WASHINGTON (May 30, 2012) - Pending home sales retrenched in April following three consecutive monthly gains, but are notably higher than a year ago, according to the National Association of Realtors®.
The Pending Home Sales Index,* a forward-looking indicator based on contract signings, declined 5.5 percent to 95.5 from a downwardly revised 101.1 in March but is 14.4 percent above April 2011 when it was 83.5. The data reflects contracts but not closings.
Lawrence Yun, NAR chief economist, said a one-month setback in light of many months of gains does not change the fundamentally improving housing market conditions. “Home contract activity has been above year-ago levels now for 12 consecutive months. The housing recovery momentum continues,” he said.
Yun notes home sales are staying well above the levels seen from 2008 through 2011. “Housing market activity has clearly broken out at notably higher levels and is on track to see the best performance since 2007,” he said. “All of the major housing market indicators are expected to trend gradually up, but a new federal budget must be passed before the end of the year for the economy to continue to move forward.”
The PHSI in the Northeast rose 0.9 percent to 78.9 in April and is 19.9 percent higher than April 2011. In the Midwest the index slipped 0.3 percent to 93.0 but is 23.0 percent above a year ago. Pending home sales in the South fell 6.8 percent to an index of 105.7 in April but are 13.3 percent higher than April 2011. In the West the index dropped 12.0 percent in April to 94.9 but is 5.1 percent above a year ago.
The housing forecast has been upgraded, with existing-home sales expected to reach 4.66 million this year, compared with 4.26 million in 2011. The outlook for 2013 is now 4.92 million, but could vary significantly depending on two scenarios.
If lending returns to normal, the 2013 outlook for existing-home sales would measurably improve to 5.3 million. However, a fiscal cliff scenario of higher taxes and sharp spending cuts beginning in early 2013, which is an unlikely event but still worth noting, would lower the sales projection to 4.5 million.
Because of measurably lower inventory supplies, the forecast for home prices has been upwardly revised with the median existing-home price projected to rise 2 to 3 percent this year and 4 to 5 percent in 2013, with wide local market variations. Miami and Phoenix will easily achieve double-digit price growth by year end.
Yun said the price gains will measurably reduce the number of underwater homeowners. “For example, a 5 percent national price gain means the number of underwater homeowners would fall to about 9 million from current estimates of around 11 million. A 10 percent gain, say over the next two years, would reduce the underwater status to about 7 million households out of 75 million owner-occupied homes,” he said.
About 25 million homes are owned free and clear without a mortgage.
Though the proportion of distressed properties is still high, the numbers have been falling over the past two years. “The diminishing share of distressed properties is another reason for higher home prices in upcoming months,” Yun added.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.
# # #
*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.
An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales; it coincides with a level that is historically healthy.
NOTE: Existing-home sales for May will be reported June 21 and the next Pending Home Sales Index will be on June 27; release times are 10:00 a.m. EDT.
Statistical data in this release, as well as other tables and surveys, are posted in the “Research and Statistics” tab of www.realtor.org.
Thursday, June 7, 2012
Wednesday, June 6, 2012
6 Reasons to Reduce Your Home Price
While you’d like to get the best price for your home, consider our six reasons to reduce your home price.
If you don't receive any offers for a few weeks, check out other comparable houses on the market and what they're going for.
Home not selling? That could happen for a number of reasons you can’t control, like a unique home layout or having one of the few homes in the neighborhood without a garage. There is one factor you can control: your home price.
These six signs may be telling you it’s time to lower your price.
Read more: http://buyandsell.houselogic.com/articles/6-Reasons-To-Reduce-Your-Home-Price/#ixzz1x3O5pk26
If you don't receive any offers for a few weeks, check out other comparable houses on the market and what they're going for. Home not selling? That could happen for a number of reasons you can’t control, like a unique home layout or having one of the few homes in the neighborhood without a garage. There is one factor you can control: your home price.
These six signs may be telling you it’s time to lower your price.
1. You’re drawing few lookers
You get the most interest in your home right after you put it on the market because buyers want to catch a great new home before anybody else takes it. If your real estate agent reports there have been fewer buyers calling about and asking to tour your home than there have been for other homes in your area, that may be a sign buyers think it’s overpriced and are waiting for the price to fall before viewing it.2. You’re drawing lots of lookers but have no offers
If you’ve had 30 sets of potential buyers come through your home and not a single one has made an offer, something is off. What are other agents telling your agent about your home? An overly high price may be discouraging buyers from making an offer.3. Your home’s been on the market longer than similar homes
Ask your real estate agent about the average number of days it takes to sell a home in your market. If the answer is 30 and you’re pushing 45, your price may be affecting buyer interest. When a home sits on the market, buyers can begin to wonder if there’s something wrong with it, which can delay a sale even further. At least consider lowering your asking price.4. You have a deadline
If you’ve got to sell soon because of a job transfer or you’ve already purchased another home, it may be necessary to generate buyer interest by dropping your price so your home is a little lower priced than comparable homes in your area. Remember: It’s not how much money you need that determines the sale price of your home, it’s how much money a buyer is willing to spend.5. You can’t make upgrades
Maybe you’re plum out of cash and don’t have the funds to put fresh paint on the walls, clean the carpets, and add curb appeal. But the feedback your agent is reporting from buyers is that your home isn’t as well-appointed as similarly priced homes. When your home has been on the market longer than comparable homes in better condition, it’s time to accept that buyers expect to pay less for a home that doesn’t show as well as others.6. The competition has changed
If weeks go by with no offers, continue to check out the competition. What have comparable homes sold for and what’s still on the market? What new listings have been added since you listed your home for sale? If comparable home sales or new listings show your price is too steep, consider a price reduction.Read more: http://buyandsell.houselogic.com/articles/6-Reasons-To-Reduce-Your-Home-Price/#ixzz1x3O5pk26
Trump Wants To Build Film Studio In Homestead
MIAMI (CBS4) – Real estate mogul Donald Trump has unveiled big plans to build a new city in South Florida.
During Tuesday’s meeting of the Miami-Dade Commission, plans were unveiled for Trump Studio City, an ambitious 800 acre film studio. The Donald is attempting to recreate Hollywood studios in Homestead.
The land he has his eyes on has sat vacant decades near the Homestead Air Force Reserve base. It was deeded over to the county after Hurricane Andrew. Twenty years later the area suddenly has new life. “It could inject as much at $262,000 in local revenue (a day),” Michael Cohen told commissioners.
Cohen, a vice president with the Trump organization, pitched county commissioners that they want to build a Universal Studios of the South. Armed with renderings and layouts, the organization is proposing to build one of the largest studios on Earth.
“The vision for this project is a massive studio city that would range in studio size from 25,000 square feet to 250,000 square feet. With 15-20 acre back lots that really handle any type of movie. Any type of television series that could ever be dreamed of,” said Cohen.
“It’s ambitious,” CBS4′s David Sutta responded. “As is Mr. Trump,” Cohen fired back.
For depressed Homestead and Florida City it could create thousands of jobs and bring the housing market back. Commission Chairman Joe Martinez is front and center pitching it.
“You got to dream. Las Vegas came out of the desert. People didn’t think it could be done,” Martinez said. Reality is it couldn’t be done in 2001 when Martinez pitched the idea of a Homestead studio for the first time.
“Back then I thought that it was such a great idea that I thought I would just propose it to my colleagues and it would pass and people would flock here. I’ve learned. I’ve matured. And I knew I had to get someone with a name,” Martinez explained.
Trump certainly is that.
“Is it ambitious? Yes. Is it doable? Yes. It’s a not a dream. And if it doesn’t occur it’s because we messed it up in the county,” Martinez said.
Smaller studios recently built-in Miami have not fared well but commissioners seemed optimistic. Some are even flirting with the idea of giving the land to Trump for free.
“It may be very attractive for the studios to come down to Miami,” Mayor Carlos Gimenez said.
It will be awhile before cameras are rolling in Homestead. This plan now goes to lawyers now for the next 90 days. If everything shakes out though commissioners could be voting on a deal to build a new studio city, in Homestead, sometime in the Fall.
http://miami.cbslocal.com/2012/06/05/trump-wants-to-build-film-studio-in-homestead/
During Tuesday’s meeting of the Miami-Dade Commission, plans were unveiled for Trump Studio City, an ambitious 800 acre film studio. The Donald is attempting to recreate Hollywood studios in Homestead.
The land he has his eyes on has sat vacant decades near the Homestead Air Force Reserve base. It was deeded over to the county after Hurricane Andrew. Twenty years later the area suddenly has new life. “It could inject as much at $262,000 in local revenue (a day),” Michael Cohen told commissioners.
“The vision for this project is a massive studio city that would range in studio size from 25,000 square feet to 250,000 square feet. With 15-20 acre back lots that really handle any type of movie. Any type of television series that could ever be dreamed of,” said Cohen.
“It’s ambitious,” CBS4′s David Sutta responded. “As is Mr. Trump,” Cohen fired back.
For depressed Homestead and Florida City it could create thousands of jobs and bring the housing market back. Commission Chairman Joe Martinez is front and center pitching it.
“You got to dream. Las Vegas came out of the desert. People didn’t think it could be done,” Martinez said. Reality is it couldn’t be done in 2001 when Martinez pitched the idea of a Homestead studio for the first time.
“Back then I thought that it was such a great idea that I thought I would just propose it to my colleagues and it would pass and people would flock here. I’ve learned. I’ve matured. And I knew I had to get someone with a name,” Martinez explained.
Trump certainly is that.
“Is it ambitious? Yes. Is it doable? Yes. It’s a not a dream. And if it doesn’t occur it’s because we messed it up in the county,” Martinez said.
Smaller studios recently built-in Miami have not fared well but commissioners seemed optimistic. Some are even flirting with the idea of giving the land to Trump for free.
“It may be very attractive for the studios to come down to Miami,” Mayor Carlos Gimenez said.
It will be awhile before cameras are rolling in Homestead. This plan now goes to lawyers now for the next 90 days. If everything shakes out though commissioners could be voting on a deal to build a new studio city, in Homestead, sometime in the Fall.
http://miami.cbslocal.com/2012/06/05/trump-wants-to-build-film-studio-in-homestead/
Tuesday, June 5, 2012
Sellers: Should You Move or Remodel?
By: Dona DeZube
When your house no longer suits you, you can move or remodel. Find out which big change is the right investment of your housing dollars.
Calculate how much your remodel will cost and add it to the value of your house. If the number is more than 10% above your neighbors' house values, you're over-improving. Image: Masterfile
Deciding whether you should move or remodel? The most important things you need to consider are the four things you can’t change: your home’s value compared to the rest of the neighborhood, how much you love your neighborhood, the size of your lot, and the cost to move your stuff to a new house.
Just about everything else—remodeling costs, the hassle of living in a construction zone, or the ability to live happily without one more bathroom—is a personal preference. After all, your home isn’t just your largest investment; it’s also the place where your family lives.
Here’s why: No one wants to buy the most expensive home on the block (your home) if they can spend the same money to get a similar home on a block of higher-priced homes. Would you pay $200,000 to live on a block where all the other homes are valued at $100,000? We hope not.
Make home improvements that are typical for the neighborhood. Don’t put granite countertops in a trailer, and don’t put laminate countertops in a Trump Tower condo. Your tour of open houses gives you a chance to verify that your planned remodel isn’t an over- or under-improvement for the neighborhood.
Read more: http://buyandsell.houselogic.com/articles/should-you-move-or-remodel/#ixzz1wvsU1u20
When your house no longer suits you, you can move or remodel. Find out which big change is the right investment of your housing dollars.
Calculate how much your remodel will cost and add it to the value of your house. If the number is more than 10% above your neighbors' house values, you're over-improving. Image: MasterfileDeciding whether you should move or remodel? The most important things you need to consider are the four things you can’t change: your home’s value compared to the rest of the neighborhood, how much you love your neighborhood, the size of your lot, and the cost to move your stuff to a new house.
Just about everything else—remodeling costs, the hassle of living in a construction zone, or the ability to live happily without one more bathroom—is a personal preference. After all, your home isn’t just your largest investment; it’s also the place where your family lives.
1. Will remodeling make your home better than everyone else’s?
To make the right move-or-remodel decision, you have to know:- Your home’s value. Easy. Just ask a REALTOR® to estimate it and tell you how it compares with the value of the other homes in your immediate neighborhood. Ask her what she thinks your house will be worth after the improvements, too.
- Your neighbors’ home value. Hit some open houses. Seeing the inside of area homes will inspire you; help you make good choices about finishes, room sizes, and how much to spend; and, admit it, entertain you.
- Your remodeling costs. Once you’ve got your renovation vision, get a quote from a home improvement contractor or, if you’re remodeling it yourself, tally the costs of the items on your supplies shopping list.
Here’s why: No one wants to buy the most expensive home on the block (your home) if they can spend the same money to get a similar home on a block of higher-priced homes. Would you pay $200,000 to live on a block where all the other homes are valued at $100,000? We hope not.
Make home improvements that are typical for the neighborhood. Don’t put granite countertops in a trailer, and don’t put laminate countertops in a Trump Tower condo. Your tour of open houses gives you a chance to verify that your planned remodel isn’t an over- or under-improvement for the neighborhood.
2. Do you love where you live?
Want to keep your kids in the same school district, but can’t find or afford a bigger, better house? Love the neighbors? Have an easy commute to work? Stay put. If you’ve soured on the traffic, the neighborhood’s crime rate, or the nosy neighbors, move on.3. Do you have room to expand?
If your remodeling plans include increasing the overall size of your home, the size of your lot may be the deciding factor in whether to move or remodel. If you live in a 1,500 sq. ft. ranch on a 3,000 sq. ft. lot, you might be able to add a second story to turn it into a 3,000 sq. ft. two-story, but you’re not likely to add 1,500 sq. ft. at ground level. And if you have a septic tank and well, the location of those will limit how and where you add onto your home (or cost you a bundle to move).4. Can you afford to move?
Consider these moving costs: sale costs for your existing home, shipping your household goods, buying window treatments and possibly furniture for the new house, costs to fix up your existing home before sale, higher utility costs (if your next house is bigger), insurance cost differences, and property taxes.Read more: http://buyandsell.houselogic.com/articles/should-you-move-or-remodel/#ixzz1wvsU1u20
Negotiate Your Best House Buy
By: G. M. Filisko
Keep your emotions in check and your eyes on the goal, and you’ll pay less when purchasing a home.
When negotiating a house sale, for every concession you make, ask for something in return. Image: Westend61/Getty Images
Buying a home can be emotional, but negotiating the price shouldn’t be. The key to saving money when purchasing a home is sticking to a plan during the turbulence of high-stakes negotiations. A real estate agent who represents you can guide you and offer you advice, but you are the one who must make the final decision during each round of offers and counter offers.
Here are six tips for negotiating the best price on a home.
Work with your agent to evaluate the sellers’ motivation and comparable home sales to arrive at an initial offer that engages the sellers yet keeps money in your wallet.
Each time you make a concession, ask for one in return. If the sellers ask you to boost your price, ask them to contribute to closing costs or pay for a home warranty. If sellers won’t budge, make it clear you’re willing to walk away; they may get nervous and accept your offer.
Read more: http://buyandsell.houselogic.com/articles/negotiate-best-house-buy/#ixzz1wvpPaPhm
Keep your emotions in check and your eyes on the goal, and you’ll pay less when purchasing a home.
When negotiating a house sale, for every concession you make, ask for something in return. Image: Westend61/Getty ImagesBuying a home can be emotional, but negotiating the price shouldn’t be. The key to saving money when purchasing a home is sticking to a plan during the turbulence of high-stakes negotiations. A real estate agent who represents you can guide you and offer you advice, but you are the one who must make the final decision during each round of offers and counter offers.
Here are six tips for negotiating the best price on a home.
1. Get prequalified for a mortgage
Getting prequalified for a mortgage proves to sellers that you’re serious about buying and capable of affording their home. That will push you to the head of the pack when sellers choose among offers; they’ll go with buyers who are a sure financial bet, not those whose financing could flop.2. Ask questions
Ask your agent for information to help you understand the sellers’ financial position and motivation. Are they facing foreclosure or a short sale? Have they already purchased a home or relocated, which may make them eager to accept a lower price to avoid paying two mortgages? Has the home been on the market for a long time, or was it just listed? Have there been other offers? If so, why did they fall through? The more signs that sellers are eager to sell, the lower your offer can reasonably go.3. Work back from a final price to determine your initial offer
Know in advance the most you’re willing to pay, and with your agent work back from that number to determine your initial offer, which can set the tone for the entire negotiation. A too-low bid may offend sellers emotionally invested in the sales price; a too-high bid may lead you to spend more than necessary to close the sale.Work with your agent to evaluate the sellers’ motivation and comparable home sales to arrive at an initial offer that engages the sellers yet keeps money in your wallet.
4. Avoid contingencies
Sellers favor offers that leave little to chance. Keep your bid free of complicated contingencies, such as making the purchase conditional on the sale of your current home. Do keep contingencies for mortgage approval, home inspection, and environmental checks typical in your area, like radon.5. Remain unemotional
Buying a home is a business transaction, and treating it that way helps you save money. Consider any movement by the sellers, however slight, a sign of interest, and keep negotiating.Each time you make a concession, ask for one in return. If the sellers ask you to boost your price, ask them to contribute to closing costs or pay for a home warranty. If sellers won’t budge, make it clear you’re willing to walk away; they may get nervous and accept your offer.
6. Don’t let competition change your plan
Great homes and those competitively priced can draw multiple offers in any market. Don’t let competition propel you to go beyond your predetermined price or agree to concessions—such as waiving an inspection—that aren’t in your best interest.Read more: http://buyandsell.houselogic.com/articles/negotiate-best-house-buy/#ixzz1wvpPaPhm
Monday, June 4, 2012
Million dollar housing market small but brisk in 2011
How many million dollar and above home sales closed last year in the U.S?
According to the National Association of Realtors’ Research Division, there were 68,200 closed residential transactions at a million dollars or more. This represented just 1.6 % of all home sales in 2011, evidence that the luxury market at the million dollar and above level is a small segment of the market.
But, last year for the first time, the $500,000 and above market segment represented 10% of all home sales. Both the anecdotal and statistical information indicate that although the luxury niche is small, it is outperforming the market in general.
It’s a good time to target the upper-tier.
http://blog.luxuryhomemarketing.com/2012/03/million-dollar-housing-market-small-but-brisk-in-2011.html
But, last year for the first time, the $500,000 and above market segment represented 10% of all home sales. Both the anecdotal and statistical information indicate that although the luxury niche is small, it is outperforming the market in general.
It’s a good time to target the upper-tier.
http://blog.luxuryhomemarketing.com/2012/03/million-dollar-housing-market-small-but-brisk-in-2011.html
Miami Home Prices Increase for Fifth Consecutive Month
Miami, FL – For the fifth consecutive month, Miami home prices posted strong gains in April. The median sales price of condominiums in the Miami-Dade County increased 30 percent to $150,000 compared to a year earlier, according to the 25,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system. The median sales price of single-family homes rose 8.2 percent to $183,000. The median sales prices for non-distressed properties sold in April in Miami-Dade were $253,400 for single-family homes and $246,250 for condominiums.
"Miami single-family home and condominium prices continue to trend upwards due to the record demand experienced last year," said Martha Pomares, 2012 Chairman of the Board of the MIAMI Association of REALTORS. "Price appreciation should continue due to limited supply and strong demand from both U.S. and international buyers and investors."
Average Sales Price Also Rise
The April average sales price for single-family homes in Miami-Dade County increased 17 percent, from $355,342 in 2011 to $415,046 in 2012. The average sales prices for condominiums jumped 22.3 percent, from $242,616 to $293,717. The average sales prices for non-distressed properties sold in April in Miami-Dade were $626,877 for single-family homes and $414,664 for condominiums.
The sales of existing single-family homes in Miami-Dade increased 7.2 percent in April, from 830 to 890, compared to record sales levels in April 2011. Sales of condominiums were down 12.0 percent, from 1,404 to 1,237, compared to April 2011.
"The Miami residential real estate market continues to show remarkable strengthening compared to the rest of the nation," said 2012 MIAMI Association of REALTORS Residential President Patricia Delinois. "Miami is unique in many ways, including being the top market in nation for foreign buyers and investors. There are many benefits to living and working in Miami, which is why migrating U.S. residents and retiring baby boomers as well as vacation and second home buyers, and global business headquarters are increasingly attracted to our amazing city."
Inventory Continues Sharp Decline
Over the last year, the inventory of residential listings in Miami-Dade County has decreased 34 percent from 17,897 to 11,878. Compared to the previous month, the total inventory of homes dropped 4.04 percent.
Distressed Properties
Strong demand for bank-owned (REO) properties and improved processing of short sales has resulted in rapid absorption of distressed listings and contributed to price appreciation. In April, 47 percent of all closed residential sales in Miami-Dade County were distressed, including REOs (bank-owned properties) and short sales, compared to 59 percent in April 2011 and 49 percent the previous month.
International Buyers Fuel Cash Sales
In Miami-Dade County, 64 percent of total closed sales in March were all-cash sales, compared to 65 percent in March and 63 percent a year earlier. Cash sales accounted for 46 percent of single-family and 77 percent of condominium closings. Nearly 90 percent of international buyers in Florida purchase properties all cash.
Broward County Home Prices Continue to Rise
In April, the median sales price of single-family homes in Broward County was $205,000, up 17 percent compared to April 2011 and 14 percent compared to the previous month, according to the 25,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. The median sales price for condominiums increased 17.4 percent to $84,300 compared to a year prior and 14.3 percent compared to the previous month. Broward County condominium prices have increased 15 out of the last 16 months.
The median sales prices for non-distressed properties sold in April in Broward were $264,000 for single-family homes and $99,750 for condominiums.
Broward Average Sales Prices Rise
The average sales price for total single-family homes increased 12 percent, from $256,979 to $287,302. The average sales prices for condominiums rose 10 percent, from $120,689 in April 2011 to $137,173 last month. The average sales prices for non-distressed properties sold in April in Broward were $374,670 for single-family homes and $166,854 for condominiums.
"Home prices in Broward County are experiencing double-digit appreciation much sooner than expected, which is a very positive sign," said Rick Burch, 2012 president of the Broward County Board of Governors of the MIAMI Association of REALTORS. "Homes sales also remain at historically strong levels, which reflects the demand that is driving home prices in our area."
Broward Housing Inventory Declines 30 Percent
The inventory of residential listings in Broward County over the last year has decreased 30 percent from 15,781 to 11,086. Compared to the previous month, the total inventory of homes dropped four percent.
"The remarkable recovery of the Broward housing market benefits our community at large, as real estate is an integral part of the economy," said Ernesto Vega, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS. "Unlike other markets throughout the U.S., demand for housing in Broward County should remain strong long into the future due to both U.S. and international buyers who are increasingly attracted to the local area."
In Broward County, single-family home sales increased 6.0 percent, from 1,124 in April 2011 to 1,190 last month. Condominium sales dropped 4.4 percent in April compared to a year earlier, from 1,645 to 1,572.
Distressed Properties
In April, 38 percent of all closed residential sales in Broward County were distressed, including REOs (bank-owned properties) and short sales, compared to 50 percent in April 2011 and 41 percent the previous month.
International Buyers Fuel Cash Sales
In April, cash sales accounted for 64 percent of all residential sales, 40 percent of single-family and 83 percent of condominium closings, in Broward County. Nearly 90 percent of international buyers in South Florida purchase properties all cash.
Statewide Prices Rise, Sales Decline
Statewide median sales prices in April increased 10.2 percent to $144,350 for condominiums and 16.1 percent to $108,000 for single-family homes, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing.
Statewide sales of existing single-family homes totaled 17,544 in April 2012, down 0.7 percent compared to a year ago. Statewide condominium sales totaled 9,765, down 4.9 percent from those sold in April 2011.
National Median Sales Price, Home Sales Rise
The national median existing-home price for all housing types was $177,400 in April, a 10.1 percent increase from April 2011, according to the National Association of Realtors (NAR). U.S. sales of existing single-family homes, townhomes, condominiums, and co-ops increased 3.4 percent from March and were 10 percent higher than they were in April 2011.
Nationally, all-cash sales fell to 29 percent in April - from 32 percent in March and 21 percent in April 2011 - reflecting the stronger presence of international buyers in the South Florida real estate market.
Total housing inventory nationally rose 9.5 percent at the end of April but was 20.6 percent below a year ago.
http://blog.miamire.com/international/2012/05/miami-home-prices-increase-for-fifth-consecutive-month
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"Miami single-family home and condominium prices continue to trend upwards due to the record demand experienced last year," said Martha Pomares, 2012 Chairman of the Board of the MIAMI Association of REALTORS. "Price appreciation should continue due to limited supply and strong demand from both U.S. and international buyers and investors."
Average Sales Price Also Rise
The April average sales price for single-family homes in Miami-Dade County increased 17 percent, from $355,342 in 2011 to $415,046 in 2012. The average sales prices for condominiums jumped 22.3 percent, from $242,616 to $293,717. The average sales prices for non-distressed properties sold in April in Miami-Dade were $626,877 for single-family homes and $414,664 for condominiums.
The sales of existing single-family homes in Miami-Dade increased 7.2 percent in April, from 830 to 890, compared to record sales levels in April 2011. Sales of condominiums were down 12.0 percent, from 1,404 to 1,237, compared to April 2011.
"The Miami residential real estate market continues to show remarkable strengthening compared to the rest of the nation," said 2012 MIAMI Association of REALTORS Residential President Patricia Delinois. "Miami is unique in many ways, including being the top market in nation for foreign buyers and investors. There are many benefits to living and working in Miami, which is why migrating U.S. residents and retiring baby boomers as well as vacation and second home buyers, and global business headquarters are increasingly attracted to our amazing city."
Inventory Continues Sharp Decline
Over the last year, the inventory of residential listings in Miami-Dade County has decreased 34 percent from 17,897 to 11,878. Compared to the previous month, the total inventory of homes dropped 4.04 percent.
Distressed Properties
Strong demand for bank-owned (REO) properties and improved processing of short sales has resulted in rapid absorption of distressed listings and contributed to price appreciation. In April, 47 percent of all closed residential sales in Miami-Dade County were distressed, including REOs (bank-owned properties) and short sales, compared to 59 percent in April 2011 and 49 percent the previous month.
International Buyers Fuel Cash Sales
In Miami-Dade County, 64 percent of total closed sales in March were all-cash sales, compared to 65 percent in March and 63 percent a year earlier. Cash sales accounted for 46 percent of single-family and 77 percent of condominium closings. Nearly 90 percent of international buyers in Florida purchase properties all cash.
Broward County Home Prices Continue to Rise
In April, the median sales price of single-family homes in Broward County was $205,000, up 17 percent compared to April 2011 and 14 percent compared to the previous month, according to the 25,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. The median sales price for condominiums increased 17.4 percent to $84,300 compared to a year prior and 14.3 percent compared to the previous month. Broward County condominium prices have increased 15 out of the last 16 months.
The median sales prices for non-distressed properties sold in April in Broward were $264,000 for single-family homes and $99,750 for condominiums.
Broward Average Sales Prices Rise
The average sales price for total single-family homes increased 12 percent, from $256,979 to $287,302. The average sales prices for condominiums rose 10 percent, from $120,689 in April 2011 to $137,173 last month. The average sales prices for non-distressed properties sold in April in Broward were $374,670 for single-family homes and $166,854 for condominiums.
"Home prices in Broward County are experiencing double-digit appreciation much sooner than expected, which is a very positive sign," said Rick Burch, 2012 president of the Broward County Board of Governors of the MIAMI Association of REALTORS. "Homes sales also remain at historically strong levels, which reflects the demand that is driving home prices in our area."
Broward Housing Inventory Declines 30 Percent
The inventory of residential listings in Broward County over the last year has decreased 30 percent from 15,781 to 11,086. Compared to the previous month, the total inventory of homes dropped four percent.
"The remarkable recovery of the Broward housing market benefits our community at large, as real estate is an integral part of the economy," said Ernesto Vega, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS. "Unlike other markets throughout the U.S., demand for housing in Broward County should remain strong long into the future due to both U.S. and international buyers who are increasingly attracted to the local area."
In Broward County, single-family home sales increased 6.0 percent, from 1,124 in April 2011 to 1,190 last month. Condominium sales dropped 4.4 percent in April compared to a year earlier, from 1,645 to 1,572.
Distressed Properties
In April, 38 percent of all closed residential sales in Broward County were distressed, including REOs (bank-owned properties) and short sales, compared to 50 percent in April 2011 and 41 percent the previous month.
International Buyers Fuel Cash Sales
In April, cash sales accounted for 64 percent of all residential sales, 40 percent of single-family and 83 percent of condominium closings, in Broward County. Nearly 90 percent of international buyers in South Florida purchase properties all cash.
Statewide Prices Rise, Sales Decline
Statewide median sales prices in April increased 10.2 percent to $144,350 for condominiums and 16.1 percent to $108,000 for single-family homes, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing.
Statewide sales of existing single-family homes totaled 17,544 in April 2012, down 0.7 percent compared to a year ago. Statewide condominium sales totaled 9,765, down 4.9 percent from those sold in April 2011.
National Median Sales Price, Home Sales Rise
The national median existing-home price for all housing types was $177,400 in April, a 10.1 percent increase from April 2011, according to the National Association of Realtors (NAR). U.S. sales of existing single-family homes, townhomes, condominiums, and co-ops increased 3.4 percent from March and were 10 percent higher than they were in April 2011.
Nationally, all-cash sales fell to 29 percent in April - from 32 percent in March and 21 percent in April 2011 - reflecting the stronger presence of international buyers in the South Florida real estate market.
Total housing inventory nationally rose 9.5 percent at the end of April but was 20.6 percent below a year ago.
http://blog.miamire.com/international/2012/05/miami-home-prices-increase-for-fifth-consecutive-month
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