As one of the most heavily populated and fastest growing states in the U.S.,

Florida features a number of favorable long-term economic and demographic

trends. With a growing population comes a continued economic development

as well as growing incomes. Ultimately, though market ups and downs are

inevitable, these trends are positive indicators for real estate growth.

The number of new properties put

onto the market slightly increased over

the last year. This low increase reveals people love their homes and are content

living in their neighborhoods. Securing a residence for a rental property would

attract long-term renters.

• 6,237 New Single-Family

Homes Listed

• 8,366 New Townhomes

and Condos Listed

Sales of single-family homes

decreased 5.9% over last year

to 4,809. Sales of townhomes

and condos decreased 13.8%

over last year to 5,354.

Without new listings it is

difficult to have new pending

sales. This is likely a result of

America’s lagging wage

growth and tight credit

considerations.

The sale price for real estate is increasing year-over-year, although the rate of

increase is different depending on the type of home purchased. A single-family home’s

average price increased 14.9% while the median price increased 8.7%. Townhome

and condo average prices increased 3.8% while the median price increased 3.5%.

Rising home prices encourages owners to sell.

• Median Sale Price for a Single-Family Home: $250,000

• Average Sale Price for a Single-Family Home: $438,431

• Median Sale Price for Townhomes and Condos: $189,900

• Average Sale Price for Townhomes and Condos: $341,927

Single-family homes received approximately

95.4% of the original list price, which is a decrease

of 0.7% from last year.

Townhomes and condos received approximately

94.0% of the original list price, which is a decrease

of 3.1%.

This slight decrease indicates the market is still in

the favor of buyers since buyers don’t yet need to

match or beat the selling price in order to get the

house.

The Miami Association is working toward

initiatives to increase inventory. The focus is on

assisting members to get more listings and to

bring additional distressed properties to the market.

Historically strong sales and a gradually growing inventory points to increased

seller confidence. Sellers are listing properties because they have confidence in

the market.

A typical single-family home spent 45 days on the market compared to 37 days

during the same period last year, an increase of 21.6%.

Similarly, the median days on the market for condominium listings were 57

days compared to 46 last year, an increase of 23.9%.

Single-family homes had 3,552 closed sales while townhomes and condos had

4,080. An impressive 55% of closed sales were all-cash. All-cash sales were

40.4% of single-family home closings and 67.5% of all condo sales. Miami’s

position as a top market for foreign buyers is evident in that approximately 90%

of foreign buyers pay in cash.

Founded in 2011 by a team who wanted to raise the bar on how real estate is

conducted, the Decorus Group handles Luxury Real Estate, Commercial

Investments, Asset Management (Real Estate Fund), Legal Services, Property

Management, and Financial & Concierge Services. The Decorus Group caters to

the mainstream real estate buyer or seller as well as the savvy real estate

investor. Decorus agents will ensure that you meet your real estate goals.

Website: http://decorusrealty.com/

Phone: 305.944.8181

Sources

• https://www.miamire.com/docs/default-source/monthly-market-

reports/miami-dade-county_single-family-homes_2014-

q3_summary.pdf?sfvrsn=2

• https://www.miamire.com/docs/default-source/monthly-market-

reports/miami-dade-county_townhouses-and-condos_2014-

q3_summary.pdf?sfvrsn=2

• http://www.worldpropertyjournal.com/real-estate-news/united-states/miami-

real-estate-news/miami-home-prices-miami-condo-prices-condos-for-sale-

in-miami-november-2014-miami-association-of-realtors-liza-mendez-

cranespotterscom-new-condo-projects-in-miami-2015-8660.php