q2 south florida real estate market report
DESCRIPTION
http://decorusrealty.com/ | Lower short sales and high median sale prices in the second quarter of 2014 reflect a strengthening real estate market in the Miami-Dade region. International sales are increasingly important in Florida, especially in Miami-Miami Beach.TRANSCRIPT
Lower short sales and high
median sale prices in the
second quarter of 2014
reflect a strengthening
condo/townhome real
estate market in the
Miami-Dade region.
Miami Beach condos for
sale are especially
appealing to international
buyers, who tend to spend
only part of the year in the
States. We’ll take a look at
the numbers from Q1
and Q2 2014, which
reflect a booming
market.
Active Listings
• Q2 2013: 46,519
• Q2 2014: 52,745
There was a 13.4% increase in active listings from the second
quarter of 2013 to the second
quarter of 2014.
Median sale price saw
a 10.1% increase from Q2 2013 to Q2 2014.
Average sale price saw
a 9.8% increase from
Q2 2013 to Q2 2014.
Median Sale Price
• Q2 2013: $128,950
• Q2 2014: $142,000
Average Sale Price
• Q2 2013: $216,291
• Q2 2014: $237,529
Traditional Closed Sales
• Q2 2013: 24,212
• Q2 2014: 24,466
There was a slight increase of 1% in traditional closed sales
between Q2 2013 and Q2 2014.
Short Sales Short sales were down 59.8% in Q2 2014,
while median short sale price increased
by 20.3% from $86,000 in Q2 of 2013 to $103,450 in Q2 of 2014.
International buyers are
increasingly important to existing home sales markets in Florida.
Consider that 63% of respondents to a 2013 survey of REALTORS®
reported having international
clients, compared with a national
average of just 27%.
Canadians lead the international
market, making up 30% of total international sales in Florida.
Venezuelans follow at 8%, followed
by Brazil at 7% and the U.K. at 6%.
International buyers
tend to buy with cash.
About 84% of
REALTORS® reported
all cash sales among
international buyers,
according to NAR’s
2012 Profile of Home
Buyers and Sellers.
A survey in 2013 of Florida realtors found
that the most common international
purchasers of real estate for Miami-Miami
Beach properties were from:
• Venezuela (23%)
• Argentina (11%)
• Brazil (10%)
• Peru (9%)
• Canada (7%)
• Colombia (7%)
The top 10 areas where international buyers
purchased real estate in 2013 were:
1. Miami-Miami Beach
2. Orlando-Kissimmee
3. Fort Lauderdale
4. Cape Coral-Fort Myers
5. Naples-Marco Island
6. Bradenton-Sarasota-Venice
7. Tampa-St. Petersburg-Clearwater
8. Palm Beach
9. Port St. Lucie
10. Jacksonville-St. Augustine
Eighty percent of respondents to a 2013 survey of
Florida REALTORS® reported that less expensive
properties in the U.S. than comparable properties
in their home countries attract international
buyers to Florida.
Resort and suburban areas are hot markets for
international buyers. Nearly half of international
buyers chose the suburbs, according to the
2014 Profile of International Home Buying
Activity Report.
In addition to affordable properties in the U.S.,
favorable exchange rates, economic stability,
and rising affluence abroad are all driving
international real estate sales in Florida.
Since 2011 Decorus Realty has been meeting the high demand for
exceptional real estate expertise and service in South Florida. Decorus offers
a multitude of services, including:
• Luxury Real Estate • Commercial Investments • Property Management
• Legal Services • Asset Management
• Financial & Concierge Services
Visit decorusrealty.com for more information.
About Us