Miami Enjoys Over $3.1 Billion in Residential Sales in Q3

According to the Miami Association of Realtors, total Miami-Dade County home sales surged 15.2 percent in 3Q 2018 as median prices for all properties rose for the 27th consecutive quarter.

Total Miami sales rose 15.2 percent, from 5,895 to 6,792. Miami condo transactions jumped 16.7 percent, from 3,021 to 3,524. Miami existing single-family sales increased 13.7 percent, from 2,874 to 3,268. Third quarter statistics include September, which was impacted by stalled sales in 2017 due to Hurricane Irma. While sales have been trending upwards, the percentage is higher than it might have been because of closings delayed by the hurricane last year.

"The statistics are being compared to a quarter that saw many South Florida home sales stalled, but a long view analysis of Miami real estate shows a market thriving with high demand and low supply," MIAMI Chairman of the Board George C. Jalil said. "Miami single-family home sales are on pace to better last year's total home sales numbers, and Miami condos have posted positive gains in three of the last four quarters."

$3.1 billion in Total Miami Sales Volume in 3Q 2018

Total sales volume accounted for $3.1 billion in 3Q 2018, a 24 percent increase from the $2.5 billion sales volume a year ago. The sales do not include Miami's multi-billion-dollar new construction condo market.

Non-distressed sales comprised 93 percent of all closed residential sales in 3Q 2018 vs. 90 percent in 3Q 2017. Only 6.8 percent of all closed residential sales in Miami were distressed in 3Q 2018, including REO (bank-owned properties) and short sales, compared to 10.4 percent in 3Q 2017. In 2009, distressed sales comprised nearly 70 percent of Miami sales.

Short sales and REOs accounted for 1.5 and 5.3 percent, respectively, of total Miami sales in 3Q 2018. Short sale transactions decreased 29.2 percent year-over-year while REOs fell 23.6 percent.

Miami Luxury Homes Sales Surge 27.9 Percent

Total luxury home sales ($1 million and above) jumped 27.9 percent, from 343 in 3Q 2017 to 439 in 3Q 2018.

Single-family home luxury sales fueled the $1-million-and-above transaction surge, increasing 33 percent to 254 transactions in 3Q 2018. Condo luxury transactions increased 21.7 percent to 185 transactions in 3Q 2018.

A rise in sales among mid-priced condos also played a key role in 3Q 2018. Miami condo sales in the $150,000 to $400,000 range increased 27.8 percent year-over-year, from 1,772 sales to 2,264.

Low mortgage rates make purchasing a home more affordable. According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.57 percent for 3Q 2018, up from the 3.89 percent recorded during the same quarter a year earlier.

Miami Median Prices Rise for 27th Consecutive Quarter

The median price for single-family homes in Miami-Dade County increased to $360,000 in the third quarter, an 8.5 percent jump from $331,750 in the same period last year. The median price for existing condominiums increased 3.3 percent year-over-year from $227,500 to $235,000.

Median prices have now increased for 27 consecutive quarters, a streak spanning 6.75 years.

Statewide, the median sales price for single-family existing homes in 3Q 2018 was $255,000, up 6.3 percent from the same time a year ago, according to Florida Realtors. The statewide median price for condo-townhouse properties during the quarter was $182,500, up 6.1 percent over the year-ago figure.

The national median existing single-family home price in the third quarter was $266,900, up 4.8 percent from the third quarter of 2017 ($254,700), according to the National Association of Realtors.

Hot Markets Overview Reveals Strong Demand and Limited Supply in Many Local Areas

Months' supply of inventory is a strong indicator of real estate activity. Top Miami neighborhoods with the lowest months of supply of inventory in 3Q 2018:

Single-Family Homes


Richmond Heights, a small community south of Kendall, had 7 months supply
Westview, a north Dade community south of Opa-locka, had 4 months supply
Palmetto Estates, a South Dade community west of Palmetto Bay, had 2.7 months supply
El Portal, a small community south of Miami Shores, had 2.8 months supply
Palm Springs North, a northwestern Dade community south of the Broward line, had 3.0 months supply
Condominiums


Three Lakes, a South Dade community west of Kendall, had 2.2 months supply
Richmond West, a south Dade community west of Palmetto Bay, had 1.9 months supply
Tamiami, a South Dade community west of Kendall, had 2.2 months supply
Naranja, a south Dade community north of Leisure City, had 2.5 months supply
Miami Lakes, a north Dade town north of Hialeah, and Kendale Lakes, a south Dade community west of Kendall, each had 2.7 months supply
 
National, State Home Sales in 3Q 2018

Nationwide existing-home sales, including single family and condos, decreased 2.6 percent to a seasonally adjusted annual rate of 5.273 million in the third quarter, down from 5.413 million in the second quarter. That number is 2.4 percent lower than the 5.403 million pace during the third quarter of 2017, according to NAR.

Closed sales of single-family homes statewide totaled 72,843 in 3Q 2018, up 7.5 percent from the 3Q 2017 figure, according to Florida Realtors. Looking at Florida's condo-townhouse market, statewide totaled 28,894 during 3Q 2018, up 9.5 percent compared to 3Q 2017.

Balanced Market for Single-Family Homes, Buyer's Market for Condos 

At the current sales pace, the number of active listings represents 6.2 months of inventory for single-family homes and 13.6 for condominiums. A balanced market between buyers and sellers offers between six and nine months of supply inventory.

Miami real estate had 22,087 active listings in the third quarter, a 5.7 percent increase from the 20,894 listings at the same time last year. The inventory for single-family homes increased 9.8 percent, from 6,060 to 6,652. Miami existing condo inventory grew 4.1 percent, from 14,834 to 15,435.

Miami Homes Selling Close to List Price 

The median percent of original list price received was 95.7 percent for single-family homes and 94.1 percent for condos in 3Q 2018.

The median time to contract for single-family home listings was 44 days, a 4.8 percent increase from 42 days in 3Q 2017. The median time to contract for existing condos was 74 days, a 5.7 percent increase from 70 days in 3Q 2017.

The median time to sale for single-family homes decreased 4.3 percent, from 94 days to 90. The median time to sale for existing condos increased 1.8 percent, from 114 to 116

Miami Cash Sales Almost Double National Figure 

Cash sales represented 36.1 percent of Miami closed sales in the third quarter of 2018, compared to 39.9 percent in 3Q 2017. About 21 percent of U.S. home properties are made in cash, according to the latest NAR statistics. The high percentage of cash buyers reflects Miami's top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash.

Cash sales accounted for 49.4 percent of all Miami existing condo sales and 21.8 percent of single-family transactions.

Mortgage Rates in U.S. Decline in Early November!

According to Freddie Mac's most recent Primary Mortgage Market Survey for November 2018, U.S. mortgage rates dropping slightly after last week's increases.

Sam Khater, Freddie Mac's chief economist, says, "While higher mortgage rates have led to a decline in home sales this year, the weakness has been concentrated in expensive segments versus entry-level and first-time buyer which remains firm throughout most of the rest of the country. Despite higher mortgage rates, the monthly mortgage payment remains affordable. For many buyers the chronic lack of entry-level supply is a larger hurdle than higher mortgage rates because choices are limited and the inventory shortage has caused home prices to rise well above fundamentals."

Freddie Mac News Facts:

30-year fixed-rate mortgage (FRM) averaged 4.83 percent with an average 0.5 point for the week ending November 1, 2018, down from last week when it averaged 4.86 percent. A year ago at this time, the 30-year FRM averaged 3.94 percent.

15-year FRM this week averaged 4.23 percent with an average 0.5 point, down from last week when it averaged 4.29 percent. A year ago at this time, the 15-year FRM averaged 3.27 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.04 percent with an average 0.3 point, down from last week when it averaged 4.14 percent. A year ago at this time, the 5-year ARM averaged 3.23 percent.

(http://www.worldpropertyjournal.com/real-estate-news)

Miami Home Sales Spike 35 Percent Annually in September...

According to a new report by the Miami Association of Realtors, total Miami-Dade County home sales in September 2018 surged 35.7 percent last month a year after Hurricane Irma brought minimal damage and stalled hundreds of sales in September 2017.

Miami-Dade single-family home sales jumped 43 percent year-over-year, from 684 to 978, in September. The condo market continued trending upward with 29.5 percent more sales in September 2018 vs. September 2017. Miami condo sales have risen in seven of the last nine months.

"Miami is one of the most resilient communities in the world and our real estate market embodied that resiliency by bouncing back as expected from stalled transactions in September 2017," said MIAMI Chairman of the Board George C. Jalil. "The sales growth continues a trend of increased Miami home sales, particularly in the existing condo market."

Miami Single-Family Home Sales Jump 43 percent

Miami-Dade County single-family home sales increased 43 percent year-over-year, from 684 to 978. The Miami market has registered 9,851 single-family home sales year to date, an increase of 0.7 percent from this time last year.

The largest segment of growth for single-family home sales is the $200,000 to $600,000 range. The segment recorded 757 single-family home sales, an increase of 49 percent from September 2017.

Miami Existing Condo Sales Have Increased in Seven of the last Nine Months

Miami existing condo sales increased 29.5 percent year-over-year in September, from 804 to 1,041. The Miami market has registered 10,531 existing condo sales year to date, an increase of 5.2 percent from this time last year.

The largest segment of growth for existing condo sales is the $150,000 to $300,000 range. The segment recorded 539 condo sales, an increase of 47.7 percent from September 2017.

Sales Dollar Volume Jumps 42.6 Percent to $900 Million

Total sales volume increased to $900 million from $631.1 million in September 2017. Existing condo sales volume increased from $304.7 million to $374.3 million (an increase of 22.8 percent). Single-family home total dollar volume rose 61.1 percent, from $326.4 million to $525.7 million.

Luxury sales played a significant role in the rise of the total sales volume. Miami single-family $1 million-and-up luxury sales jumped 62.2 percent, from 45 to 73 transactions. Existing luxury condo sales increased 25.6 percent, from 43 to 54 transactions.

Luxury single-family home sales have now increased for five consecutive months. Luxury existing condo sales have increased in five of the last six months.

Lack of access to mortgage loans continues to inhibit further growth of the existing condominium market. Of the 9,307 condominium buildings in Miami-Dade and Broward counties, only 12 are approved for Federal Housing Administration loans, down from 29 last year, according to Florida Department of Business and Professional Regulation and FHA.

Nearly Seven Consecutive Years of Price Appreciation in Miami

Miami-Dade County single-family home prices increased 7.5 percent in September 2018, increasing from $335,000 to $360,000. Miami single-family home prices have risen for 82 consecutive months, a streak of nearly seven years. Existing condo prices rose 1.3 percent, from $234,500 to $237,500 in September. Condo prices have increased in 85 of the last 88 months.

Low mortgage rates make purchasing a home more affordable. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased to 4.63 percent in September from 4.55 percent in August. The average commitment rate for all of 2017 was 3.99 percent.

Miami Distressed Sales Continue to Drop, Reflecting Healthy Market

Only 6.8 percent of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, compared to 9.1 percent in September 2017. In 2009, distressed sales comprised 70 percent of Miami sales.

Total Miami distressed sales increased 1.5 percent year-over-year, from 135 in September 2017 to 137 last month.

Short sales and REOs accounted for 1.6 and 5.2 percent, respectively, of total Miami sales in September 2018. Short sale transactions increased 3.2 percent year-over-year while REOs increased 0.9 percent.

Nationally, distressed sales accounted for 3 percent of sales (lowest since NAR began tracking in October 2008), down from 4 percent a year ago.

Miami Real Estate Selling Close to List Price

The median number of days between listing and contract dates for Miami single-family home sales was 47 days, an 14.6 percent increase from 41 days last year. The median number of days between the listing date and closing date for single-family homes was 91 days, a 1.1percent decrease from 92 days.

The median time to contract for condos was 70 days, a 4.1 percent decrease from 73 days last year. The median number of days between listing date and closing date decreased 7.5 percent to 111 days.

The median percent of original list price received for single-family homes was 95.6 percent. The median percent of original list price received for existing condominiums was 94.7 percent.

National and State Statistics

Nationally, total existing-home sales fell 3.4 percent from August to a seasonally adjusted rate of 5.15 million in September. Sales are now down 4.1 percent from a year ago (5.37 million in September 2017).

Statewide closed sales of existing single-family homes totaled 21,087 last month, up 17 percent compared to September 2017, according to Florida Realtors. Statewide closed condo sales totaled 8,492 last month, up 14.6 percent compared to a year ago.

The national median existing-home price for all housing types in September was $258,100, up 4.2 percent from September 2017 ($247,600). September's price increase marks the 79th straight month of year-over-year gains.

September was the 81st month-in-a-row (over six and a half years) that statewide median sales prices for both single-family homes and condo-townhouse properties increased year-over-year. The statewide median sales price for single-family existing homes was $251,610, up 4.9 percent from the previous year, according to Florida Realtors. The statewide median price for condo-townhouse units in September was $182,500, up 5.5 percent over the year-ago figure.

Miami's Cash Buyers Represent almost Double the National Figure

Miami cash transactions comprised 35.4 percent of September 2018 total closed sales, compared to 43.5 percent last year. Miami cash transactions are almost double the national figure (21 percent).

Miami's high percentage of cash sales reflects South Florida's ability to attract a diverse number of international home buyers, who tend to purchase properties in all cash. Miami has a higher percent of cash sales for condos due to lack of financing approvals for buildings.

Condominiums comprise a large portion of Miami's cash purchases as 48.9 percent of condo closings were made in cash in August compared to 21.1 percent of single-family home sales.

Balanced Market for Single-Family Homes, Buyer's Market for Condos

Inventory of single-family homes increased 9.8 percent in September from 6,060 active listings last year to 6,652 last month. Condominium inventory increased 4.1 percent to 15,435 from 14,834 listings during the same period in 2017.

The increase in inventory is for properties above $300,000 for condos and for properties above $600,000 for single family homes.

Monthly supply of inventory for single-family homes increased 10.7 percent to 6.2 months, which indicates a balanced market. Existing condominiums have a 13.6-month supply, which indicates a buyer's market. A balanced market between buyers and sellers offers between six and nine months supply of inventory.

Total active listings at the end of September increased 5.7 percent year-over-year, from 20,894 to 22,087. Active listings remain about 60 percent below 2008 levels when sales bottomed.

New listings of Miami single-family homes increased 73.9 percent to 1,682 from 967. New listings of condominiums increased 59.9 percent, from 1,429 to 2,285. The numbers are impacted from the stalled transactions after Hurricane Irma in September 2017.

Nationally, total housing inventory at the end of September decreased from 1.91 million in August to 1.88 million existing homes available for sale, and is up from 1.86 million a year ago. Unsold inventory is at a 4.4-month supply at the current sales pace, up from 4.3 last month and 4.2 months a year ago.

New-Home Sales Tick Up as Housing Shortfall Tops 4 Million

The numbers: New-home sales ran at a seasonally adjusted annual 629,000 rate in August, the Commerce Department said Wednesday.

What happened: Sales of newly-constructed homes rose 3.5% compared to July, and edged past the MarketWatch consensus of a 625,000 pace. And the pace of sales in August was 12.7% higher than a year ago. But hefty revisions to prior months were all downward, a reminder that the housing recovery remains grudgingly slow.

Big picture: The government’s home-construction reports are based on small samples and are often revised heavily, making it hard to rely on any one month’s data. For the year to date, sales were 6.9% higher than the same period last year. That year-to-date comparison has declined steadily over the course of the year, a possible sign of flagging momentum.

Another sign may be rising inventories: at the current pace of sales, it would take 6.1 months to exhaust available supply, one of the highest ratios in recent years. In a note out after the release, Amherst Pierpont Securities Chief Economist Stephen Stanley noted that there were 318,000 homes available for sale in August, the highest number since 2011.

What they’re saying: Economists at Freddie Mac analyzed the pace of new housing construction and found that years of underbuilding has left the U.S. with a cumulative shortfall—that is, supply compared to historical averages—of 4.6 million housing units in the years since 2000. That number is especially stark considering that builders constructed a surplus of homes in the bubble years of the last decade.

Investors have turned bearish on publicly-traded builders, even as the fundamentals remain tilted in their favor. On a Tuesday call with analysts, KB Home CEO Jeffrey Mezger addressed that issue, and reiterated the company’s commitment to lower-priced homes, where most housing-watchers think the greatest need—and the greatest opportunity—sits.

“I keep getting back to the current inventory levels which are low. While the national numbers are four months, many of the markets we’re in today at still two months, month-and-a-half, and then when you get into the price points we play at, it’s even less. So there’s not a lot of inventory out there at the affordable price band and much of the headlines, I think, are tied to higher price points that are seeing some slowdown and we’re trying to stay ahead of that,” Mezger said. “We think market conditions are very good and continue to see a great opportunity as we head into 2019.”

KB Home’s results from the most recent quarter beat Wall Street expectations.

Market reaction: The iShares U.S. Home Construction ETF was down in morning trading. Its shares have lost nearly 17% in the year to date.


The realtor.com® editorial team highlights a curated selection of product recommendations for your consideration; clicking a link to the retailer that sells the product may earn us a commission.

Homebuyers purchase second vacation homes for profit over personal use...

Over the past decade, the market for second homes and online travel operations has transformed significantly. A survey by real estate adviser Savills and HomeAway found that recent buyers are prioritizing the purchasing of second vacation homes for financial benefits rather than for personal enjoyment.

“In a low interest rate environment, investors are seeking out income generating assets,” said Paul Tostevin, associate director of Savills world research. “Today’s second home buyers want properties to work for them financially and they are increasingly looking not just to cover costs but to turn a profit.”

This shift in dynamics has proven to be extremely new. The study found that in 2000 eight out of 10 second home owners had never rented their properties to tourists. More recently, research found that more than two-thirds of second home owners rent out their vacation homes to relieve all or part of their ownership expenses.

In 2007 and 2008, the demand for second homes fell and the national housing market declined due to the global financial crisis. Within recent years, while smaller and cheaper properties lead the market with buyers pursuing potential for income and profit, market growth has resumed. Approximately one-third of all rental home owners cover expenses with rental income, while another third generate a profit. Research found that the average gross yield across the sample stands at 6.4 percent, or 3.9 percent after costs, while excluding taxes.

Also, the accessibility of online marketplaces like Airbnb for brief rental accommodations has provided means for which owners to rent out their properties more easily to travelers.

“Over the past ten years, the online travel industry has changed significantly. Staying in a vacation home has transformed, moving from an alternative way to travel to a preferred way to stay,” said Christophe Pingard, vice president of EMEA, HomeAway. “With the rise in the popularity of the category, vacation rentals are not only attracting more travelers, and perhaps most significantly, a new generation of younger travelers accustomed to booking homes over hotels for their trips.”

HomeAway and Savills found that within the United States, owners in Florida account for 14 percent of second homes in the nation, ranking No. 1 on the list for ownership. Following the Sunshine State is California at 7 percent, and North Carolina at 4 percent.

(https://miamiagentmagazine.com/2018/09/19/homebuyers-purchase-second-vacation-homes-profit-personal-use/)

Florida neighborhood ranks best for real estate buying and investing

A real estate research firm has picked a neighborhood in Southwest Florida as the "best neighborhood" in the United States based on schools, crime and other factors. The Pine Ridge neighborhood in Naples, Florida, was the nation's best based on six criteria: affordability, home price appreciation, school scores, crime rates, unemployment rates and property taxes. More from the AP and National Mortgage Professional Magazine.

NAPLES, Fla. (AP) — A real estate research firm has picked a neighborhood in Southwest Florida as the "best neighborhood" in the United States based on schools, crime and other factors.

ATTOM Data Solutions said Thursday that the Pine Ridge neighborhood in Naples, Florida, was the nation's best based on six criteria.

Those measurements are affordability, home price appreciation, school scores, crime rates, unemployment rates and property taxes.

Following Naples was the Westlake neighborhood in Mobile, Alabama; the Union neighborhood in San Jose, California; the Westmoreland neighborhood in Charlotte, North Carolina; and Hunters Hill neighborhood in Denver, Colorado.

ATTOM Data Solutions crunched numbers on almost 11,000 neighborhood housing markets to arrive at the rankings.

What Should Buyers Look For In A Home?

When you're planning on buying a house in the near future, you're subject to lots of advice. Buyers should consider the quality of the schools, their commute to work, the neighbors, and any noise when thinking about purchasing a house. I always stress to my clients: Pay attention to the things that you can’t change about a house and to make sure you can live with those items. Kitchen and bathrooms can be remodeled, but you can't make the noise from a busy freeway go away.


Location, location, location:


The first, and most important, rule of real estate has not changed: location, location, location. If the home is not in the right community, near a busy highway or in the wrong school district, you can rule it out before visiting. If your neighbor doesn’t take care of the yard and has all kinds of clutter and junk, they may make a lot of noise and have a lot of things going on. Write a list of what you want and need in a home, then lists to see what's important when touring prospective homes, mark which items do and don't meet your criteria.


Consider age and condition:


Look at the age and condition of the home, especially for those big-ticket items. How does the roof look? What about the HVAC? Are there signs of water or structural damage? No matter if you want a turn-key home or a fixer-upper, these are things that should be in good condition before you buy. A home inspection is one protection against expensive surprises, but you’ll also want to scrutinize seller disclosures, ask questions about the age of roofs, electrical and plumbing systems, furnaces and air conditioners. Also inquire about termite treatments and water damage. If not, you could end up spending much more than you intend on fixes and replacements. Make sure it meets your current (and future) needs. No matter what's on your list of must-have's, don't settle for a home unless you're sure it will meet your needs.


Stick to your budget:


Don’t overbuy for your budget. Make sure you know how much you're comfortable paying in a mortgage amount and stick to that limit, even if you've been approved for more. You don't want to be in a position where you feel 'house poor', or worse, are unable to make your payments.


Don't forget resale value:


Though it may be a not-so-sexy feature of your home, resale value one of the most important. It can be a huge determining factor the quality of your investment and how long it will take you to sell once you decide to move. Look for features in your home that most buyers would consider desirable like bedroom size, kitchen size, outdoor space, or parking.

(https://realestate.usnews.com/real-estate/articles/what-homebuyers-...).

Buying In a New Real Estate Development? Five Things To Know...

New real estate developments have an undeniable appeal for homebuyers. I have overseen sales and marketing for more than 300 new development projects totaling over 10,000 residences over the last 30 years, and I’ve found that everyone from first-time buyers to seasoned homeowners needs an education on the nuances of buying new.

Here are five tips to help get you started:

1. Understand The Timeline

Developers typically begin sales 12 to 24 months prior to the projected occupancy (move-in) date of the property, which means that you need to plan well in advance for your purchase.

On the plus side, this gives you time to save additional funds for the remaining down payment after deposit and to sell an existing property, if necessary. But if unforeseen delays alter the construction timeline, you might not move in when you expected.

If you are moving from a rental, it’s best to negotiate flexibility with your landlord. For buyers who are selling another property, try timing of the sale of your home so you have some wiggle room on your ultimate closing and moving-out dates. This way, you’re not sleeping in your parent’s basement, bunking with friends or camping out in a hotel for a few weeks. Ask the developer for regular construction updates starting six months prior to the projected closing date so that if you need to extend your lease or closing date, you have plenty of time to do so.

2. Not All New Construction Is Created Equal

Make sure to do your homework on both the developer and the contractor actually performing the work. You will want to assure that they are well-respected developers and builders who stand behind their product. Construction defects happen, but that does not mean the developer is necessarily to blame or that they are a bad developer. More importantly, does the developer have a reputation for responding quickly when a problem arises? Are they amenable to correcting any construction defects without litigation? What is their reputation for quality workmanship? In addition, it is important to ask when the warranties begin when purchasing in a newly built development and that you obtain all of the warranty information.

3. What You See May Not Be What You Get

Artist renderings and sales office models that depict the finishes of the property are key marketing tools when selling new development because these residences are being sold before there is a finished product. Make sure to ask what comes with the actual residence you are purchasing. For instance, a three-bedroom model kitchen may not be representative of the kitchen in the one-bedroom you have selected, which will most likely have a smaller kitchen.

It’s important to get specific. Ask what size the appliances are in your residence, and how much cabinet space you will have. If the model kitchen is shown with drawer inserts or pull-out drawers, is this standard for all units? Find out if the model bathroom is typical or if your bath will be smaller with fewer fixtures. Inquire what lighting will be included. Most developers only install recessed lighting in hallways, kitchens and bathrooms and supply switched outlets everywhere else. The same goes for closet design. Just because a model home shows a fully outfitted closet does not mean you should assume your unit will come with the same.

4. Budget For Additional Closing Costs

In New York City in particular, it is customary that the developer expects the purchaser to pay the New York State and New York City Transfer Taxes. (In re-sales, these costs are typically born by the seller.) You can attempt to negotiate these additional expenses, and depending on the building and market, a developer may agree. Often, developers prefer to negotiate closing costs rather than price to maintain value throughout the building not only for themselves but also to protect the investment being made by everyone purchasing from them. In addition, developers may pass along part of their legal fees for creating the condominium documents and performing the closing, which can add another $2,500-$3,000 to buyer expenses in most cases.

5. Check The House Rules And Bylaws

Co-ops are not the only buildings with rules. Every property (yes, even a condo) has a different pet policy, smoking policy and rules and fees for subleasing. Make sure that the rules work for you and that your furry friend meets any building limits on breed or size.

Buying in a new development is very exciting, but can also be nerve-wracking due to the many nuances and potential unknowns as to what the finished product will actually look and feel like. Doing as much homework up front as possible will help to ease any concerns and assure a more expected outcome.

(https://www.forbes.com/sites/forbesrealestatecouncil/)

‘Nonbanks’ Emerge as Top Lenders for Home Buyers...

More buyers are bypassing big, established banks and turning to a growing subset of specialized lenders to obtain a mortgage.

Last year, a “nonbank” called Freedom Mortgage originated $51.1 billion in home loans, more than Citigroup Inc. and Bank of America Corp., according to research from business news publication Inside Mortgage Finance. Freedom has risen from being the 78th largest mortgage lender in the U.S. in 2012 to the 11th largest today.

Nonbanks have re-emerged since the last housing crisis and are taking more business from traditional banks, now accounting for 52 percent of U.S. mortgage originations—up from 9 percent in 2009—according to Inside Mortgage Finance. Six of the 10 largest U.S. mortgage lenders today are nonbanks.

Larger banks have been pulling away from the general mortgage market and have placed a greater focus on consumers with more financial stability since the Great Recession. Nonbanks tend to focus on serving first-time buyers and moderate-income families. Nonbanks also tend to take short-term loans from other banks to fund their lending, and some industry analysts are concerned that these entities could overextend themselves—as many did a few years ago. “As long as the good times roll on, it’s fine,” Ed Pinto, co-director of the Center on Housing Markets and Finance at the American Enterprise Institute, told The Wall Street Journal. “But all I can say is, we’re in a boom, and you cannot keep going up like this forever.”

Quicken Loans has emerged as the largest nonbank. The top mortgage lenders, by originations, for the first half of 2018 are:

Wells Fargo
JPMorgan Chase
Quicken Loans
PennyMac
Bank of America
U.S. Bank
Caliber
United Wholesale
Amerihome
loanDepot
Freedom Mortgage
Source: “The New Mortgage Kings: They’re Not Banks,” The Wall Street Journal (Sept. 6, 2018)

MIAMI RANKS AS ONE OF THE MOST VALUABLE CITIES IN THE COUNTRY…

Real estate wealth is dispersed unequally throughout the United States with revenue concentrated heavily in metropolitan areas, valued at $26.2 trillion in total.

Lending Tree ranked the top 50 most valuable cities in America from its collection of real estate data covering more than 155 million U.S. properties.

While competing against many other high-ranking coastal cities, Miami made into the top 10 most valuable cities with a ranking at No. 7. Miami’s total residential real estate value was estimated at $648 billion with a median value of $267,000.

In order to calculate the total property values of metropolitan areas, Lending Tree looked at previous home value figures based on public tax, deed, mortgage and foreclosure data, and proprietary local data. The My Lending Tree property database also used GDP data from the IMF’s April 2018 World Economic Outlook to provide a comparison between the value of the top 50 American cities and financially similar countries. Miami was given the “closest country equivalent” of Argentina.

The Federal Reserve estimated the total values of residential real estate to be $28.4 trillion. Considering the Lending Tree property value database in relation, the top 10 most valuable cities contribute to 40 percent of the Federal Reserve’s figure. Even further, the full list of 50 cities constitutes 70 percent of all residential real estate value in the U.S.

(https://miamiagentmagazine.com/2018/09/06/miami-ranks-one-valuable-cities-country/)

Paraíso Bay Views. Reserve now with only 20% Deposit! Schedule Your Private Tour today! Call: (786) 525-9430

Nationwide rents remain largely flat during August: report.

In the battle of West Coast versus East Coast, one might say the former just added another notch under its belt.

The price for a one-bedroom in Santa Ana, located in Orange County, climbed 3.4 percent, knocking Miami off the list of the top 10 most expensive places to rent, according to a new report from Zumper.

Otherwise, rents remained relatively flat nationwide last month, with one- and two-bedroom units rising just 0.1 percent since July. On average, rents for a one-bedroom last month were about $1,200, while a two-bedroom asked $1,450.

With Santa Ana in the top 10, California cities dominated more than half of the ranking.

One-bedroom rentals in Los Angeles averaged $2,320 last month, making it the fourth most expensive city in the country. That reflects an 8 percent hike since last year, and less than 0.5 percent hike since last month.

San Francisco claimed the No.1 spot, with a one-bedroom asking $3,570 per month. San Jose, Oakland and San Diego also placed in the top 10.

On the East Coast, New York led with one-bedroom rentals demanding $2,870 per month. Though its ranking on the list remained stable, rates in the city actually dropped 1 percent since last month. Year over year, they grew 0.7 percent.

Both Miami and Chicago dropped on the list, despite rents remaining flat — both monthly and yearly. In Miami, a one-bedroom asked $1,800 on average last month. Meanwhile, Chicago rents stayed at $1,520 monthly.

Zumper compiles its National Rent Report by analyzing and aggregating rental data from over 1 million active listings across the country.

Strong Job Growth in U.S. Driving Up Office Asking Rents

According to Transwestern's second-quarter 2018 national office market report, continued improvement in the U.S. office sector was due in large part to a strong jobs market with remarkably low overall unemployment of 3.9 percent, and a 1.6 percent annual growth rate in office-using employment.

For the second quarter, office absorption totaled 18.8 million square feet, vacancy remained stable at 9.6 percent, and average asking rents increased by 3.4 percent annually to $25.71 per square foot.

"As more individuals return to the workforce citing real wage growth, further tightening in the core metrics is anticipated through the balance of the year," said Stuart Showers, Research Director in Houston.

The rise in rental rates marks the 21st consecutive quarterly increase, with Minneapolis; Charlotte, North Carolina; Columbus, Ohio; San Antonio and Austin, Texas leading the nation in year-over-year rent growth. San Francisco edged out New York for the highest asking rates in the country at $74.40 per square foot.

"Despite only 4 million square feet currently under construction in San Francisco versus more than 14 million square feet in New York, San Francisco is increasing total inventory by a higher percentage, which could drive asking rates even higher as new product comes online," said Ryan Tharp, Research Director in Dallas. "Additionally, existing tariffs on steel and aluminum are likely to drive up construction costs, and landlords may need to bump up rental rates to compensate."

Worth noting is that while national quarterly absorption remained positive, the pace of absorption is slowing as quarterly totals are approximately 20 percent below three- and five-year quarterly averages. Overall, 34 of the 49 Transwestern reporting markets registered positive absorption in the second quarter, underscoring the strength of the sector.

Florida's Housing Market: Sales, Median Prices, New Listings Up in 2Q 2018

Second-quarter 2018 saw increased sales, higher median prices and more new listings for Florida’s housing market, according to the latest housing data released by Florida Realtors®. Many local markets continued to report a lack of for-sale inventory, which impacts sales and puts pressure on rising median prices. Closed sales of single-family homes statewide totaled 80,711 in 2Q 2018, up 1 percent from the 2Q 2017 figure.

“During the second quarter of 2018, Florida’s economy and jobs sector continued to grow,” said 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. “In June, the state’s unemployment rate was 3.8 percent while the U.S. unemployment rate was 4.0 percent. On another positive note, Florida’s 2Q 2018 homeownership rate was 65.1 percent.

“Despite tight inventory levels, it’s encouraging to see that new listings for single-family homes over the quarter rose 4.9 percent year-over-year, while new condo-townhouse listings rose 3.9 percent. If that trend continues, it will hopefully help ease buyer demand and slow the pace of rising prices.”

The statewide median sales price for single-family existing homes in 2Q 2018 was $256,150, up 6.7 percent from the same time a year ago, according to data from Florida Realtors Research department in partnership with local Realtor boards/associations. The statewide median price for condo-townhouse properties during the quarter was $189,900, up 8.5 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

Looking at Florida’s condo-townhouse market, statewide closed sales totaled 34,376 during 2Q 2018, up 4.7 percent compared to 2Q 2017. The closed sales data reflected fewer short sales – and rising traditional sales – over the three-month period: Short sales for condo-townhouse properties declined 41.4 percent while short sales for single-family homes dropped 45.2 percent. Meanwhile, traditional sales for condo-townhouse units rose 6.8 percent and traditional sales for single-family homes increased 4.3 percent year-over-year. Closed sales typically occur 30 to 90 days after sales contracts are written.

“Through the second quarter, low inventory levels kept the number of single-family sales just barely ahead of last year’s pace, whereas a greater selection of condos and townhouses on the market allowed for a nearly 5 percent increase in sales versus last year,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “Competition for existing homes remains fierce, with over half of successful single-family home sellers in the second quarter getting above 96 percent of their initial listing prices.”

He added that the median time to a contract (the midpoint of the number of days it took for a property to receive a sales contract during that time) dropped during the three-month-period.

“Half of the single-family homes that sold in the second quarter were only on the market for 35 days or less, compared to 39 days or less in the same quarter last year,” O’Connor said. “Among condo and townhouse sales, there was a similar-sized drop in this regard, from 50 to 44 days.”

Inventory was at a 3.9-months’ supply in the second quarter for single-family homes and at a 5.5-months’ supply for condo-townhouse properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.54 percent for 2Q 2018, up from the 3.99 percent recorded during the same quarter a year earlier.

To see the full statewide housing activity reports, go to Florida Realtors Media Center at http://media.floridarealtors.org/ and look under Latest Releases, or download the 2Q 2018 data report PDFs under Market Data here.



Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 180,000 members in 54 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.

Miami Condo Sales Takeoff in Mid 2018!

According to the Miami Association of Realtors, Miami-Dade County existing condominium sales surged 5.6 percent in 2Q 2018 as median prices for all properties rose for the 26th consecutive quarter.

Miami condo transactions jumped 5.6 percent, from 3,818 in 2Q 2017 to 4,033 in 2Q 2018. Miami existing single-family sales decreased 2.6 percent, from 3,882 to 3,782. The change is due to a lack of single-family home inventory in lower and mid-price points.

"Miami condo home buyers are finding great opportunities particularly in the $250,000 to $600,000 range," MIAMI Chairman of the Board George C. Jalil said. "Miami condo sales in the $250,000 to $600,000 range increased 15.7 percent year-over-year, which helped fuel the sector's robust quarter."

Total Home Sales Increase in 1Q 2018

Total existing Miami-Dade County residential sales increased 1.5 percent year-over-year in 2Q 2018, from 7,700 to 7,815.

Total sales volume accounted for $3.9 billion in 1Q 2018, an increase from the $3.3 billion sales volume a year ago. The sales do not include Miami's multi-billion dollar new construction condo market.

Non-distressed sales comprised 94 percent of all closed residential sales in 2Q 2018 vs. 90 percent in 2Q 2017. Only 6.3 percent of all closed residential sales in Miami were distressed in 2Q 2018, including REO (bank-owned properties) and short sales, compared to 9.7 percent in 2Q 2017. In 2009, distressed sales comprised nearly 70 percent of Miami sales.

Short sales and REOs accounted for 1.5 and 4.8 percent, respectively, of total Miami sales in 2Q 2018. Short sale transactions decreased 36.8 percent year-over-year while REOs fell 33.6 percent

Miami Luxury Homes Sales Jump 18.2 Percent

Total luxury home sales ($1 million and above) jumped 18.2 percent, from 500 in 2Q 2017 to 591 in 2Q 2018.

Condo luxury sales fueled the $1-million-and-above transaction surge, increasing 37.1 percent in 2Q 2018. Single-family luxury transactions increased 5.9 percent in 2Q 2018.

A rise in sales among mid-priced condos also played a key role in 2Q 2018. Miami condo sales in the $250,000 to $600,000 range increased 15.7 percent year-over-year, from 1,213 sales to 1,403.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.54 percent for 2Q 2018, up from the 3.99 percent recorded during the same quarter a year earlier.

Miami Median Prices Rise for 26th Consecutive Quarter

The median price for single-family homes in Miami-Dade County increased to $350,000 in the second quarter, a 6.6 percent jump from $328,300 in the same period last year. The median price for existing condominiums increased 5.2 percent year-over-year from $229,000 to $240,875.

Median prices have now increased for 26 consecutive quarters, a streak spanning 6.5 years.

Statewide, the median sales price for single-family existing homes in 2Q 2018 was $256,150, up 6.7 percent from the same time a year ago, according to Florida Realtors. The statewide median price for condo-townhouse properties during the quarter was $189,900, up 8.5 percent over the year-ago figure.

The national median existing single-family home price in the second quarter was $269,000, which is up 5.3 percent from the second quarter of 2017 ($255,400) and surpasses last year's second quarter as the new peak, according to the National Association of Realtors.

Hot Markets Overview Reveals Strong Demand and Limited Supply in Many Local Areas

Months' supply of inventory is a strong indicator of real estate activity. Top Miami neighborhoods with the lowest months of supply of inventory in 2Q 2018:

Single-Family Homes

Richmond Heights, a small community south of Kendall, had 8 months supply
Miami Gardens, a north Dade community along the Broward line, had 2 months supply
South Miami Heights, a south Dade community west of Cutler Bay, had 2.3 months supply
Palm Springs North, a northwestern Dade community south of the Broward line, had 2.3 months supply
Palmetto Estates, a South Dade community west of Palmetto Bay, had 2.4 months supply

Condominiums

Naranja, a south Dade community north of Leisure City, had 8 months supply
The Crossings, a South Dade community west of Kendall, had 0 months supply
Tamiami, a South Dade community west of Kendall, had 2.5 months supply
Three Lakes, a South Dade community west of Kendall, had 2.7 months supply
Hialeah Gardens, a North Dade community west of Hialeah, had 2.7 months supply

National, State Home Sales in 2Q 2018

Nationwide existing-home sales, including single family and condos, decreased 1.7 percent to a seasonally adjusted annual rate of 5.41 million in the second quarter from 5.51 million in the first quarter, and are 2.4 percent lower than the 5.55 million pace during the second quarter of 2017, according to NAR.

Closed sales of single-family homes statewide totaled 80,711 in 2Q 2018, up 1 percent from the 2Q 2017 figure, according to Florida Realtors. Looking at Florida's condo-townhouse market, statewide closed sales totaled 34,376 during 2Q 2018, up 4.7 percent compared to 2Q 2017.

Balanced Market for Single-Family Homes, Buyer's Market for Condos

At the current sales pace, the number of active listings represents 6.0 months of inventory for single-family homes and 13.9 for condominiums. A balanced market between buyers and sellers offers between six and nine months of supply inventory.

Miami real estate had 21,470 active listings in the second quarter, a 1.7 percent increase from the 21,119 listings at the same time last year. The inventory for single-family homes increased 2.5 percent, from 6,052 to 6,206. Miami existing condo inventory grew 1.3 percent, from 15,067 to 15,264.

Miami Homes Selling Close to List Price

The median percent of original list price received was 95.9 percent for single-family homes and 93.5 percent for condos in 2Q 2018.

The median time to contract for single-family home listings was 44 days, a 10.2 percent decrease from 49 days in 2Q 2017. The median time to contract for existing condos was 77 days, a 4.1 percent increase from 74 days in 2Q 2017.

The median time to sale for single-family homes decreased 7 percent, from 100 days to 93. The median time to sale for existing condos stayed the same at 116 days.

Miami Cash Sales Almost Double National Figure

Cash sales represented 38.1 percent of Miami closed sales in the second quarter of 2018, compared to 38.6 percent in 2Q 2017. About 20 percent of U.S. home properties are made in cash, according to the latest NAR statistics. The high percentage of cash buyers reflects Miami's top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash.

Cash sales accounted for 52.2 percent of all Miami existing condo sales and 23.1 percent of single-family transactions.

Building a New Construction Home in Miami? How Much Does It Cost?

Deciding to build a home is exciting—it's no wonder that more than 1,000,000 new residences are projected to go up this year. Still, if this thought has crossed your mind, you have also probably wondered: How much does it cost to build a home, anyway?

According to data from the National Association of Home Builders, the median price of constructing a single-family home in 2015 was $289,415, or $103 per square foot. And according to the U.S. Census, the median size of a newly built single-family house in 2015 was 2,467 square feet. That price can vary widely based on where you live, though. (Want a more targeted estimate? Go to realtor.com®/local to find out the price per square foot in your area.)

So why does building a home cost so much? Let's break down the costs, shall we?

Related Articles
How to Buy Land: Tips to Pick the Perfect Plot
6 Building Mistakes That Can Turn Your Custom Dream House Into a Dump
More New Homes in the Pipeline for Buyers
The main costs to build a home
There are a few main costs involved in the construction of a home, says Andy Stauffer, owner and president of Stauffer and Sons Construction. Sure, each time you build a home, costs are a little different, but here are the biggies:

The shell of the house, which includes walls, windows, doors, and roofing, can account for a third of the homes total cost, or $95,474.
Interior finishes such as cabinets, flooring, and countertops can eat up another third of the budget, averaging $85,642. Use this calculator to plug in your ZIP code, exact square footage, and level of finish to come up with a general budget for various projects.
Mechanicalthink plumbing and heatingruns around 13%, or $37,843.
Kitchens and bathrooms are the most expensive rooms to build, especially when the average cost for finishes like cabinets and countertops alone is $16,056. So if you're looking to save money, ask yourself whether you really need that third full bathroom, or will two plus a half-bath do?
Architect and engineer drawings will run about $4,583.
Additional costs to build a house (not included)
Now you know the basic cost to build a home, but the expenses don't end there. Here are a few extra costs you'll need to be aware of that aren't factored into the above price:

The cost of a plot of land to build on averages $3,020 per acre. That said, the average home is built on only 0.2 acres, so unless you want a lot of space in a highly desired neighborhood, that alone won't break the bank.
Excavation and foundation work are by far the most variable cost when building a home, according to Morgan Franklin of Kentucky's LexHomeHub. In other words, you never know what youre going to find until you start diggingbe it bad soil or massive boulders. If excavation and foundation work goes relatively smoothly, the average cost for both is $33,447.
You'll need a building permit, of courseit averages $908 nationally.
Other costs you'll incur before you hammer even one nail include land inspections ($4,191) and an impact fee, levied by the government to cover the costs a new home will incur on public services like electricity and waste removal ($1,742).
Why build a home?
That's a fair question—particularly since you can buy an existing single-family house for a median price of $223,000, or $66,415 less than building one. You will also save yourself the headaches that inevitably come with construction.

Still, building a home does have its advantages. Everything from pipes to the heating and cooling systems will be new. That means no costly repairs in the near future—and so a newly built home could end up costing less in the long run. Plus, of course, you get to design your home to your exact specifications. If you have very clear ideas of how you want your home to look, this blank slate could be worth every penny. (That said, designing your dream home from scratch has its challenges, too, so make sure to not make these mistakes.)

Keystone Point North Miami Real Estate58 homes for sale.

KEYSTONE POINT REAL ESTATE FACTS:

Total Homes for Sale: 53
AVERAGE HOME VALUES BY CITY
Bal Harbour $1,043,000
Bay Harbor Islands $289,300
Golden Glades $203,600n
Indian Creek -
Miami Beach $383,700

For more information, or for a FREE HOME EVALUATION, call: (786) 525-9430.

Lazaro Lopez, PA
Fortune Int'l Realty
1390 Brickell Ave, Suite 104
Miami, Fl. 33131
(786) 525-9430
http://www.LazaroLopez.com

South Florida Luxury Condo sales up, home sales rise despite low inventory...

The luxury condo market, a recent sore spot in South Florida due to over development in places like Miami Beach and the Miami mainland, saw strong sales activity and price increases.

Luxury condo inventory in Miami Beach and the barrier islands fell 20% from a year ago. It’s a positive sign that new development, which wound down in 2016 amid tough market conditions, will likely pick up again soon.

The median sales price for a luxury condo in Miami Beach soared to $3.37 million in the second quarter, up 47.6% from $2.28 million last year. Luxury single-family homes on Miami Beach hit $10.76 million in the second quarter, up 34% from $8 million last year.

In mainland Miami, the median price for luxury condos rose 6% year-over-year to nearly $815,000.

Fort Lauderdale’s luxury condo market is moving twice as fast as it was a year ago. And high-end condo markets heated up in Delray and in Palm Beach, which by the end of June had only six months of condo inventory, according to the report.

The strength in areas north of Miami underscores a shift in buying patterns. The historical focus of the second home buyer was Miami, Miami Beach. While that market hasn’t experienced any pain as a result of the shift to the north, buyers from other markets are recognizing the value opportunities in Broward County and elsewhere in South Florida.

South Florida logged robust home sales, especially among luxury condos, in the second quarter of 2018, according to reports Thursday from Douglas Elliman.

Palm Beach saw the greatest number of sales in a single quarter in three years, with 160 homes changing hands on the exclusive island north of Miami. Luxury condo sales in Miami Beach and the barrier islands increased more than 13% compared to this time last year, while luxury condo sales and prices soared in Fort Lauderdale, according to market reports prepared for the brokerage by appraisal firm Miller Samuel.

We’re seeing overall and consistently strong gains in each of our markets. Some of the boost in South Florida are snowbirds leaving high-tax states like New York and Connecticut for good in response to the federal tax overhaul that Congress passed in December.

By the end of June, Miami Beach had 31 months’ worth of luxury condos on the market, down from 44 months a year ago. “The pace of the market feels faster, it’s not fast but it’s faster. The second quarter also marked a jump in the size of units trading hands a sign that big spenders are back in play and looking for more lavish homes.

Brickell City Centre seeks 2M-square-foot expansion

Brickell City Centre has submitted an expansion to build on two additional city blocks.

The proposal would amend the Special Area Plan regulating the development, and increase the SAP area from 11.4 acres to 13.9 acres.

In total, four more towers are now planned at Brickell City Centre, including One Brickell City Centre, North Block, the Tobacco Road site, and Associated Photo property.

The plans have just been recently submitted to the city, have not yet been reviewed, and are subject to change. As of now, the two new towers include:

650 SMA (Tobacco Road site):

54 story tower, with 10-story podium
588 residential units (of which 42 will be under 750 square feet)
89,130 square feet of retail/commercial
839 parking spaces
1.66 acre project site
Associated Photo:

62 story tower, with 12-story podium
384 residential units (of which 144 will be under 750 square feet)
3,200 square feet of commercial/retail
363 parking spaces
.73 acre project site
Parking will be in garages above ground. Most of the existing parking at Brickell City Centre is below ground, and One Brickell City Centre and the North Block are planned to have below grade parking.

Arquitectonica is the project architect.

Florida was the top state where outside investors purchased and sold commercial property...

Foreign Investment in U.S. Commercial Real Estate Remains Strong, China and Mexico Top Investors
Florida was the top state where outside investors purchased and sold commercial property last year; California was third

WASHINGTON — Nearly one-fifth of Realtors® practicing in commercial real estate closed a sale with an international client in 2017, and 35 percent said they have experienced an increase in the number of international clients in the past five years, according to a report from the National Association of Realtors®.

NAR’s 2018 Commercial Real Estate International Business Trends report analyzed cross-border commercial real estate transactions made by Realtors® during 2017. The study found that most Realtors® who specialize in commercial real estate reside in smaller commercial markets where the typical deal is less than $2.5 million.

“The profile of smaller commercial markets is continuing to rise as many foreign investors are attracted to smaller-sized properties in secondary and tertiary markets, bringing Realtors® confidence that increased sales and leasing activity will continue to occur in 2018,” said Lawrence Yun, NAR chief economist.

“Since 2016, world economies have regained their footing and have pressed toward higher ground. Global economic output increased in 2017, and commercial real estate continues to be a healthy investment for global investors,” Yun added.

Of the 59 percent of Realtors® who indicated they completed a commercial real estate transaction last year (69 percent in 2016), 18 percent reported closing a deal for an international client (20 percent in 2016). Among survey respondents who closed an international transaction, 46 percent closed a buyer-side transaction, 13 percent a seller-side transaction and the remainder closed both types of transactions.

Over 60 percent of buyer-side sales were transactions with foreign buyers who primarily reside abroad. Most seller-side transactions (57 percent) were of properties sold by clients who were temporarily residing in the U.S. on non-immigrant visas.

Nineteen percent of Realtors® said they completed a lease agreement on behalf of a foreign client, down from 22 percent in 2016. The median gross lease value for international lease transactions was $200,000 ($105,000 in 2016) with most space typically under 2,500 square feet.

The top countries of origin for buyers were China (20 percent), Mexico (11 percent), Canada (8 percent) and the United Kingdom (6 percent). While sellers were typically from Mexico (20 percent), China (15 percent), and Brazil and Israel (both at 10 percent).

Florida and Texas were the top two states where foreigners purchased and sold commercial property last year, with California being the third most popular buyer and seller destination.

International commercial buyer and seller transactions typically tend to be at the higher end of the market. Last year, the median international buyer-side transaction was $975,000 and a median seller-side transaction was $1 million, while the median commercial transaction was $625,000.

“Realtors®’ international clients found U.S. commercial real estate markets to be a good value in 2017. About seven in 10 respondents reported that international clients view U.S. prices to be about the same or less expensive than prices in their home country,” Yun stated.

The survey also found that foreign buyers of commercial property typically bring more cash to the table than those purchasing residential real estate. Seventy percent of international transactions were closed with cash, while NAR's 2017 residential survey found that half of buyers paid in cash.

For those not using all cash, 25 percent of commercial deals involved debt financing from U.S. sources. A majority of buyers purchased commercial space for rental property (39 percent) or for business investment purposes (34 percent).

NAR’s commercial community includes commercial members, real estate boards, committees, advisory boards and forums; and NAR commercial affiliate organizations – CCIM Institute, Institute of Real Estate Management, Realtors® Land Institute, Society of Industrial and Office Realtors®, and Counselors of Real Estate.

Approximately 80,000 NAR members specialize in commercial real estate brokerage and related services including property management, land counseling and appraisal. In addition, more than 200,000 members are involved in commercial transactions as a secondary business.

The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.

Tags: Real Estate

Residential Rents Rising at Faster Rate in Most U.S. Cities

5.3 Percent Fewer U.S. Homes on the Market Than in 2017

According to the May 2018 Zillow Real Estate Market Report, median rent is appreciating more quickly this spring than last in 27 of the 35 largest U.S markets.

Pittsburgh, Detroit and Houston reported the greatest jumps in annual rent growth this spring compared to last. Median rent in all three of these metros was falling at this time last year, but is now appreciating over 1 percent annually.

In some of the nation's most expensive rental markets, median rent is appreciating more slowly now than last spring. In Seattle, for example, where annual rent growth has been among the highest in the country, rent appreciation has slowed from a 5.8 percent annual growth rate last spring, to a 3.3 percent annual growth rate now. A similar trend holds true in Los Angeles, Portland and Boston.

Across the U.S., rent growth has been holding steady at about a 2-3 percent annual appreciation rate for the past 11 months. Median rent rose 2.1 percent over the past year to $1,440 per month.

Saving enough money for a down payment is one of the greatest hurdles to homeownership, and rising rents is one of the main reasons why saving is so difficult. Even in markets where rent growth is slowing, high prices have already been established. With mortgage rates rising and mortgage affordability deteriorating, owning a home may start to feel out of reach for many Americans.

"Over the past two years, rent growth slowed across the country as new apartments hit the market and renters with the financial means to do so increasingly became homeowners," said Zillow Senior Economist Aaron Terrazas. "The slowdown in rent growth was most prominent in the markets that moved most quickly to add units - either because it was easy to build or because of local demands. But the ever-swinging pendulum is again on the move. This spring rent appreciation has perked back up nationwide, though it remains well within a long-term sustainable range. The ebb-and-flow of supply and demand is following slightly different timeliness in different markets, but over the past two years, we have seen similar trends in markets from the Southeast to the Northwest."

Home values continue to appreciate across the country. The median U.S. home value rose just over 8 percent over the past year to $216,000. San Jose, Calif., Las Vegas and Seattle reported the greatest annual home value appreciation among the 35 largest U.S. metros.

The median home value in San Jose is now $1,265,300, up almost 26 percent since last May. Home values rose 15.5 percent over the past year in Las Vegas and 12 percent over the past year in Seattle.

Spring home shoppers will have 5.3 percent fewer homes to choose from than last year, though the pace of inventory declines has been slowing for the past 10 months. Markets with the greatest drop in for-sale inventory are Denver, Atlanta and Pittsburgh. Home shoppers in Denver and Atlanta will have 15 percent fewer homes to choose from than a year ago, and 13 percent fewer in Pittsburgh.

May ended with mortgage rates on Zillow at 4.29 percent, after starting the month at 4.38 percent. May mortgage rates peaked in the middle of the month at 4.51 percent, the highest rate since the beginning of 2013, and hit a month low in the last few days of the month when rates were at 4.28 percent. Zillow's real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgages site and reflect the most recent changes in the market.

May--2018-Zillow-Real-Estate-Market-Report.png

Miami Luxury Home Sales Spike 24 Percent Annually in May

Miami Cash Home Buyers Double the National Average

According to the Miami Association of Realtors, total Miami luxury home sales rose 24.1 percent year-over-year in May as existing condominium sales rose for the second consecutive month.

Total Miami luxury sales ($1 million-and-above) increased from 158 to 196 in May 2018, a rise of 24.1 percent. Condo luxury sales led the surge by posting a 58.6 percent jump (from 58 luxury transactions in May 2017 to 92 last month). Condo and single-family $1 million-and-above transactions have each now increased year-over-year in four of the last five months.

"Miami real estate luxury sales continue trending upward," MIAMI Chairman of the Board George C. Jalil said. "Strong pent-up demand for $1 million-and-above Miami properties, sellers becoming more reasonable with their prices and the federal tax reform leading more home buyers from high-taxed northern states to purchase in Florida, which has no state income tax, are several key factors."

Miami Condo Sales Increase for Second Consecutive Month

Miami existing condominium sales increased 0.6 percent year-over-year in May 2018, rising from 1,384 to 1,392. The increase comes on the heels of a strong April 2018 which saw condo transactions jump 24.6 percent.

Total Miami home sales decreased 3.9 percent year-over-year, from 2,728 to 2,622. Miami single-family home sales decreased 8.5 percent in May 2018, from 1,344 to 1,230. The decrease is due to a lack of inventory in lower price points. Inventory decreases for Miami single-family homes selling at $400,000 and below.

Total sales volume increased to $1.3 billion from $1.2 billion in May 2017.Existing condos saw the biggest increase, rising from $517.9 million total sales volume to $645.8 million (an increase of 24.7 percent). Single-family home total dollar volume rose 3.4 percent, from $651.2 million to $673.6 million.

Lack of access to mortgage loans continues to inhibit further growth of the existing condominium market. Of the 9,307 condominium buildings in Miami-Dade and Broward counties, only 12 are approved for Federal Housing Administration loans, down from 29 last year, according to Florida Department of Business and Professional Regulation and FHA.

6.5 Consecutive Years of Price Appreciation in Miami

Miami-Dade County single-family home prices increased 7.7 percent in May 2018, increasing from $325,000 to $350,000. Miami single-family home prices have risen for 78 consecutive months, a streak 6.5 years. Existing condo prices rose 8.9 percent, from $225,000 to $245,000 in May. Condo prices have increased in 81 of the last 84 months.

Low mortgage rates makes purchasing a home more affordable. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased for the seventh straight month to 4.59 percent in May (highest since 4.64 percent in May 2011) from 4.47 percent in April. The average commitment rate for all of 2017 was 3.99 percent.

Miami Distressed Sales Continue to Drop, Reflecting Healthy Market

Only 6.4 percent of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, compared to 10.0 percent in May 2018. In 2009, distressed sales comprised 70 percent of Miami sales.

Total Miami distressed sales declined 38.3 percent year-over-year, from 274 to 169 last month.

Short sales and REOs accounted for 1.3 and 5.1 percent, respectively, of total Miami sales in May 2018. Short sale transactions dropped 52.1 percent year-over-year while REOs fell 33.5 percent.

Nationally, distressed sales accounted for 3 percent of sales (lowest since NAR began tracking in October 2008), down from 5 percent a year ago.

Miami Real Estate Selling Close to List Price

The median number of days between listing and contract dates for Miami single-family home sales was 44 days, an 8.3 percent decrease from 48 days last year. The median number of days between the listing date and closing date for single-family properties was 92 days, a 6.1 percent decrease from 98 days.

The median time to contract for condos was 73 days, a 2.7 percent decrease from 75 days last year. The median number of days between listing date and closing date decreased 2.6 percent to 112 days.

The median percent of original list price received for single-family homes was 96.0 percent. The median percent of original list price received for existing condominiums was 93.3 percent.

National and State Statistics

Nationally, total existing-home sales decreased 0.4 percent to a seasonally adjusted annual rate of 5.43 million in May from downwardly revised 5.45 million in April. With last month's decline, sales are now 3.0 percent below a year ago and have fallen year-over-year for three straight months.

Statewide closed sales of existing single-family homes totaled 28,071 last month, up 0.8 percent compared to May 2017, according to Florida Realtors. Statewide closed condo sales totaled 12,012 last month, up 4.1 percent compared to a year ago.

The national median existing-home price for all housing types in May was $264,800, an all-time high and up 4.9 percent from May 2017 ($252,500). May's price increase marks the 75th straight month of year-over-year gains.

The statewide median sales price for single-family existing homes was $255,000, up 6.7 percent from the previous year, according to Florida Realtors. The statewide median price for townhouse-condo properties in May was $188,688, up 6 percent over the year-ago figure.

Miami's Cash Buyers Represent almost Double the National Figure

Miami cash transactions comprised 39.0 percent of May 2018 total closed sales, compared to 39.4 percent last year. Miami cash transactions are almost double the national figure (21 percent).

Miami's high percentage of cash sales reflects South Florida's ability to attract a diverse number of international home buyers, who tend to purchase properties in all cash. Miami has a higher percent of cash sales for condos due to lack of financing approvals for buildings.

Condominiums comprise a large portion of Miami's cash purchases as 50.9 percent of condo closings were made in cash in May compared to 25.5 percent of single-family home sales.

Balanced Market for Single-Family Homes, Buyer's Market for Condos

Inventory of single-family homes increased 0.4 percent in May from 6,195 active listings last year to 6,219 last month. Condominium inventory increased 2.2 percent to 15,502 from 15,326 listings during the same period in 2017.

The increase in inventory is for properties above $400,000. The market had a 3.5 percent jump in properties listed for $400,000 to $599,999 in May 2018, 4.4 percent for $600,000 to $999,999, and 3.4 percent for $1 million and above.

Miami saw a drop in inventory for properties below $400,000.

Monthly supply of inventory for single-family homes increased 7.1 percent to 6.0 months, which indicates a balanced market. Existing condominiums have a 14.1-month supply, which indicates a buyer's market. A balanced market between buyers and sellers offers between six and nine months supply of inventory.

Total active listings at the end of May increased 0.92 percent year-over-year, from 21,521 to 21,721. Active listings remain about 60 percent below 2008 levels when sales bottomed.

New listings of Miami single-family homes decreased 0.4 percent to 1,881 from 1,888. New listings of condominiums increased 8.1 percent, from 2,431 to 2,617.

Nationally, total housing inventory at the end of May climbed 2.8 percent to 1.85 million existing homes available for sale, but is still 6.1 percent lower than a year ago (1.97 million) and has fallen year-over-year for 36 consecutive months. Unsold inventory is at a 4.1-month supply at the current sales pace (4.2 months a year ago).

The Average U.S. Home Sells in 34 Days...

According to Redfin, across 174 U.S. housing markets, the typical home sold in May 2018 went under contract in 34 days, breaking April's record of 36 days, which was the fastest month on record going back to 2010. Amid the speed, the national median home sale price rose to $305,600, a 6.3 percent increase from May 2017.

The number of newly listed homes for sale increased 4.3 percent compared to May of last year, driving a 3.6 percent increase in the number of homes sold. However, the overall supply of homes declined 5.4 percent during the same time period. Just 2.5 months of supply remained at the end of the month, compared to the six months that generally signals a balanced market.

Among homes that sold in May 2018, 27.6 percent sold above their list price, the highest percentage Redfin has recorded, indicating strong competition for the few homes available. At the same time, nearly a quarter of homes for sale had a price drop in May, the highest percentage of price drops since September of 2017.

"Prices are still increasing, but not at the same rate we saw earlier in the spring," said Redfin senior economist Taylor Marr. "The record percentage of homes sold above list price is at odds with the higher percentage of price drops in May. This tells us that while it's still very much a seller's market, price growth and rising mortgage rates may be pushing buyers to the limit of what they're able to pay."

tablel0001.jpg


For the seventh month in a row, San Jose topped the nation with price growth over 25 percent. The supply of San Jose homes fell 13.8 percent compared to last year. That drop is actually the smallest decline in a 16-month stretch of inventory declines, an indication of the intensity of San Jose's inventory shortage. A bit of good news for San Jose buyers: the number of homes newly listed in May ticked up 11.2 percent compared to last year.

After a prolonged period of inventory declines, some metro areas are finally seeing more homes hit the market. Washington, D.C. and Portland, OR have now had four months in a row of year-over-year increases in inventory. Seattle inventory increased for the second month in a row, up 17.4 percent in May compared to last year.

"Two months of growing inventory is a positive sign for Seattle buyers, but the previous 43 consecutive months of inventory declines won't be reversed overnight," said Jessie Culbert, a Redfin agent in Seattle. "Even so, we can already feel a slight easing in the market. Homes are still selling quickly and often over-asking, but where last May a seller may have gotten 15 to 20 offers, this May it was two to five."
Other May 2018 Market Highlights

Competition

Denver was the fastest market, with the typical home going under contract in just six days. Seattle and Tacoma, WA were the next fastest markets at seven median days on market, followed by Boston and Grand Rapids, MI at eight median days on market.
The most competitive market in May was San Jose where 83.8% of homes sold above list price, followed by 79.6% in San Francisco, 76.2% in Oakland, 63.1% in Tacoma, WA, and 61.9% in Seattle.

Prices

San Jose had the nation's highest price growth, rising 27.6% since last year to $1,250,000. Tacoma, WA had the second highest price growth at 19.6% year-over-year, followed by Memphis, TN (16.9%), Las Vegas, (15.9%), and Rochester, NY (15.4%).
No metros saw price declines in May.

Sales

Thirteen out of 73 metros saw sales surge by double digits from last year. Warren, MI led the nation in year-over-year sales growth, up 38.5%, followed by Baltimore, up 31.8%. Camden, NJ rounded out the top three with sales up 24.7% from a year ago.
Buffalo, NY saw the largest decline in sales since last year, falling 17.2%. Home sales in Rochester, NY and Baton Rouge, LA declined by 16.6% and 12.8%, respectively.

Inventory

Indianapolis had the largest decrease in overall inventory, falling 37.7% since May of last year. Rochester, NY(-37.1%), Buffalo, NY (-32.8%), and Milwaukee (-22.9%) also saw far fewer homes available on the market than a year ago.
Portland, OR had the highest increase in the number of homes for sale, up 35.3% year over year, followed byDetroit (28.4%) and Allentown, PA (24.4%).

Pricing Strategy

To see trends in sellers' pricing strategies, we compare the list price to the Redfin Estimate, Redfin's automated home-value estimate. When sellers consistently price their homes below the Redfin Estimate in a market, this can indicate a common strategy to deliberately underprice to create a bidding war.
The median list price-to-Redfin Estimate ratio was 93.2% in San Francisco, the lowest of any market. This indicates the typical home for sale in May was listed at 94.1% of its estimated value. Only 5.9% of homes in San Francisco were listed for more than their Redfin Estimate.
Conversely, the median list price-to-Redfin Estimate ratio was 102.4% in Miami and 102.1% in West Palm Beach, FL, which means sellers are listing their homes for more than the estimated value in those metro areas. In Miami, 84.7% of homes were listed above their Redfin Estimate, the highest percentage of any metro.

I can sell your Home or condo for the "Best Price", in the least amount of time. Call for a Free Home Evaluation. (786) 525-9430. MiamiPropertyConsultant.com

• 

  The Everything Guide to Selling Your First Home

  How to figure out exactly what you want, and how to work with the experts who’ll help you get it. Read

Visit houselogic.com for more articles like this.

Copyright 2018 NATIONAL ASSOCIATION OF REALTORS®

Closing on a House Checklist: 6 Things Home Buyers Must Do Before They Move In

Welcome to your Closing on a House Checklist—a rundown of everything home buyers need to do in the 11th hour before they get their hands on those keys. Because when you're approaching the finish line in your home-buying journey, you want nothing to go wrong, right?

That’s why we’ve put together a home closing checklist, which outlines your action points in those few days leading up to settlement. Keep this list handy to know you've done what you need to in order to close the deal.

1. Get all contingencies squared away
Most purchase agreements have contingencies—things that buyers must do before this transaction is official, explains Jimmy Branham, a real estate agent at the Keyes Company, in Fort Lauderdale, FL. These are the most common contingencies:

2. Clear the title
When you buy a home, you “take title” to the property and establish legal ownership—a process that’s confirmed by local public land records. As part of the closing process, your mortgage lender will require a title search, and you'll need to purchase title insurance to protect you from legal claims to the house.

Sometimes distant relatives—or an ex-spouse—may surface with a claim that they actually own the home, and that the seller had no right to sell it to you in the first place. But clearing title will ensure this doesn’t happen, says Marc Israel, president and chief counsel of MIT National Land Services, a title company in New York City.

As the home buyer, you’re entitled to choose the title company. You can get recommendations from your real estate agent, mortgage lender, and friends—just be sure to check out the license and reputation of each company online.

3. Get final mortgage approval
Before you can go to the closing table, your home loan must go through the underwriting process. Underwriters are like real estate detectives—it’s their job to make sure you have represented yourself and your finances truthfully, and that you haven’t made any false or misleading claims on your loan application.

The underwriter—employed by your mortgage lender—will check your credit score, review your home appraisal, and ensure your financial portfolio has remained the same since you were pre-approved for the loan.

Since underwriting typically happens shortly before closing, you don’t want to do anything while you’re in contract that’s going to hurt your credit score. That includes buying a car, boat, or any other large purchase that has to be financed.

4. Review your closing disclosure
If you're getting a loan, one of the best ways to prepare is to thoroughly review your closing disclosure, also known as a HUD-1 settlement statement. This official document outlines your exact mortgage payments, the loan's terms (e.g., the interest rate and duration), and additional fees you'll pay, called closing costs (which total anywhere from 2% to 7% of your home's price).

You’ll want to compare your closing disclosure to the loan estimate your lender gave you at the outset. If you spot any discrepancies, ask your lender to explain them.

5. Do a final walk-through
Most sales contracts allow buyers to do a walk-through of the home within 24 hours before closing. During this stage, you're making sure the previous owner has vacated (unless you’ve allowed a rent-back arrangement in which they can stick around for a period of time before moving). You’re also double-checking that the home is in the condition agreed upon in the contract. If your home inspection revealed problems that the sellers had agreed to fix, you’ll want to make sure those repairs were made.

6. Bring the necessary documentation to closing
Make sure you have the following items when you head to the closing table:

Proof of homeowners insurance
A copy of your contract with the seller
Your home inspection reports
Any paperwork the bank required to approve your loan
A government-issued photo ID (Note to newlyweds who just changed their name: The ID needs to match the name that will appear on the propertys title and mortgage.)
Plan to sign a ton of paperwork. An attorney or settlement agent will guide you through the process. When you’re done, you’ll collect the keys and you're finally home free!

Daniel Bortz is a Realtor in Maryland, Virginia, and Washington, DC. He has written for Money magazine, Entrepreneur magazine, CNNMoney, and more.

U.S. Homeowners Enjoyed Over $1 Trillion of Equity Gains in Last Year

Based on CoreLogic’s latest Home Equity Report for the first quarter of 2018, U.S. homeowners with mortgages (which account for roughly 63 percent of all properties) have seen their equity increase 13.3 percent year over year, representing a gain of $1.01 trillion since the first quarter of 2017.
Additionally, the average homeowner gained $16,300 in home equity between the first quarter of 2017 and the first quarter of 2018. While home equity grew nationwide, western states experienced the largest increase. Washington homeowners gained an average of approximately $44,000 in home equity, and California homeowners gained an average of approximately $51,000 in home equity (Figure 1).

High-level U.S. market FAQs:

In the First Quarter of 2018, 84,000 Residential Properties Regained Equity.
About 2.5 Million Mortgaged Residential Properties Are Still in Negative Equity.
An Additional 500,000 Properties Would Return to an Equity Position if Home Prices Gained Another 5 Percent.
Over the Past Four Quarters, the Average Homeowner Gained $16,300 in Home Equity.
From the fourth quarter of 2017 to the first quarter of 2018, the total number of mortgaged homes in negative equity decreased 3 percent to just under 2.5 million homes or 4.7 percent of all mortgaged properties. Negative equity decreased 21 percent year over year from 3.1 million homes – or 6.1 percent of all mortgaged properties – in the first quarter of 2017.

Home-price growth has accelerated in recent months, helping to build home-equity wealth and lift underwater homeowners back into positive equity the primary driver of home equity wealth creation,” said Dr. Frank Nothaft, chief economist for CoreLogic. “The CoreLogic Home Price Index grew 6.7 percent during the year ending March 2018, the largest 12-month increase in four years. Likewise, the average growth in home equity was more than $15,000 during 2017, the most in four years. Washington led all states with 12.8 percent appreciation, and its homeowners also had much larger home-equity gains than the national average.”

Negative equity, often referred to as being underwater or upside down, applies to borrowers who owe more on their mortgages than their homes are worth. Negative equity can occur because of a decline in a home’s value, an increase in mortgage debt or both. Negative equity peaked at 26 percent of mortgaged residential properties in the fourth quarter of 2009, based on the CoreLogic equity data analysis which began in the third quarter of 2009.

The national aggregate value of negative equity was approximately $284.8 billion at the end of the first quarter of 2018. This is up quarter over quarter by approximately $100 million, from $284.7 billion in the fourth quarter of 2017.

“Home equity balances continue to grow across the nation,” said Frank Martell, president and CEO of CoreLogic. “In the far Western states, equity gains are fueled by a long run in home price escalation. With strong economic growth and higher purchase demand, we expect these trends to continue for the foreseeable future.”

As Florida home sale prices rise, a lack of homes makes it tough on buyers

As Florida home sale prices rise, a lack of homes makes it tough on buyers

Home sale prices continued to rise both nationally and statewide in April as a prolonged dearth of available homes on the market is making it tough on buyers. A total of 24,804 single-family homes changed hands across Florida last month, up 4.1 percent from a year ago, the Florida Association of Realtors reported.

New listings for single-family homes in April rose 9.8 percent year-over-year, while new townhouse-condo listings increased 8.3 percent. This trend will hopefully continue, which would help ease the too-tight inventory in many areas."

Sales of single-family homes statewide totaled 24,804 last month, up 4.1 percent compared to April 2017. Meanwhile, the statewide median sales price for single-family existing homes was $253,895, up 8.1 percent from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Thestatewide median price for townhouse-condo properties in April was $190,000, up 10.5 percent over the year-ago figure.

April was the 76th month in a row that the statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. The median is the midpoint; half the homes sold for more, half for less.

According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in March 2018 was $252,100, up 5.9 percent from the previous year; the national median existing condo price was $236,100. In California, the statewide median sales price for single-family existing homes in March was $564,830; in Massachusetts, it was $369,000; in Maryland, it was $283,405; and in New York, it was $260,000.

Looking at Florida's townhouse-condo market, statewide closed sales totaled 11,236 last month, up 9.2 percent compared to a year ago. Closed sales data reflected dwindling short sales and foreclosures in April: Short sales for townhouse-condo properties dropped 27.5 percent and foreclosures fell 41.8 percent year-to-year; while short sales for single-family homes declined 48.8 percent and foreclosures fell 50.7 percent year-to-year. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

Demand for single family homes remains strong across the state and this abundance of buyers continues to deplete active inventories and drive up prices."

For-sale inventory in April remained tight, at a 3.8-months' supply for single-family homes and 5.8-months' supply for townhouse-condo properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.47 percent in March 2018, significantly up from the 4.05 percent averaged during the same month a year earlier.

To see the full statewide housing activity reports, go to Florida Realtors Research & Statistics section on floridarealtors.org. Realtors also have access to local market stats (password protected) on Florida Realtors' website.