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Miami Market Update Q3

Tuesday, November 17, 2020

Miami-Dade County total home sales increased in 3Q 2020, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.Miami-Dade County total home sales rose 3.5% year-over-year, from 7,104 to 7,351. Miami single-family home transactions surged 9.2%, from 3,514 to 3,839. Miami existing condo sales decreased 2.2%, from 3,590 to 3,512.“A surge of domestic and foreign buyers are purchasing primary homes in Miami’s diverse neighborhoods,” MIAMI Chairman of the Board Jorge L. Guerra Jr. said. “Consistently low mortgage rates and expanded work-from-home and remote schooling have only fueled already strong demand for Miami real estate.”

The COVID-19 situation has accelerated the trend of homebuyers from New York and cold weather and tax-burdened Northeastern states searching and purchasing homes in South Florida.Before the COVID-19 situation, the Miami-Dade market was exceptionally strong. Miami real estate had record low delinquencies, no subprime mortgage crisis, strong demand/low supply, low interest rates, strong population growth, demand from foreign buyers and tax refugees from tax burdened states, high consumer confidence and a strong job market.

Miami Single-Family Home Luxury Sales Jump 55.3% in 3Q 2020 Miami-Dade County single-family home luxury ($1-million-and-up) transactions surged 55.3% year-over-year to 441 transactions in 3Q 2020. Miami-Dade County condo luxury sales increased 13.2% to 215 transactions in 3Q 2020.Record-low interest rates; a record-high S&P 500; the appeal of stable assets in a volatile economy; homebuyers leaving tax-burdened Northeastern states to purchase in Florida (no state income tax); and work-from-home and remote-learning policies have all combined to create a robust market for luxury single-family properties.

Median Home Prices Rise in 3Q 2020 Strong demand coupled with limited supply continue to drive price appreciation in Miami-Dade County.

Miami single-family home median prices rose 13.5% year-over-year, from $370,000 to $420,000. Median prices have now increased for 35 consecutive quarters, a streak spanning 8.75 years. Miami existing condo median prices rose 7.8% year-over-year, from $245,000 to $264,000

Miami, where the median price is still comparable to 2007 figures, remains a bargain compared to other global cities. In Miami, $1 million can net homebuyers 93 square meters of prime property, according to Knight Frank’s 2019 The Wealth Report. Monaco (16 square meters), Hong Kong (22), New York (31), Los Angeles (36) and others offer significantly less prime land for $1 million.

Dollar Volume Jumps in 3Q 2020 Miami single-family home dollar volume rose 39.6%, from $2 billion to $2.8 billion. Miami condo dollar volume increased 10.5% to $1.5 billion. The sales do not include Miami’s multi-billion-dollar new construction condo market. Non-distressed sales comprised about 96.7% of all closed residential sales in 3Q 2020 vs. 94.3% in 3Q 2019. Only 3.3% of all closed residential sales in Miami were distressed in 3Q 2020, including REO (bank-owned properties) and short sales, compared to 5.7% in 3Q 2019. In 2009, distressed sales comprised nearly 70 percent of Miami sales.

Short sales and REOs accounted for 0.7% and 2.6%, respectively, of total Miami sales in 3Q 2020. Short sale transactions decreased 43.2% year-over-year while REOs fell 38.8%. Lower mortgage rates made home purchases more affordable in 2020. According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 2.95% for 3Q 2020, significantly lower than the 3.67% average reported during the same quarter a year earlier.

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-Dade County neighborhoods with the lowest months of supply of inventory (at least 100 new pending sales) in 3Q 2020:

State and National Stats in 3Q 2020 Closed sales of single-family homes statewide totaled 89,562 in 3Q 2020, up 13.7% from the 3Q 2019 level; closed sales of condo-townhouse properties totaled 33,523, up 13.5% compared to 3Q 2019. Closed sales typically occur 30 to 90 days after sales contracts are written.

The statewide median sales price for single-family existing homes in 3Q 2020 was $299,900, up 13.2% 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 $215,000, also up 13.2% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

Seller’s Market for Single-Family Homes, Buyer’s Market for Condos At the current sales pace, the number of active listings represents 3.8 months of inventory for single-family homes and 13.8 for condominiums. A balanced market between buyers and sellers offers between six and nine months of supply inventory.

Miami Real Estate had 18,187 active listings in 3Q 2020, a 15.7% decrease from the 21,586 listings at the same time last year. The inventory for single-family homes decreased 37.3%, from 6,444 to 4,039. Miami existing condo inventory decreased 6.6%, from 15,142 to 14,148

Miami Cash Sales Higher than National Figure Cash sales represented 27.3% of Miami closed sales in 3Q 2020, compared to 31.9% in 3Q 2019.About 20 percent of U.S. home properties are made in cash, according to the latest NAR statistics.Miami Homes Selling Close to List Price 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 39.6% of all Miami existing condo sales and 15.9% of single-family transactions. Miami Homes Selling Close to List Price


Miami Real Estate and COVID 19

Friday, May 29, 2020

In the first couple of weeks of COVID 19 we had a total “stand still” and everyone kind of went into a “coma”, it was very similar to the Terrorist Attack of September 11. Transactions under contract continued to move forward but no new transactions. A few contracts still in the inspection period / due diligence period got cancelled but some others could not close early enough. After about 6 weeks into the crisis people started to live with the situation and gotten used to working in this kind of environment, and buyers started actively looking for opportunities and pursuing deals. Price wise in the residential market COVID 19 has not changed much and the prices are the same like before.

Of course there is still a lot of uncertainty. The sectors of Retail, Restaurants, Hotels and Offices have been affected the most during this pandemic crisis. The residential Real Estate market is standing strong in comparison to the commercial market. Multifamily properties are popular opportunities. Will the prices are going down? They have been down to begin with already since 2018 and we are not having a Real Estate Crises, we hare having a pandemic crisis that leads to an economic crisis and maybe the residential Real Estate market will be effected as well but not dramatically and time will tell.

Real Estate will hold their prices especially in uncertain times like this. Of course every market, every location and every type of Real Estate is different and it requires a certain expertise to understand the differences and be able to see the opportunities. We have to be careful right now in what and where to invest but opportunities are in every market and the savy investors are aware of it and rather have their money in Real Estate then in a bank account. We do not have a Chrystal ball to predict the future but looking at history and past economic down turns you can see that Real Estate is a popular investment especially in times we are currently in. I personally believe the market will bounce back in 2021.


Miami: Up and Comers

Thursday, August 1, 2019

Miami: Up and Comers

When looking for the Miami – area neighborhoods of tomorrow, the signs are there – if you know what to watch for.

Look for the new Starbucks or Whole Foods. The new yoga studio or Juice Bar. A new restaurant or a hip and trendy pop up store. For potential homeowners and investors searching for a neighborhood on the way up, these are some if the signs to look out for.

Sunset Harbour, with its now-established foodie-and-fitness lifestyle. Keep an eye out for small or large parcels of land being combined, if this just occurs once or twice you know something is happening and this faster then you think.

Infrastructure renovation, art installations donated for specific corners, new bicycle stations or a single residential condo towner just coming up can cause a neighborhood to become very trendy. Just look what happened many years to S of 5 th street. Nobody wanted to live there and now it is the most exclusive area of Miami Beach. It all started with the Il Villaggio Tower on Ocean drive and 14 Street. Followed by the Murano at Portofino and then the other Towers S of 5th. The Urbanica Meridian Hotel and a few more nearby Urbanica hotels on the way. And the Kimpton Angler’s Hotel at 660 Washington suddenly appeared as a modern oasis.

Here are some neighborhoods to “keep an eye on:

EDGEWATER. The area has successfully made the transition from affordable to luxury, and foodies flock to Amara at Paraiso, helmed by beloved local chef Michael Schwartz.

SURFSIDE. Surfside is a serene oceanfront community with condo buildings only up to 12 floors. The presence of the new Surf Club Four Seasons, Fendi Chateau is transforming the neighborhood.

WASHINGTON AVE., SOUTH BEACH. The blocks just north of Fifth Street were once lined with head shops, narrow bodegas, and tattoo parlors (many still exist). But Sofi was a former no-man’s- land, too. Today Washington Avenue’s Art Deco facades remain, but behind them the foundations are being laid for hotels, retail, offices, and residences. Thanks to the the City of Miami Beach for designating the stretch as a Business Improvement District last year with the new Anglers Hotel just finished and Marriot under construction.

WYNWOOD. It all started with the monthly art walk. Galleries opened to the public all night long, this artsy and edgy destination with very little residential development will change in the future to come.


Market Update for January 2018

Thursday, March 8, 2018

Miami Condo sales jumped about 8% in January 2018 in comparison to the year before. Single family home sales raised about 2%. The current strongest demand remains on mid price range single family homes. We are experiencing a lack of supply which negatively affects the strong demand in the first quarter of 2018 for the general statistics. With the condo sales we are still having a buyers market and in almost every segment several condos, in average about 2-3 for a buyer to choose from, considering this a healthy buyers market condition. Properties are selling close to asking price. The average time on the market for condos and single family homes has dropped in comparison to the year before. Miami remains the No 1 top city for the foreign investors. International buyers see the economic potential. In South Florida International buyers purchased in 2017 $7,1 Billion worth of Real Estate, the year before in 2016 it was $6,2 Billion. Miami is seen as an attractive young and vibrant city located in a sub tropical climate. Miami started to attract more corporate buyers and reports a steady population growth. The Miami CASH buyer reported about 40% which is almost double the national figure of about 20%. Distressed Property has declined significantly. The supply of condos has increased and declined for single family homes. Miami remains a buyers market for condos and a Sellers market for single family homes.


Welcome to Miami, One of the BEST Cities in the World!

Monday, September 18, 2017

Tags:  Dynamic Realty, Miami, blog

Here at Dynamic Realty, we pride ourselves on being leaders in luxury Miami real estate. Why? Because it is truly the embodiment of everything anyone could ask for in one, beautiful city! Full of diverse, vibrant communities, gorgeous beaches, and a variety of exciting year-round events, it is not surprising that Miami is one of the top ranked cities in the world.

However, Miami is not just beautiful beaches and amazing nightlife. There are actually some incredibly impressive facts about Miami that you may not have realized. Did you know that Miami has a thriving start-up technology scene, and was actually voted the “Happiest City to Work” in the United States, according to Career Bliss? It only makes sense then that it is also the second hottest destination for millennials or those born after 1980, according to Realtor.com. Allow us to enlighten you on more interesting facts that make Miami one of the most desirable cities on the planet for those looking to make the best real estate investment.

International Appeal

Miami is the top market for international buyers and is expected to outperform other US markets in the future. It is the most international city in the United States, with over 100 languages spoken. Additionally, it boasts over 1,000 multinational companies, is home to 55 foreign consulates, 30 bi-national chambers of commerce, and 18 foreign trade offices! It had over 15.5 million visitors in 2015, and an impressive $6.2 billion dollars’ worth of international home sales last year.

It’s ALWAYS a Beautiful Day in the Neighborhood

When you live in Miami, every day is paradise! The average temperature is a perfect 75 degrees Fahrenheit, which can be enjoyed on over 15 miles of world famous beaches. There is also 84 miles of Atlantic Ocean on the Miami coastline and 67 square miles of inland waterway. Miami has a walk score of 75.6, which makes it the 5th most walkable city in the United States. And who would not want to walk in this magical place? Forbes voted Miami as America’s cleanest city, so enjoy a walk full of sunshine, mesmerizing water views, and immaculately clean streets!

Make Your Move!

Miami is the perfect place to live, whether it’s for work, play, or both! A global hub for business, art, luxury, nightlife, and more, there is something for everyone. In 2015 it had the 2nd fastest growing economy among large U.S. cities, and it shows no signs of slowing down. No longer just a fun spot for spring breakers (although it WAS voted the 3rd most fun city in America!), Miami has become a top contender for those looking to start their career and meet the best minds in business. However, it is also a great place for those who have worked hard for years, and are ready to relax and unwind in a city that has a multicultural flavor and endless sunshine. Living in Miami is like being on vacation every day…let Dynamic Realty help you make your Miami move!


Welcome to the Dynamic Realty Group Blog!

Friday, June 16, 2017

Tags:  Dynamic Realty, Miami, blog

Welcome to the Dynamic Realty Blog, the ultimate source for the best scoop on the sizzling South Florida real estate market! A full service real estate company founded by Marion Ott in 1995, we are a known leader in the world of Miami Beach luxury properties. We are experts in Miami’s most beautiful, sought after neighborhoods, such as Brickell Avenue, Bay Harbor, Bal Harbour, Surfside, Sunny Isles Beach, Coral Gables, Coconut Grove, and so many more! Through hard work, dedication to our clients, and years of experience, we have earned an impeccable reputation as real estate market experts with exceptional negotiation skills. Representing both buyers and sellers, we offer a variety of services including relocation services, property management, assisting clients with bank owned properties REO’s and short sales, and new home sales/preconstruction. While we are truly honored to have some of the world’s most exclusive clientele, including sports figures and celebrities, at Dynamic Realty Group, we treat EVERY client like a celebrity!

The Miami luxury real estate market can be tough to navigate, which is why our high performing real estate professionals utilize every resource possible to give clients the best experience. We have connections in exclusive communities such as South of Fifth, Fisher Island, Aventura, and Golden Beach. Looking to invest in Miami Shores? No problem. Ready to sell your Edgewater home? We’ve got you covered! Not only will this blog serve as a tool to explore the most impressive listings in Miami Beach real estate, but will highlight features from our exclusive Lifestyle Guide which can be found on our website. Miami is a cultural hotspot and consistently draws crowds from all over the world to experience renowned events such as Art Basel, South Beach Food & Wine Festival, the Miami International Boat Show, and tons more! Our Lifestyle Guide will inform you about the top events, best restaurants, and everything popular in music, arts, and culture, so that you can take advantage of living in one of the best cities in the world!

Thank you for checking out our blog and learning more about Dynamic Realty Group. We are constantly updating our featured properties and inventory, so bookmark this page to stay up-to-date with the evolving Miami real estate market. Explore all of the great things this website has to offer, such as information on new developments, breathtaking luxury rentals, our real estate news section which offers great insight on market trends and current events in the industry, and our incredibly informative Facts & Trends section. This section offers information on Miami home sales activity, Miami beaches, tourism, how Miami ranks compared to other cities, and most importantly, the top reasons to invest in Miami real estate!

We look forward to helping you make the BEST decision of your life!


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Saturday, November 27, 2021

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Miami Market Update Q3
Miami-Dade County total home sales increased in 3Q 2020, according to the MIAMI Association...

Miami Real Estate and COVID 19
In the first couple of weeks of COVID 19 we had a total “stand still” and everyone...

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