Newly Listed!
137 NE 92 St | Miami Shores

   

Newly Listed Exceptional Mediterranean Revival in coveted Miami Shores

4 bdrm / 4 Bath + office + pool
Liv Area: 3,277 SF Corner
Lot: 12,800 SF

Offered at $2,700,000.00

Visit property website for more details:
https://www.cbhometour.com/137-NE-92-Street…/index.html

Showing by Appointment ONLY – Thursday, August 17 from 10:00 A.M. to 2:00 P.M.

Exclusively Listed by:
(Maji) Maria Ramos Real Estate Advisor P.A
305-519-7940 | maji@MajiSold.com

• Miami Realtor since 1993
• 2nd Generation Realtor
• Born & raised in Miami
Realtor Environmentalist 🌿

About me: https://linktr.ee/majisold
Maji’s Market Minute blog: http://bit.ly/majismarketminute-blog

Coldwell Banker Realty

There are way too many real-estate agents

By James Rodriguez
Courtesy of BusinessInsider

Bret Weinstein, a longtime real-estate broker in Denver, wants to love his industry. At its best, the business helps people find the homes of their dreams or secure financial freedom. But lately, he’s been having trouble squaring that passion with a growing problem: a glut of underqualified real-estate agents. 

“It really does need an overhaul,” Weinstein told me. “The general public deserves so much better than what the majority of real-estate agents provide.”

Read Full Article Here:
https://www.businessinsider.com/bad-real-estate-agents-realtors-homebuyers-sellers-housing-market-2023-7?utm_campaign=later-linkinbio-masterbrokersforum&utm_content=topbar&utm_medium=referral&utm_source=copy-link&fbclid=IwAR0bAP6l6v1I3Jt0tSOtTNnx-BJ5o-p3_ZvPoSNvO_OF1G-y3qhChIFl6rM

!!! It is simply frightening how easy it is to get into an industry that directly works with most people’s largest asset! I have always thought there should be an internship like an appraiser. My dad always said year 7 is when you will start to understand real estate. It is that complex. He was right.

I did my time with my parents for the first couple of years and the lessons I learned are invaluable. Nothing you learn in a podcast, class or book. Thank you mom and dad (in heaven.)

• Miami Realtor since 1993

• 2nd Generation Realtor

• Born & raised in Miami

• Realtor Environmentalist

Poor water quality in Biscayne Bay and its effects on underwater sea animals have been hot topics since the 2020 fish kill, which made headlines statewide and has occurred again every year since. Lesser known, however, are the impacts such conditions have on those found higher up, both in the food chain and in the ecosystem itself. Resting on tree canopies rather than tidal waves, our winged friends, too, rely heavily on the bay for their survival.

Located in Biscayne Bay off the coast of Belle Meade, Bird Key Island had served as a sanctuary for birds to nest and roost away from the dangers of predators – also known as a rookery – for at least 250 years. But between 2019 and 2020, almost as if to foreshadow the pending disaster, that centuries-old rookery collapsed.

Now, just three years later, Morningside residents have discovered a new rookery off their own coast, located on Morningside Picnic Islands just two miles south of Bird Key. Many believe the birds who abandoned the latter island have now adopted the Morningside rookery as their new safe haven, giving local conservationists another chance to protect them.

Although the exact cause of Bird Key’s collapse is unknown, what is known is that jet skis, boats and algae blooms pose a clear and present danger to the birds’ peace and resources. Add in a newly proposed floating social club to the mix, and things get especially tricky.

In its latest business venture, luxury hospitality collective Arkhaus is planning to place four multistory house yachts just 400 yards off the coast at Bird Key. The floating vessels will then be used as work, relaxation or social space by private members for an annual fee of $5,000 to $10,000.

Residents fear that the cost to the environment will be much greater.

Securing Protections

Residents of Morningside first heard of Arkhaus’ plan in June, right after a presentation on the rookery that they had only recently become aware of. Maji Ramos, a member of the Morningside 2023 Historic Homes Tour committee, helped organize the June 16, 2023, event, where members of the nonprofit organization Pelican Harbor Seabird Station were present to educate attendees on the importance of rookeries in South Florida.

“We learned that it’s probably only one of two remaining rookeries in northern Biscayne Bay,” said Sandy Moise, a resident of Morningside who has since led conservation efforts in the locale. “So we just felt compelled to do something and make a difference and protect it and make neighbors aware of this gem, this jewel that we have right here by our homes.”

Ironically, people on jet skis approaching the island and docking within arm’s reach of its mangroves were visible even as Pelican Harbor’s executive director, Christopher Boykin, cautioned against the impacts of human disturbance on the rookery. To make matters worse, by the end of the night, rumors of a “luxury party barge” were spreading like wildfire.

 

Christopher Boykin, Pelican Harbor Seabird Station executive director; Chloe Chelz, assistant director; and Maji Ramos, Morningside resident, (L-R) at a Morningside rookery presentation June 16, 2023.

With or without Arkhaus, though, something had already been ignited in the Morningside team: an effort that would lead to state-level awareness and city-imposed protections in less than one month’s time. In May, the historic neighborhood celebrated its centennial anniversary and annual homes tour but skipped out on the planned fireworks because of its proximity to the rookery. That one restraint was a catalyst for what came next.

At that June 16 meeting, residents brainstormed how to protect their newfound treasure. Within two weeks, Moise had reached out to the Florida Wildlife Commission (FWC), nonprofits Audubon Florida and Tropical Audubon Society, Miami-Dade County Mayor Daniella Levine Cava and city of Miami Commissioner Sabina Covo. The rookery wasn’t on anybody’s radar until Moise put it there.

All conversations pointed to Covo, whose district encompasses the city-owned Morningside island. At the next meeting, held July 13, the commissioner introduced a pocket item that would allow signs to be posted on the rookery, warning of its fragility and importance. The item passed unanimously.

“This is a starting point to protect our environment and to work with the state to make sure that we can give as much protection as we can as a city,” Covo later told the Biscayne Times.

Meanwhile that same day, south regional biologist Ricardo Zambrano visited Biscayne Bay on behalf of the FWC to survey the island and register it as an official rookery – per Moise’s request. He spotted five nesting species, one roosting species and one additional species whose activities couldn’t be distinguished one way or the other, and that’s just in the offseason.

 

Maji Ramos and other Morningside residents are committed to saving the Morningside rookery.

 

“We were not aware that they were nesting there,” Zambrano said. “I guess it’s a relatively new colony … Now it’s confirmed that we have migratory bird species nesting there, which are protected” under the Migratory Bird Treaty Act.

The FWC has few options available to protect the rookery besides supporting educational initiatives like the one the city is already spearheading. The commission will, however, continue to monitor the island at least four times a year, expecting to find more species once the nesting season peaks in the spring.

 

Threats Ahead

Moise and the others involved relish the success they’ve found in securing protections for the Morningside rookery in collaboration with local and state agencies thus far, but there’s more at stake. Arkhaus plans to soft launch its Miami location in the first quarter of next year.

“We have a gem with Biscayne Bay,” said Moise. “Biscayne Bay is in a critical state. The water quality is really poor, so I don’t think it’s a good idea to add this element to the bay in any location.”

Arkhaus co-founders Sam Payrovi and Nathalie Paiva insist that the project is not at all what residents expect it to be.

“I know it’s being called a development or a party barge, but it’s neither one of those things,” said Payrovi. “There’s no development happening. We are not building anything. We are not affixing anything to the ground or building on the island. All it is, is four boats or four yachts that are next to each other, and that forms a social club.”

Paiva describes the approach as “eco-hospitality,” utilizing solar-powered vessels and electric propulsion systems as part of a larger environmental focus.

As for Bird Key, Payrovi said, “the birds have not been there for a very, very, very long time.”

But Boykin has the opposite idea. His wound is still fresh.

“The main concern is that, although the Bird Key rookery has collapsed, it’s only been a few years, and for something that has been there for three and a half centuries with such biodiversity to be replaced by a private social club – it just kind of hurts the heart,” he said.

Conversely, Paiva and Payrovi believe that their presence will actually benefit Bird Key. The duo, believing that trash buildup was the cause of the rookery’s collapse, plans to organize a large-scale cleanup of the island.

“We believe that if the birds are going to return to Bird Key, it’s going to be because of the environmental work that we do,” said Payrovi.

Although there are multiple suspects for the rookery’s collapse, Zambrano disagrees that trash is one of them. Unidentified predators and human disturbances are much more likely culprits than any plastic lying on the ground, far away from the tree canopies that birds like to occupy.

Because Bird Key is no longer an active rookery, Zambrano doesn’t submit to opposition against Arkhaus’ plans, but he also doesn’t believe that any efforts to restore the rookery are likely to persevere.

“There is hope, but not through us,” he said. “It would really be up to the birds to decide to come back. So far, no one’s really been successful in trying to attract these types of birds to a spot. We don’t know how they might choose one over another.”

“A lot of the ornithologists have said that it’s hard for the birds to come back once they’re gone,” Boykin said, “but they definitely won’t come back if there’s a private social club there with noise and music right there adjacent to the island.”

Murky Plans

Before Arkhaus can prove whether its plans will be environmentally harmful, it first has to prove that they’re even legal.

Laura Reynolds, vice president of Friends of Biscayne Bay, says Arkhaus isn’t likely to acquire the necessary permits to set up camp on Biscayne Bay, not if she has anything to do with it.

“You shouldn’t come anywhere near these islands with a vessel like that, and I’m fine to call it a vessel,” she said. “If you put a motor on it and you want to call it a vessel, that’s fine, but make no mistake. This is something that’s new that may not be dealt with in the law, and we need to deal with it. It is not something that’s sustainable because it will impact seagrasses and it will impact the birds.”

Lisa Spadafina, director of the county’s Division of Environmental Resources Management (DERM), can’t say one way or another whether the Arkhaus project will be allowed because she has yet to receive a permit application from the company. She did explain, however, that the county’s master plan ensures that Biscayne Bay is only used for water-dependent structures, like docks, fishing or diving, while another section of the code prohibits floating structures altogether.

“To protect the bay and its resources, the code is aimed at limiting things that don’t need to be impactful to the bay,” Spadafina said. “Anything that doesn’t need to be on the water shouldn’t be on the water. If somebody wanted to build a tennis club or a social club or have a place for people to convene and have yoga classes, all of those things wouldn’t really be water-dependent.”

Conceptually speaking, then, the plan isn’t allowed, at least not according to county code. The company is also regulated by city permitting processes and the U.S. Coast Guard. Payrovi said the company’s legal team is responsible for working through all of the necessary clearances, but that they’re not trying to skirt any rules.

“It’s in their hands at this point,” said Payrovi. “What I can tell you is that everything that we need, we will get.”

Arkhaus can indeed apply for a variance to the county code. That would require the project being reviewed by city staff, for which environmental impact is a factor, and then considered at a public hearing and approved by the Board of County Commissioners.

Figure 1: April Home Prices Decline for the First Time Since 2012

Figure 2: Month-Over-Month Prices Increases Exceed Average in April

In April, all metros continued to experience decelerating annual gains (Figure 3). Miami still ranked No. 1, with a 5.2% annual increase in April, but that is down from March’s non-seasonally adjusted rate of 7.7%. Chicago now ranks second, recording a 4.1% year-over-year gain in April, down from 4.2% in March, when it was the only metro that didn’t record decelerating annual gains. During the pandemic, Chicago posted some of the lowest rates of home price appreciation, and the recent strength reflects the region’s relative affordability.

Atlanta posted the third-highest increase, at 3.5%, while Charlotte, North Carolina saw a 3.4% gain. San Francisco and Seattle both continued to post annual declines, down by a respective 11.1% and 12.4% in April.

Figure 3: Annual Slowdown in Home Prices Continues Across Metros

While Figure 2 illustrates national monthly gains, all metros saw home price boosts in April, albeit with some variation. Figure 4 summarizes the current year’s monthly gains in April compared with averages recorded between 2015 and 2019.

Boston and Cleveland posted the nation’s largest monthly gains, 2.9% and 2.3% respectively, while Miami; Tampa, Florida; Phoenix and Las Vegas showed the smallest gains of less than 1%. And while Boston and Cleveland saw outsized increases this April, the gains in slower-growing metros are in line with seasonal increases that are historically recorded between March and April (Figure 4)

 Figure 4: Monthly Gains Exceed Pre-Pandemic Averages in Many Markets

CoreLogic’s Single-Family Rent Index and may reflect the relative greater mobility of higher-income households during the pandemic, which has since waned. In addition, the surge in demand for luxury and second homes seen in 2021 and 2022 also contracted relatively more since the increase in mortgage rates and the stalling of home sales activity.

Nevertheless, while year-over-year gains reflect past declines, it’s interesting to note the recent strength in the high-tier price segment across many markets. The average monthly price gain for low-tier homes was 1.7%, while medium-tier homes were up by 1.6% (though those numbers are not seasonally adjusted). High-tier prices were up by 1.8% month over month on average for the second consecutive month (Figure 5).

The month-over-month comparison of appreciation by price tier and location also reveals relative changes in demand across the country. In April, all metros posted increases across price tiers. While Boston led with the largest increases across price tiers, West Coast markets where price declines have been the largest to date followed the lead, including San Francisco and Seattle. By contrast, Las Vegas and Phoenix continued to post the smallest monthly gains across all price tiers. Interestingly, many high-cost metros, such as Seattle and Washington, D.C., but also Chicago, saw the largest gains in high-priced segments of their respective housing markets.

Figure 5: Monthly Price Increases Average 1.7% for Low Tier, 1.6% for Medium Tier and 1.8% for High Tier

Courtesy of Florida Association of Realtors

“Interesting look at the year-over-year market stats. Although I believe we really need to look at month over month to get an even more accurate picture of the market. “

Watch the Video Here:
https://youtu.be/mMormvOoUyg

𝐅𝐨𝐫 𝐝𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐦𝐨𝐧𝐭𝐡 𝐨𝐯𝐞𝐫 𝐦𝐨𝐧𝐭𝐡 𝐦𝐚𝐫𝐤𝐞𝐭 𝐫𝐞𝐩𝐨𝐫𝐭𝐬 𝐩𝐥𝐞𝐚𝐬𝐞 𝐠𝐨 𝐭𝐨
https://miamihometrends.com/miamihometrends

Like “Majic” I’ll get it CLOSED!

(Maji) Maria Ramos Real Estate Advisor P.A

Certified Residential Specialist | Senior Real Estate Specialist
Master Broker’s Forum | NAR Green Certified | CRS | e-PRO
Realtor Environmentalist 🌿

305-519-7940 (Direct) | maji@MajiSold.com
www.MiamiHomeTrends.com

• Miami Realtor since 1993
• Second-generation Realtor#
• Miami Real Estate Market expert
• Miami native

About me: https://linktr.ee/majisold and https://linktr.ee/majigreeninitiative

#majiramosrealestateadvisorpa #miami_home_trends #majismarketminute #majisold #majipaceramos #miamirealtor #miamirealestate #miamirealestategent #majiramos #Miamirealetstatemarket #homesellinginmiami #miamilistingagent #miamihomesforsale #miamicondosforsale #priceyourhouseright #homevaluation #zillow #zestimate #homecalculator #whatsmyhomeworth #hasmyhomegonedowninvalue #miamihometrends #movingtomiami #miamineighborhoods #googlemaji #marketupdate #marketstates #markettrends #miamirealestatemarket #yearoveryearmarketupdate #floridarealtors

Renting or Selling Your House: What’s the Best Move?

If you’re a homeowner ready to make a move, you may be thinking about using your current house as a short-term rental property instead of selling it. A short-term rental (STR) is typically offered as an alternative to a hotel, and they’re an investment that’s gained popularity in recent years.

While a short-term rental can be a tempting idea, you may find the reality of being responsible for one difficult to take on. Here are some of the challenges you could face if you rent out your house instead of selling it.

A Short-Term Rental Comes with Responsibilities
Successfully managing your house as a short-term rental takes a lot of time and effort. You’ll have to juggle tasks like dealing with reservations, organizing check-ins, and tackling cleaning, landscape, and maintenance duties. Any one of those can feel demanding, but all together it’s a lot to handle.

Short-term rentals experience high turnover rates, as new guests check in and out frequently. This home traffic can lead to increased wear and tear on your property—meaning you may need to make more frequent repairs or replace your furniture, fixtures, and appliances more often. 

Think through your ability to make that level of commitment, especially if you plan to use a platform that advertises your rental listing. Most of them have specific requirements hosts must meet. An article from Bankrate explains:

“Managing a rental property can be time-consuming and challenging. Are you handy and able to make some repairs yourself? If not, do you have a network of affordable contractors you can reach out to in a pinch? Consider whether you want to take on the added responsibility of being a landlord, which means screening tenants and fielding issues, among other responsibilities, or paying for a third party to take care of things instead.”

There’s a lot to consider before taking the leap and converting your house into a short-term rental. If you aren’t ready for the work it takes, it could be wise to sell instead.

Short-Term Rental Regulations
As the short-term rental industry continues to grow, regulations have increased. Legal restrictions commonly include limits on the number of vacation rentals in a particular location. This is especially true in larger cities and tourist destinations where there may be concerns about overcrowding or housing shortages for permanent residents. Restrictions may also apply to the type of property that can be used for short-term rentals.

Many cities also require homeowners to obtain a license or permit before renting out their properties. Nick Del Pego, CEO at Deckard Technologies, explains:

“Renting short-term rentals is considered a business by most local governments, and owners must comply with specific workplace regulations and business licensing rules established in their local communities.”

It is important to thoroughly check whether short-term rentals are regulated or prohibited by the local government and your homeowners association (HOA) before even considering renting out your home. 

Bottom Line
Converting your home into a short-term rental isn’t a decision you should make without doing your research. To decide if selling your house is a better alternative, let’s connect today.

Like “Majic” I’ll get it CLOSED!

(Maji) Maria Ramos Real Estate Advisor P.A

#majiramosrealestateadvisorpa #miami_home_trends #majismarketminute #majisold #majipaceramos #miamirealtor #miamirealestate #miamirealestategent #majiramos #Miamirealetstatemarket #homesellinginmiami #miamilistingagent  #miamihomesforsale #miamicondosforsale #priceyourhouseright #homevaluation #zillow #zestimate #homecalculator #whatsmyhomeworth #hasmyhomegonedowninvalue  #miamihometrends #movingtomiami #miamineighborhoods #googlemaji #rentingorselling #longtermrenting #shorttermrenting #sellyourhome 

Tips To Reach Your Home Buying Goals in 2023

Some Highlights

Miami-Dade Single-Family $600K to $1M Home Sales Rise; South Florida Showing Appointments Increase Year-over-Year

Link: https://www.miamirealtors.com/2023/06/22/miami-dade-single-family-600k-to-1m-home-sales-rise-south-florida-showing-appointments-increase-year-over-year/

MIAMI — Miami-Dade County single-family $600,000 to $1M home sales surged while South Florida showing appointments also rose year-over-year, according to May 2023 statistics released by the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.

 

Miami-Dade single-family $600,000 to $1M home sales surged 12.9% year-over-year in May 2023, increasing to 342 transactions. South Florida showing appointments, meanwhile, increased 1%, from 245,225 in May 2022 to 248,540 in May 2023.

 

“The rise in showing appointments is an important leading indicator for future South Florida real estate sales,” MIAMI Chairman Ines Hegedus Garcia said. “The foot traffic is there; we just need more inventory particularly in certain price points. Supply is increasing each month and we are beginning to see a normalizing market, which will translate to flexibility from sellers and more equitable contract terms that favor both sides.”

 

Percentage of Miami-Dade Cash Sales Rise as Mortgage Rates Stay in 6-7% Range

About 40.9% of all Miami-Dade existing purchases were made in cash in May 2023, an increase from 37.9% in April 2023. Cash buyers are not deterred by rising rates. In May 2023, cash sales accounted for 53.4% of all Miami existing condo sales and 24.3% of single-family transactions.

 

Miami total home sales decreased 24.6% year-over-year in May 2023, from a historic 3,198 transactions in May 2022 to 2,412 in May 2023, because of elevated mortgage rates and lack of supply in certain price points.

 

Most of the homes purchased in May 2023 came to terms in April when mortgage rates averaged around 6.28%. Rates, in comparison, were at 5.27% on May 5, 2022.

 

Home sales are sensitive to mortgage rate changes. According to Freddie Mac, the 30-year fixed-rate mortgage 6.69% as of June 15. That’s down from 6.71% the previous week but up from 5.78% one year ago.

 

“With the Fed holding off on its rate increases briefly, I expect a busier summer market as interest rate-sensitive buyers take advantage of low mortgage rates– likely climbing down to the low 6% through September,” MIAMI REALTORS® Chief Economist Gay Cororaton said.

 

Miami single-family home sales decreased 12.8% year-over-year, from 1,193 in May 2022 to 1,040 in May 2023 because of its comparison to a historic month and the current market has lower inventory in specific price points and higher rates.

 

Miami existing condo sales decreased 31.6% year-over-year, from a historic 2,005 in May 2022 to 1,372 in May 2023, due to lack of inventory and rising mortgage rates.

 

Miami Home Prices, Household Income Rise with Wealth Migration

Miami-Dade County single-family home median prices increased 7.8% year-over-year in May 2023, increasing from $575,000 to $620,000. Miami single-family median prices have risen for 138 consecutive months (11.5 years), the longest running-streak on record. Existing condo median prices stayed even year-over-year at $415,000. Condo median prices have stayed even or increased in 138 of the last 144 months.

 

In-migration boosted South Florida household income by $16 Billion in 2021, according to MIAMI REALTORS® analysis of the 2020-2021 migration data released by the Internal Revenue Service.

 

New households moving into Miami-Dade in 2021 had an average adjusted gross income of $229,300. New households moving into Broward County had an average adjusted gross income of $102,600. New households moving into Palm Beach County had an average adjusted gross income of $242,200.

 

About 45,430 people moved into Miami-Dade in 2021, up 15% from the level in 2020 (39,562) and up 20% from the level in 2019 (37,630). Top households that moved into Miami-Dade included Kings County, New York; Cook County, Illinois; Queens County, New York; and Harris County, Texas.

 

Home prices are determined by supply and demand. Lower supply and higher demand create higher prices. Inventory for Miami single-family homes (3.3 months) and condos (5.1 months) are low. Also, one of the supports for home prices is rents and rents are up.

 

Miami-Dade Inventory, New Listings Near All-Time Lows

While inventory is rising, Miami-Dade inventory is still near all-time lows. The monthly historical average for Miami-Dade inventory is 20,302 and current inventory is at 9,331. Total inventory is down 58.9% from pre-pandemic (May 2019), from 22,707 to 9,331.

 

Total active listings at the end of May increased 19.4% year-over-year, from 7,814 to 9,331.

 

Inventory of single-family homes increased 8.2% year-over-year in May 2023 from 2,790 active listings last year to 3,018 last month. Condominium inventory increased 25.7% year-over-year to 6,313 from 5,024 listings during the same period in 2022.

 

New listings of Miami single-family homes decreased 26.3% to 1,336 from 1,813 year-over-year. New listings of condominiums decreased 23.6%, from 2,521 to 1,925 year-over-year.

 

Months’ supply of inventory for single-family homes increased 50% to 3.3 months year-over-year, which indicates a seller’s market. Inventory for existing condominiums increased 104% to 5.1 months, which also indicates a seller’s market. A balanced market between buyers and sellers offers between six- and nine-months supply.

 

Nationally, total housing inventory at the end of May was 1.08 million units, up 3.8% from April but down 6.1% from one year ago (1.15 million). Unsold inventory sits at a 3.0-month supply at the current sales pace, up from 2.9 months in April and 2.6 months in May 2022.

 

Miami Real Estate Posts $294.3 Million Local Economic Impact in May 2023
Every time a home is sold it impacts the economy: income generated from real estate industries (commissions, fees and moving expenses), expenditures related to home purchase (furniture and remodeling expenses), multiplier of housing related expenditures (income earned as a result of a home sale is re-circulated into the economy) and new construction (additional home sales induce added home production).

 

The total economic impact of a typical Florida home sale is $122,000, according to NAR. Miami-Dade sold 2,412 homes in May 2023 and had a local economic impact of $294.3 million.

 

Miami total dollar volume totaled $2.1 billion in May 2023. Single-family home dollar volume decreased 17.22% year-over-year to $1.1 billion. Condo dollar volume decreased 35.18% year-over-year to $983 million.

 

Miami Distressed Sales Remain Low, Reflecting Healthy Market
Only 1.1% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, lower than 1.2% in May 2022. In 2009, distressed sales comprised 70% of Miami sales.

 

Short sales and REOs accounted for 0.2% and 0.9% year-over-year, respectively, of total Miami sales in May 2023.

 

Miami’s percentage of distressed sales are on par with the national figure. Nationally, distressed sales represented 2% of sales in May, virtually unchanged from last month and the prior year.

 

Miami Median Price Appreciation Outperforming Nation, State

In Florida, closed sales of single-family homes statewide totaled 26,396 in May 2023, down 8.5% year-over-year, while existing condo-townhouse sales totaled 11,392, down 14.1%. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

 

Nationally, total existing-home sales transactions rose 0.2% from April to a seasonally adjusted annual rate of 4.30 million in May. Year-over-year, sales dropped 20.4% (down from 5.40 million in May 2022).

 

The statewide median sales price for single-family existing homes was $419,900, down from 420,000 the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $325,000, up 0.9% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

 

Nationally, the median existing-home price for housing types in May was $396,100, a decline of 3.1% from May 2022 ($408,600). Prices grew in the Northeast and Midwest but fell in the South and West.

 

Miami Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 96.8% in May 2023, down from 100% last year. The median percent of original list price received for existing condominiums was 96.3%, down from 100% last year.

 

The median number of days between listing and contract dates for Miami single-family home sales was 27 days, up from 14 days last year. The median time to sale for single-family homes was 71 days, up from 58 days last year.

 

The median number of days between the listing date and contract date for condos was 36 days, up from 21 days. The median number of days to sale for condos was 77 days, down from 67 days.

 

Miami Cash Sales 63.6% More than National Figure
Cash sales represented 40.9% of Miami closed sales in May 2023, compared to 44.4% in May 2022. About 25% of U.S. home sales are made in cash, according to the latest NAR statistics.

 

Cash buyers are not deterred by rising rates. 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 as well as some moving from more expensive U.S. markets who can buy more with their profits from real estate sales.

 

Cash sales accounted for 53.4% of all Miami existing condo sales and 24.3% of single-family transactions.

 

For breaking news on the Miami Real Estate Market please subscribe to:

~   Maji’s Market Minute Blog on MiamiHomeTrends.com  http://bit.ly/majismarketminute-blog
~   Maji’s Market Minute YouTube channel: https://bit.ly/MajisMarketMinute

When experience matters, work with Maji for all your real estate needs. 

(Maji) Maria Ramos Real Estate Advisor P.A

Certified Residential Specialist | Senior Real Estate Specialist

Master Broker’s Forum | NAR Green Certified | CRS | e-PRO 

Realtor Environmentalist 

305-519-7940 (Direct)  |  maji@MajiSold.com

www.MiamiHomeTrends.com

• Miami Realtor since 1993
• Second-generation Realtor
• Miami Real Estate Market expert
• Miami native

About me: https://linktr.ee/majisold and https://linktr.ee/majigreeninitiative

 

 

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