Leveraging Market Stats Webinar with Miami Realtors

Miami Realtors has a phenomenal webinar series that is hosted by our VP of Communications, Chris Umpierre, and a different Miami Realtors Leader every month. I had the honor of co-hosting the webinar for the third time! We went over the most recent available market statistics and dissected what was happening in our South Florida Real Estate Market. As a real estate broker who helps people buy, sell and invest in Miami real estate, it is important to marry my experience in the marketplace with the overall sales data for our specific market in order to have full understanding and context on the market in order to properly advise our clients and customers. When it comes to real estate, ignorance is NOT bliss. The more we know, the more we are able to make knowledgeable and strategic decisions in our businesses and protect our customers while transacting. I pride myself in always being a student of the industry and I encourage my fellow real estate professionals to do the same. It is how we remain knowledgeable, sharp and informative resulting in providing quality service and always being of value to our clients and customers.

If you missed the live webinar, you can watch the recording here in this blog post. Whether you are a buyer, seller, looking to invest, a real estate professional, or someone just curious as to what is happening in the South Florida real estate market, you will find massive value in this webinar. Here are some key takeaways you will receive:

  • What’s the latest on rising mortgage rates and how are they impacting the market?
  • What’s the latest on the intense demand and lack of supply?
  • What’s happening in the luxury sector?
  • What factors are fueling demand and how will they affect future market activity?
  • How does market performance vary by price point, area, and other factors?

Are you in the market to purchase a home or to sell your existing one? Let's schedule a call to discuss your specific needs.



Miami and Florida Remain a Hot Spot for International Property Buyers

The National Association of Realtors has released their 2023 Global Study regarding International Transactions in U.S. Residential Real Estate. Here were some of the key takeaways regarding the Miami and Florida real estate market and how they have remained dominant a dominant market for international buyers!

  1. Foreign buyers are less impacted by higher mortgage rates, as 42% paid all-cash
  2. Florida remains the top destination for foreign buyers, with a buyer share of 23%.
  3. Florida’s main buyers were from Latin America (46%) and Canada (24%).
  4. It was the top state destination among Canadian and Colombian buyers.
  5. Florida was the top location for properties sold by foreign clients, accounting for 31% of properties sold by international clients.
  6. 34% Increase in Dollar Volume of MIAMI Foreign Buyer Residential Purchases in 2022 compared to 9% Increase Nationally
  7. 25% Year-over-Year Increase in MIAMI Foreign Buyer Residential Purchases in 2022*― 8% Decline Nationally
  8. (see attached map)
  9. 55% of MIAMI REALTORS®Had an International Customer*― Significantly Higher than National Share of 17%
  10. Investment Security and Desirable Location are the Main Reasons Foreign Buyers Purchase Property in MIAMI Area (see attached pie chart)

Source: NAR 2023 Global Study International Transactions in U.S. Residential Real Estate

 


Miami Market Update


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Miami Single-Family Homes

June 2023

June 2022

% Change Year-over-Year

Closed Sales 1,004 1,139 -11.9%
% Paid in Cash 26.6% 30.2% -11.9%
Median Sale Price $622,500 $579,000 7.5%
Dollar Volume $1,038,246,440 $1,200,985,519 -13.6%
% of Original List Price Received 97 100 -3%
Median Time to Contract 27 15 80.0%
Median Time to Sales 71 60 18.3%
Active Inventory 2,911 3,422 -14.9%
Months Supply of Inventory 3.3 2.8 17.9%
Miami Townhomes & Condos June 2023 June 2022 % Change Year-over-Year
Closed Sales 1,360 1,752 -22.4%
% Paid in Cash 56.0% 52.8% 5.6%
Median Sale Price $418,000 $410,000 2.0%
Dollar Volume $941,704,800 $1,260,758,472 -25.3%
% of Original List Price Received 96 100 -4%
Median Time to Contract 32 22 45.5%
Median Time to Sales 77 67 14.9%
Active Inventory 6,116 5,817 5.1%
Months Supply of Inventory 5.0 3 72.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Colombia is Once Again Top Country Searching Miami Real Estate

Colombia posted the most global web searches for Miami homes in May 2023, according to a new report by the MIAMI Association of REALTORS® (MIAMI). Colombia has now finished No. 1 or No. 2 among the top list of foreign countries searching for Miami real estate in each of the last 15 months. Colombia accounted for 10.9% of all international searches on MiamiRealtors.com in May 2023, near its percentage of searches in May 2022 (12.34%).

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