Miami Home Sales, Prices Continue to Surge

Miami, FL (PRWEB) August 21, 2013 In July, number of sales and prices of Miami properties continued to surge amid tight supply, generating rapid sales and offers close to asking price, according to the 29,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system. Single-family home sales again surged in July, up 27.3 percent from 964 a year earlier to 1,227 this July. This is the highest monthly number of sales for single-family homes in Miami-Dade since the height of the boom in 2005. Condominium sales increased 13.4 percent, up from 1,356 in July 2012 compared to 1,538 last month. “The Miami real estate market continues to thrive as demand for housing intensifies and increasing inventory remains insufficient,” said 2013 Chairman of the Board of the MIAMI Association of REALTORS Natascha Tello. “Miami is a global city that is not surprisingly attracting worldwide attention on many fronts. Residents, visitors, tourists and business enterprises want to be in Miami and experience all that our unique and vibrant city and market offer. This attention is driving our real estate market and our economy.” Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops increased 6.5 percent from June and were 17.2 percent higher than they were in July 2012, according to the National Association of Realtors. Statewide closed sales of existing single-family homes totaled 20,632 in July, up 17.5 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. Miami Double-Digit Price Appreciation July’s figures mark 20 consecutive months of appreciation for both single-family homes and condominiums in Miami. The median sales price of single-family homes spiked 25.7 percent to $230,000 year-over-year and remained the same compared to the previous month. The median sales price of condominiums, which has significantly increased each of the last 25 months, jumped 33.3 percent to $180,500 compared to a year earlier but declined 2.7 percent compared to the previous month. Compared to July 2012, the average sales price for single-family homes in Miami-Dade County increased 24.9 percent to $406,532, while the average sales price for condominiums increased 20.9 percent to $323,338. U.S., Florida Median Sales Prices The national median existing-home price for all housing types was $213,500 in July, a 13.7 percent increase from July 2013, according to NAR. The statewide median sales price for single-family existing homes last month was $179,500, up 20 percent from the previous year, while that of townhouse-condo properties was $129,000, up 22.9 percent over the previous year. Properties Selling Fast, Close to Asking Price Miami properties that are priced right are selling very quickly and yielding very high percentage of asking price. In July, the median days on the market for single-family homes and condominiums were 35 and 45 respectively, reflecting sales at a very rapid pace. The average percent of original list price received was 96.1 percent for single-family homes and 97.1 percent for condominiums. “It’s an exciting time for Miami real estate,” said 2013 MIAMI Association of REALTORS Residential President Fernando I. Martinez. “Miami has matured into a global, urban city that offers a very attractive lifestyle with endless opportunities for work, leisure, and cultural activities, adding great value to our market. Buyers and investors realize Miami will continue to generate housing demand and are taking advantage of the local affordability and the potential for profitability.” Inventory Remains Tight Active listings at the end of July increased 0.8 percent, from 12,547 to 13,583, compared to July 2012. Despite the slight increase in inventory, current active inventory remains insufficient to satisfy intense demand for Miami properties. Inventory of single-family homes increased 0.6 percent to 5,125 active listings, while that of condominiums increased 13.5 percent to 8,458 active listings. At the current sales pace, there is 4.9 months of supply of single-family homes and 6.0 months of supply of condominiums in Miami-Dade, representing a decrease of 14.2 percent and an increase of 5.6 percent respectively compared to year-ago levels. Total housing inventory nationally increased 5.6 percent at the end of July but remains 5.0 percent below year-ago levels, representing a 5.1-month supply. Distressed Sales Continue to Decline while Prices Rise Sales of distressed properties continue to sharply decline in Miami-Dade County, particularly for short sales. In July, only 35.4 percent of all closed residential sales in Miami-Dade County were distressed, including REOs (bank-owned properties) and short sales, compared to 47.3 percent in June 2012. Nationally, distressed homes again accounted for 15 percent of July sales. The median sales price of single-family home and condominium foreclosures in Miami-Dade increased 9.3 percent to $147,000 and 27.8 percent to $115,000 respectively. Cash Sales Account for 60% of Transactions In Miami-Dade County, 60 percent of total closed sales in July were all-cash sales compared to 63.5 percent in July 2012. All-cash sales accounted for 43.3 percent of single-family home and 73.6 percent of condominium closings, compared to a year ago when cash sales were 44 percent and 77.4 percent of closed sales respectively. Since nearly 90 percent of foreign buyers in Florida purchase properties all cash, this reflects the much stronger presence of international buyers in the Miami real estate market. By comparison all-cash sales nationally accounted for 31 percent of transactions in July, down from 33 percent the previous month and 29 percent in July 2012. July 2013 - Miami-Dade Statistical Reports Single-Family Homes http://www.miamire.com/docs/monthly-market-reports/miami-dade-county_single-family-homes_2013-07_summary.pdf?sfvrsn=2 Condos http://www.miamire.com/docs/monthly-market-reports/miami-dade-county_townhouses-and-condos_2013-07_summary.pdf?sfvrsn=2 Note: Statistics in this news release may vary depending on reporting dates. Statistics reported by MIAMI are not impacted by NAR’s rebenchmarking efforts. MIAMI reports exact statistics directly from its MLS system. About the MIAMI Association of REALTORS The MIAMI Association of REALTORS was chartered by the National Association of Realtors in 1920 and is celebrating 93 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of four organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, and the International Council, it represents more than 29,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S., and has partnerships with more than 100 international organizations worldwide. MIAMI’s official website is http://www.miamire.com/. **** information from Miami Association of Realtors Read more: http://www.digitaljournal.com/pr/1426303#ixzz2cjwV74nJ

A Quick note on Mortgages....

"Here’s a quick note to let you know how I can help you—or anyone you feel comfortable introducing me to. Buyers who are shopping for a lender may wonder why initial estimates of their price range vary from lender to lender. The answer is two-fold. On one hand, exact figures are not possible until a lender sees a buyer’s documentation of debt, income, and credit. Even small issues can cause interest rate variations, so any figures given without documentation are estimates. On the other hand, interest rates fluctuate daily, so one lender can give one estimate today, and a different lender a different estimate tomorrow. The best thing a buyer can do is provide a qualified mortgage consultant with all relevant data and paperwork, to get an accurate figure based on real data, not guesswork. That lender can help them lock in a low rate and hold it." Thinking on Selling or Purchasing Real Estate in South Florida? ..... please contact me, Espie Franky Luxury Realtor, BBA Dir: 305-283-5868 Email: espiefranky@gmail.com One Premier International Realty

Staging...getting it Done !

Getting your house ready to Sell? As Important as Pricing it correctly, it must be "magazine ready" ! it's possible if you take it step by step! Just think that staging it correctly will give you a higher NET $$ to your pocket 😉 at Closing. Remember the important "C" of staging: Clean, Clutter, Color, Creativity & Commitment. A good practice is to take pictures as your house is before staging. Usually what the camera sees and what we see are different scenes 😳, so be ready to rearrange, put away, store, patch and paint walls, ...until what you see through the camera shots is what you would like to see when purchasing a house. There must be commitment to make it happen. In conclusion, try to see your house through the buyers eyes..As you have never seen it before ! Thinking on Selling or Buying RE in So Florida? Give us a call. Espie Franky Luxury Member, BBA Dir: 305.283.5868

They’re back… Sunken living rooms are on the rise Sunken Room Those who remember the “conversation pit” living areas of decades ago may be surprised that sunken indoor and outdoor rooms are on U.S. and Canadian designers’ lists of hot new housing trends – along with tented rooms...

Tented Room

and chevron patterened floors.

Thinking on Selling...or Buying your new Dream Home ? Let me be of assistance !! I am a "click away" ....ESPIE FRANKY, Luxury Realtor at Your Service ! espiefranky@gmail.com twitter @espiefranky or #sellingmiamiestates

Staging guidelines to follow when ready to SELL....

Hello again my dear friends, the following are 101 for "Ready, Stage & Sell" 1. Pack up before showing the house, even before doing marketing it and having the professional photography taken Its easier for the future to mentally move in. Be very organized in the process, boxes and containers should be piled up and in the corners of the rooms....and please don't pack the garage, buyers need to visualize this space as well ☺ 2. Maintain the house clean, specially the floors and mainly the kitchen and bathroom floors! Clean houses look better, and buyers assume a clean house is a well maintained house. Clean doors, windows, kitchen appliances & remember..."if you can Smell it, you can't sell it 😳 important, smell inspect your house; kitchen floor, bathrooms, bedrooms, carpets, curtains, the pool, the garden, etc. 3. Maintain the house Clutter free ! Cluttered rooms shows stressed, absolves All energy of the space. Clutter is al that stuff you just don't use everyday...and that can be packed before showing the house. Important, Reevaluate the clutter in the kitchen, in the walls, in the closets. In synthesis; buyers want light bright rooms, uncluttered & fresh rooms, clean spaces. Thinking on selling ? Give us a call, we are SellingMiamiEstates Espie Franky 305.283.5868

Make sure you Really want to sell !!

It is crucial you really want to sell, Before you put your house on the market! At this time your home will be a house, meaning a product for sale. The memories lived in it will always go/move with you, is the product (house) will be sold. With this said, it must be in its Best appearance, in its very best it can be. Buyers today make decisions based on what they see, and they do see "inch by inch....outside and inside" 😳 Lets make it Simple, staging is not decorating to sell.... It is Depersonalizing to sell at its highest net! The psychology of the real buyer, meaning the end user, is that the house must be turn key ready. A place that inspires them to relax, peace, a comfortable feel ! Think about this, if you are looking to purchase a used car, would you not prefer the one which is polished ? If you are ready to sell, first give us a call, together we will review how we can get the most net for you! Espie Franky Luxury Realtor 305.283.5868 espiefranky@gmail.com

Planning on selling your house? ....

Staging is all about presentation, about moving things around, staging works...staging helps sell !! Note you never get a 2nd chance to make a good impression ☺ The goal to do staging is not to offer furniture for sale; selling a house is what home staging is about! Think the following: Staging is about using accessories & furniture in new ways Staging is having less around for you Staging is about giving a fresh look to the properties curb appeal Staging is about the palet of colors chosen for inside & out Staging is about clearing your house so that the buyers can envision it as their new home !! If ready to list & sell give us a call, we are SellingMiamiestates, reach us at 305.283.5868, espiefranky@gmail.com