rates, unemployment rates and property taxes.

Following Naples was the Westlake neighborhood in Mobile, Alabama; the Union neighborhood in San Jose, California; the Westmoreland neighborhood in Charlotte, North Carolina; and Hunters Hill neighborhood in Denver, Colorado.

ATTOM Data Solutions crunched numbers on almost 11,000 neighborhood housing markets to arrive at the rankings.

What Should Buyers Look For In A Home?

When you're planning on buying a house in the near future, you're subject to lots of advice. Buyers should consider the quality of the schools, their commute to work, the neighbors, and any noise when thinking about purchasing a house. I always stress to my clients: Pay attention to the things that you can’t change about a house and to make sure you can live with those items. Kitchen and bathrooms can be remodeled, but you can't make the noise from a busy freeway go away.

Location, location, location:

The first, and most important, rule of real estate has not changed: location, location, location. If the home is not in the right community, near a busy highway or in the wrong school district, you can rule it out before visiting. If your neighbor doesn’t take care of the yard and has all kinds of clutter and junk, they may make a lot of noise and have a lot of things going on. Write a list of what you want and need in a home, then lists to see what's important when touring prospective homes, mark which items do and don't meet your criteria.

Consider age and condition:

Look at the age and condition of the home, especially for those big-ticket items. How does the roof look? What about the HVAC? Are there signs of water or structural damage? No matter if you want a turn-key home or a fixer-upper, these are things that should be in good condition before you buy. A home inspection is one protection against expensive surprises, but you’ll also want to scrutinize seller disclosures, ask questions about the age of roofs, electrical and plumbing systems, furnaces and air conditioners. Also inquire about termite treatments and water damage. If not, you could end up spending much more than you intend on fixes and replacements. Make sure it meets your current (and future) needs. No matter what's on your list of must-have's, don't settle for a home unless you're sure it will meet your needs.

Stick to your budget:

Don’t overbuy for your budget. Make sure you know how much you're comfortable paying in a mortgage amount and stick to that limit, even if you've been approved for more. You don't want to be in a position where you feel 'house poor', or worse, are unable to make your payments.

Don't forget resale value:

Though it may be a not-so-sexy feature of your home, resale value one of the most important. It can be a huge determining factor the quality of your investment and how long it will take you to sell once you decide to move. Look for features in your home that most buyers would consider desirable like bedroom size, kitchen size, outdoor space, or parking.

(https://realestate.usnews.com/real-estate/articles/what-homebuyers-should-look-for-when-touring-a-home)

Buying In a New Real Estate Development? Five Things To Know...

New real estate developments have an undeniable appeal for homebuyers. I have overseen sales and marketing for more than 300 new development projects totaling over 10,000 residences over the last 30 years, and I’ve found that everyone from first-time buyers to seasoned homeowners needs an education on the nuances of buying new.

Here are five tips to help get you started:

1. Understand The Timeline

Developers typically begin sales 12 to 24 months prior to the projected occupancy (move-in) date of the property, which means that you need to plan well in advance for your purchase.

On the plus side, this gives you time to save additional funds for the remaining down payment after deposit and to sell an existing property, if necessary. But if unforeseen delays alter the construction timeline, you might not move in when you expected.

If you are moving from a rental, it’s best to negotiate flexibility with your landlord. For buyers who are selling another property, try timing of the sale of your home so you have some wiggle room on your ultimate closing and moving-out dates. This way, you’re not sleeping in your parent’s basement, bunking with friends or camping out in a hotel for a few weeks. Ask the developer for regular construction updates starting six months prior to the projected closing date so that if you need to extend your lease or closing date, you have plenty of time to do so.

2. Not All New Construction Is Created Equal

Make sure to do your homework on both the developer and the contractor actually performing the work. You will want to assure that they are well-respected developers and builders who stand behind their product. Construction defects happen, but that does not mean the developer is necessarily to blame or that they are a bad developer. More importantly, does the developer have a reputation for responding quickly when a problem arises? Are they amenable to correcting any construction defects without litigation? What is their reputation for quality workmanship? In addition, it is important to ask when the warranties begin when purchasing in a newly built development and that you obtain all of the warranty information.

3. What You See May Not Be What You Get

Artist renderings and sales office models that depict the finishes of the property are key marketing tools when selling new development because these residences are being sold before there is a finished product. Make sure to ask what comes with the actual residence you are purchasing. For instance, a three-bedroom model kitchen may not be representative of the kitchen in the one-bedroom you have selected, which will most likely have a smaller kitchen.

It’s important to get specific. Ask what size the appliances are in your residence, and how much cabinet space you will have. If the model kitchen is shown with drawer inserts or pull-out drawers, is this standard for all units? Find out if the model bathroom is typical or if your bath will be smaller with fewer fixtures. Inquire what lighting will be included. Most developers only install recessed lighting in hallways, kitchens and bathrooms and supply switched outlets everywhere else. The same goes for closet design. Just because a model home shows a fully outfitted closet does not mean you should assume your unit will come with the same.

4. Budget For Additional Closing Costs

In New York City in particular, it is customary that the developer expects the purchaser to pay the New York State and New York City Transfer Taxes. (In re-sales, these costs are typically born by the seller.) You can attempt to negotiate these additional expenses, and depending on the building and market, a developer may agree. Often, developers prefer to negotiate closing costs rather than price to maintain value throughout the building not only for themselves but also to protect the investment being made by everyone purchasing from them. In addition, developers may pass along part of their legal fees for creating the condominium documents and performing the closing, which can add another $2,500-$3,000 to buyer expenses in most cases.

5. Check The House Rules And Bylaws

Co-ops are not the only buildings with rules. Every property (yes, even a condo) has a different pet policy, smoking policy and rules and fees for subleasing. Make sure that the rules work for you and that your furry friend meets any building limits on breed or size.

Buying in a new development is very exciting, but can also be nerve-wracking due to the many nuances and potential unknowns as to what the finished product will actually look and feel like. Doing as much homework up front as possible will help to ease any concerns and assure a more expected outcome.

(https://www.forbes.com/sites/forbesrealestatecouncil/)

Fueled by tax changes, buyers pounce on warming Miami condo market

The middle of the summer has brought signs that the hot U.S. housing market is leveling off as sales slow and listing prices are cut. Those trends have fueled fears of a broader contraction and the coming of a buyer’s market. But trends within Miami’s condo marketdemonstrate why a buyer’s market is still a welcome one for agents. 

The Miami Association of Realtors reported that condo sales in the metro area grew 8.2 percent year-over-year in July, making it the fifth of the last seven months to see a sales increase. While condo prices also grew 8 percent to a median of $243,000, high levels of inventory and relatively stable mortgage rates have helped fuel strong demand for Miami condos, with room for sales to continue growing.

While Miami Realtors found that entry- and mid-level price tiers fueled much of the growth in condo sales, more activity in the high end of the market helped push Miami’s condo sales volume 10 percent higher than last year, to $457.7 million. According to Lina Barcelo, director of luxury sales at The Keyes Company, this can be attributed to local market characteristics as well as the new federal tax law.

“I do see a lot of people coming in and looking at higher-price listings and making offers,” Barcelo said, who primarily deals with listings south of 5th in Miami Beach including the Continuum South Tower. “We weren’t seeing those big units sell before, but now we are.”

Barcelo explained that while she is used to seeing a large number of clients come from the northeastern U.S., when asked why they are moving, the most common answer is related to the new federal tax law. Among the law’s changes was a new limit of $10,000 per year on the total value of all state and local tax (SALT) deductions that taxpayers may claim. That has led to an influx of buyers from states in the Northeast, where SALTs tend to be higher than in Florida.

“Because of the new tax law, more buyers are planning to make Miami their primary home,” Barcelo said. One recent buyer told Barcelo that they couldn’t even move into their condo for another two years and would need to rent it out until then. The new tax law and Miami’s favorable market conditions prompted them to act now rather than wait.

Although strong condo sales made July a good month overall for Miami agents, single-family home sales fell flat or ended lower on the year in the area. Miami’s single-family home sales fell by 1.2 percent in July, echoing a national trend. However, Barcelo said that in her experience in the Miami market, this is part of a normal cyclical pattern, not to mention a testament to the appeal of condo properties.

“In Miami, condos are like a home,” Barcelo said. “They are near the beach, they have more amenities and there is less maintenance involved. But single-family homes can still increase; Miami always has a period when sales catch up.”

2 out of 3 economists expect a buyer’s market by 2020

2 out of 3 economists expect a buyer’s market by 2020

Miami ranks as one of the most valuable cities in the country...

Real estate wealth is dispersed unequally throughout the United States with revenue concentrated heavily in metropolitan areas, valued at $26.2 trillion in total. 

Lending Tree ranked the top 50 most valuable cities in America from its collection of real estate data covering more than 155 million U.S. properties.  

While competing against many other high-ranking coastal cities, Miami made into the top 10 most valuable cities with a ranking at No. 7. Miami’s total residential real estate value was estimated at $648 billion with a median value of $267,000.  

In order to calculate the total property values of metropolitan areas, Lending Tree looked at previous home value figures based on public tax, deed, mortgage and foreclosure data, and proprietary local data. The My Lending Tree property database also used GDP data from the IMF’s April 2018 World Economic Outlook to provide a comparison between the value of the top 50 American cities and financially similar countries. Miami was given the “closest country equivalent” of Argentina.   

The Federal Reserve estimated the total values of residential real estate to be $28.4 trillion. Considering the Lending Tree property value database in relation, the top 10 most valuable cities contribute to 40 percent of the Federal Reserve’s figure. Even further, the full list of 50 cities constitutes 70 percent of all residential real estate value in the U.S.

(https://miamiagentmagazine.com/2018/09/06/miami-ranks-one-valuable-cities-country/)

Paraíso Bay Views. Reserve now with only 20% Deposit!

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These 10 US cities account for 33% of the nation's residential real estate

These 10 US cities account for 33% of the nation's residential real estate: The value of all residential real estate in New York City is equivalent to the gross domestic product of France.

That surprising — though not aston

In the Market for a New Luxury Home? Now You Can Try Before You Buy...

High-end developers of resort-residences are offering likely buyers brief—and sometimes free—mini-vacations in specially designed tents, cabins and cabanas.

Four Seasons Hotels and Resorts, the world’s leading luxury hospitality company, announced plans for the development of Caye Chapel, a private island in Belize featuring magnificent oceanfront estates, private residences and overwater bungalows. Scheduled to open in 2021, the project is in partnership with Thor Urbana, Inmobilia Desarrollos and GFA Grupo Inmobiliario, three leading real estate development groups based in Mexico.

Four Seasons Resort and Residences Caye Chapel, Belize will transform the intimate private island of Caye Chapel into a luxury destination for residence owners and leisure travellers, with approximately 50 Private Estate lots, 35 Private Residences, and 100 guest rooms and suites. Caye Chapel is located in the Belize archipelago in the Caribbean Sea, adjacent to the UNESCO World Heritage designated Belize Barrier Reef System, the largest reef system in the northern hemisphere. The island will feature an 18-hole golf course designed by Greg Norman in consultation with Lorena Ochoa, a Fabien Cousteau nature and conservation institute, a marina and private airstrip.

“We are excited to be a part of the reimagination of Caye Chapel into an exclusive luxury experience, and to do so in a way that protects and reinforces the natural wonders of the island,” says J. Allen Smith, President and CEO, Four Seasons Hotels and Resorts.

About Four Seasons Resort and Residences Caye Chapel, Belize

The 280-acre (113 hectare) island is outlined by 6 miles (9.7 kilometres) of white sand beaches and turquoise waters, and is located 16 miles (26 kilometres) from Belize City, either 30 minutes by boat or 10 minutes by flight. The island’s marina and airstrip can accommodate private boats and planes for easy access by owners and guests arriving from further afield. A destination in its own right, the island also acts as a convenient base to explore the nearby cultural and natural sites of mainland Belize and surrounding cayes.

For those looking to make their stays on the island more permanent, the development will include approximately 35 Four Seasons Private Residences and 50 Four Seasons Private Estates that owners can help design and build to their own preferences. Each lot will have private beach and golf course access, and owners can choose between a site on the east to enjoy sunrise or on the west for views of the sunset. The Resort will feature 100 guest rooms and suites designed by Studio Caban, including a collection of overwater bungalows.

Myriad amenities include health and wellness facilities, two beach clubs, multiple dining and bar options with sea views, retail outlets, a young residents club, a marina, tennis courts and the 18-hole White Shark Golf Course designed and reinvented by Greg Norman and Lorena Ochoa.

Guests and homeowners will be able to enjoy the exceptional natural aquatic environment around the island through boat expeditions, snorkelling, paddle boarding, diving and the on-site Fabien Cousteau Nature and Conservation Institute and Adventure Center. The institute will be home to research and education initiatives that guests and residents can participate in, including a 3D coral reef printing program.

Four Seasons Resort and Residences Caye Chapel, Belize will be a welcome addition to the growing Four Seasonsresort collection in Central America, the Caribbean and Mexico, including sister properties in Costa Rica, the Bahamas, Anguilla, Nevis and Punta Mita, Mexico.

U.S. Housing Market to Become a Buyers Market in 2020

According to the 2018 Q3 Zillow Home Price Expectations Survey, U.S. home sellers will continue to hold more negotiating power than buyers for the next 18 months.

The quarterly survey, sponsored by Zillow and conducted by Pulsenomics LLC, asked more than 100 real estate economists and experts for their predictions about the U.S. housing market, including when they expect the market to favor homebuyers over sellers.

Annual home-value appreciation has been faster in 2018 than it was in 2017, and inventory has fallen on a year-over-year basis for 42 consecutive months. These conditions have put sellers in the driver's seat for the past few years.

Recently, though, data suggest the balance may be starting to tilt back toward buyers. Home-value growth is slowing in more than half of the nation's 35 largest metros, and price cuts are becoming more common. But even in those markets where appreciation has slowed, it remains above its historic average rate and sellers continue to have the upper hand, particularly at the most affordable price points. Three out of four economists surveyed said the national housing market would not shift to a buyers market until 2020 or later.

The largest share of respondents - 43 percent - believe the national housing market will become a buyers market in 2020. At the regional level, the panelists believe the Midwest will shift to a buyers market a year before the rest of the country. The most frequently selected year for the Midwest to start favoring buyers over sellers was 2019, while the other regions (Northeast, South and West) are expected to change in 2020 along with the nation overall.

"For the past several years, home sellers held all the cards at the negotiating table, fielding multiple offers while buyers faced stiff competition and a fast-moving market," said Zillow Senior Economist Aaron Terrazas. "Conditions are starting to show signs of easing up, but the effects of years of limited construction still linger. Inventory is still falling on an annual basis, and home values are growing well above their historic pace. Although these trends are starting to lose their edge, it is far too soon to call it a buyers market."

Home values across the country are expected to continue to see strong appreciation in 2018, with a predicted 5.9 percent increase. Although most panelists have made upward revisions to their home-value growth projections from a year ago, the adjustments are focused on the near-term, leaving the outlook beyond 2020 little changed.

"While ongoing supply constraints are reinforcing the floor on home prices right now, the experts' forecasts still imply the joists will start to crack sometime next year, and result in sub-three percent annual home-value appreciation in 2020 and beyond," said Pulsenomics Founder Terry Loebs. Loebs also noted that another indicator from the latest survey is consistent with a shifting market. "For the first time, a majority of the experts said that there is downside risk to their long-term outlook for home values nationally--and they outnumber experts who assigned upside risk to their forecasts by more than a three-to-one ratio."

Strong Job Growth in U.S. Driving Up Office Asking Rents

According to Transwestern's second-quarter 2018 national office market report, continued improvement in the U.S. office sector was due in large part to a strong jobs market with remarkably low overall unemployment of 3.9 percent, and a 1.6 percent annual growth rate in office-using employment.

For the second quarter, office absorption totaled 18.8 million square feet, vacancy remained stable at 9.6 percent, and average asking rents increased by 3.4 percent annually to $25.71 per square foot.

"As more individuals return to the workforce citing real wage growth, further tightening in the core metrics is anticipated through the balance of the year," said Stuart Showers, Research Director in Houston.

The rise in rental rates marks the 21st consecutive quarterly increase, with Minneapolis; Charlotte, North Carolina; Columbus, Ohio; San Antonio and Austin, Texas leading the nation in year-over-year rent growth. San Francisco edged out New York for the highest asking rates in the country at $74.40 per square foot. 

"Despite only 4 million square feet currently under construction in San Francisco versus more than 14 million square feet in New York, San Francisco is increasing total inventory by a higher percentage, which could drive asking rates even higher as new product comes online," said Ryan Tharp, Research Director in Dallas. "Additionally, existing tariffs on steel and aluminum are likely to drive up construction costs, and landlords may need to bump up rental rates to compensate."

Worth noting is that while national quarterly absorption remained positive, the pace of absorption is slowing as quarterly totals are approximately 20 percent below three- and five-year quarterly averages. Overall, 34 of the 49 Transwestern reporting markets registered positive absorption in the second quarter, underscoring the strength of the sector.

(http://www.worldpropertyjournal.com/real-estate-news/united-states/new-york-city-real-estate-news/transwestern-second-quarter-2018-national-office-market-report-rising-office-rents-in-2018-job-growth-data-ryan-tharp-commercial-real-estate-news-11008.php)

Florida's Housing Market: Sales, Median Prices, New Listings Up in 2Q 2018

Second-quarter 2018 saw increased sales, higher median prices and more new listings for Florida’s housing market, according to the latest housing data released by Florida Realtors®. Many local markets continued to report a lack of for-sale inventory, which impacts sales and puts pressure on rising median prices. Closed sales of single-family homes statewide totaled 80,711 in 2Q 2018, up 1 percent from the 2Q 2017 figure.

“During the second quarter of 2018, Florida’s economy and jobs sector continued to grow,” said 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. “In June, the state’s unemployment rate was 3.8 percent while the U.S. unemployment rate was 4.0 percent. On another positive note, Florida’s 2Q 2018 homeownership rate was 65.1 percent.

“Despite tight inventory levels, it’s encouraging to see that new listings for single-family homes over the quarter rose 4.9 percent year-over-year, while new condo-townhouse listings rose 3.9 percent. If that trend continues, it will hopefully help ease buyer demand and slow the pace of rising prices.”

The statewide median sales price for single-family existing homes in 2Q 2018 was $256,150, up 6.7 percent from the same time a year ago, according to data from Florida Realtors Research department in partnership with local Realtor boards/associations. The statewide median price for condo-townhouse properties during the quarter was $189,900, up 8.5 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

Looking at Florida’s condo-townhouse market, statewide closed sales totaled 34,376 during 2Q 2018, up 4.7 percent compared to 2Q 2017. The closed sales data reflected fewer short sales – and rising traditional sales – over the three-month period: Short sales for condo-townhouse properties declined 41.4 percent while short sales for single-family homes dropped 45.2 percent. Meanwhile, traditional sales for condo-townhouse units rose 6.8 percent and traditional sales for single-family homes increased 4.3 percent year-over-year. Closed sales typically occur 30 to 90 days after sales contracts are written.

“Through the second quarter, low inventory levels kept the number of single-family sales just barely ahead of last year’s pace, whereas a greater selection of condos and townhouses on the market allowed for a nearly 5 percent increase in sales versus last year,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “Competition for existing homes remains fierce, with over half of successful single-family home sellers in the second quarter getting above 96 percent of their initial listing prices.”

He added that the median time to a contract (the midpoint of the number of days it took for a property to receive a sales contract during that time) dropped during the three-month-period.

“Half of the single-family homes that sold in the second quarter were only on the market for 35 days or less, compared to 39 days or less in the same quarter last year,” O’Connor said. “Among condo and townhouse sales, there was a similar-sized drop in this regard, from 50 to 44 days.”

Inventory was at a 3.9-months’ supply in the second quarter for single-family homes and at a 5.5-months’ supply for condo-townhouse properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.54 percent for 2Q 2018, up from the 3.99 percent recorded during the same quarter a year earlier.

To see the full statewide housing activity reports, go to Florida Realtors Media Center at http://media.floridarealtors.org/ and look under Latest Releases, or download the 2Q 2018 data report PDFs under Market Data here.

Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 180,000 members in 54 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.

Miami Condo Sales Takeoff in Mid 2018!

According to the Miami Association of Realtors, Miami-Dade County existing condominium sales surged 5.6 percent in 2Q 2018 as median prices for all properties rose for the 26th consecutive quarter.

Miami condo transactions jumped 5.6 percent, from 3,818 in 2Q 2017 to 4,033 in 2Q 2018. Miami existing single-family sales decreased 2.6 percent, from 3,882 to 3,782. The change is due to a lack of single-family home inventory in lower and mid-price points.

"Miami condo home buyers are finding great opportunities particularly in the $250,000 to $600,000 range," MIAMI Chairman of the Board George C. Jalil said. "Miami condo sales in the $250,000 to $600,000 range increased 15.7 percent year-over-year, which helped fuel the sector's robust quarter."

Total Home Sales Increase in 1Q 2018

Total existing Miami-Dade County residential sales increased 1.5 percent year-over-year in 2Q 2018, from 7,700 to 7,815.

Total sales volume accounted for $3.9 billion in 1Q 2018, an increase from the $3.3 billion sales volume a year ago. The sales do not include Miami's multi-billion dollar new construction condo market.

Non-distressed sales comprised 94 percent of all closed residential sales in 2Q 2018 vs. 90 percent in 2Q 2017. Only 6.3 percent of all closed residential sales in Miami were distressed in 2Q 2018, including REO (bank-owned properties) and short sales, compared to 9.7 percent in 2Q 2017. In 2009, distressed sales comprised nearly 70 percent of Miami sales.

Short sales and REOs accounted for 1.5 and 4.8 percent, respectively, of total Miami sales in 2Q 2018. Short sale transactions decreased 36.8 percent year-over-year while REOs fell 33.6 percent

Miami Luxury Homes Sales Jump 18.2 Percent

Total luxury home sales ($1 million and above) jumped 18.2 percent, from 500 in 2Q 2017 to 591 in 2Q 2018.

Condo luxury sales fueled the $1-million-and-above transaction surge, increasing 37.1 percent in 2Q 2018. Single-family luxury transactions increased 5.9 percent in 2Q 2018.

A rise in sales among mid-priced condos also played a key role in 2Q 2018. Miami condo sales in the $250,000 to $600,000 range increased 15.7 percent year-over-year, from 1,213 sales to 1,403.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.54 percent for 2Q 2018, up from the 3.99 percent recorded during the same quarter a year earlier.

Miami Median Prices Rise for 26th Consecutive Quarter

The median price for single-family homes in Miami-Dade County increased to $350,000 in the second quarter, a 6.6 percent jump from $328,300 in the same period last year. The median price for existing condominiums increased 5.2 percent year-over-year from $229,000 to $240,875.

Median prices have now increased for 26 consecutive quarters, a streak spanning 6.5 years.

Statewide, the median sales price for single-family existing homes in 2Q 2018 was $256,150, up 6.7 percent from the same time a year ago, according to Florida Realtors. The statewide median price for condo-townhouse properties during the quarter was $189,900, up 8.5 percent over the year-ago figure.

The national median existing single-family home price in the second quarter was $269,000, which is up 5.3 percent from the second quarter of 2017 ($255,400) and surpasses last year's second quarter as the new peak, according to the National Association of Realtors.

Hot Markets Overview Reveals Strong Demand and Limited Supply in Many Local Areas

Months' supply of inventory is a strong indicator of real estate activity. Top Miami neighborhoods with the lowest months of supply of inventory in 2Q 2018:

Single-Family Homes

Richmond Heights, a small community south of Kendall, had 8 months supply
Miami Gardens, a north Dade community along the Broward line, had 2 months supply
South Miami Heights, a south Dade community west of Cutler Bay, had 2.3 months supply
Palm Springs North, a northwestern Dade community south of the Broward line, had 2.3 months supply
Palmetto Estates, a South Dade community west of Palmetto Bay, had 2.4 months supply
 
Condominiums

Naranja, a south Dade community north of Leisure City, had 8 months supply
The Crossings, a South Dade community west of Kendall, had 0 months supply
Tamiami, a South Dade community west of Kendall, had 2.5 months supply
Three Lakes, a South Dade community west of Kendall, had 2.7 months supply
Hialeah Gardens, a North Dade community west of Hialeah, had 2.7 months supply

National, State Home Sales in 2Q 2018

Nationwide existing-home sales, including single family and condos, decreased 1.7 percent to a seasonally adjusted annual rate of 5.41 million in the second quarter from 5.51 million in the first quarter, and are 2.4 percent lower than the 5.55 million pace during the second quarter of 2017, according to NAR. 

Closed sales of single-family homes statewide totaled 80,711 in 2Q 2018, up 1 percent from the 2Q 2017 figure, according to Florida Realtors. Looking at Florida's condo-townhouse market, statewide closed sales totaled 34,376 during 2Q 2018, up 4.7 percent compared to 2Q 2017.

Balanced Market for Single-Family Homes, Buyer's Market for Condos 

At the current sales pace, the number of active listings represents 6.0 months of inventory for single-family homes and 13.9 for condominiums. A balanced market between buyers and sellers offers between six and nine months of supply inventory.

Miami real estate had 21,470 active listings in the second quarter, a 1.7 percent increase from the 21,119 listings at the same time last year. The inventory for single-family homes increased 2.5 percent, from 6,052 to 6,206. Miami existing condo inventory grew 1.3 percent, from 15,067 to 15,264.

Miami Homes Selling Close to List Price 

The median percent of original list price received was 95.9 percent for single-family homes and 93.5 percent for condos in 2Q 2018.

The median time to contract for single-family home listings was 44 days, a 10.2 percent decrease from 49 days in 2Q 2017. The median time to contract for existing condos was 77 days, a 4.1 percent increase from 74 days in 2Q 2017.

The median time to sale for single-family homes decreased 7 percent, from 100 days to 93. The median time to sale for existing condos stayed the same at 116 days.

Miami Cash Sales Almost Double National Figure 

Cash sales represented 38.1 percent of Miami closed sales in the second quarter of 2018, compared to 38.6 percent in 2Q 2017. About 20 percent of U.S. home properties are made in cash, according to the latest NAR statistics. The high percentage of cash buyers reflects Miami's top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash.

Cash sales accounted for 52.2 percent of all Miami existing condo sales and 23.1 percent of single-family transactions.