Market Watch

[Market Report] Total Miami Home Sales Jump in 3Q 2018

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, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system. 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.” Here is the full report: $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® (NAR). 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. Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.

Sept. 2018 Market Report: Total Miami Home Sales Surge a Year after Hurricane Irma

Total Miami-Dade County home sales surged 35.7 percent last month a year after Hurricane Irma brought minimal damage and stalled hundreds of sales in September 2017, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system. 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.” Here is the full report: 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.  To access September 2018 Miami-Dade Statistical Reports, visit http://www.SFMarketIntel.com Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system. Brought to you by:

August 2018 Market Report: Total Miami Home Sales Jump Double Digits

Total Miami-Dade County home sales surged 13.3 percent year-over-year in August with single-family homes and condominium markets posting double-digit gains as total luxury sales, median prices and dollar volume increased, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system. Total Miami home sales increased 13.3 percent, from 2,158 to 2,444. The condo market continued trending upward with 15.9 percent more sales in August 2018 vs. August 2017. Miami condo sales have risen in six of the last eight months. Single-family home sales increased 10.5 percent year-over-year. “Mid-market home sales fueled another robust month for Miami real estate,” said MIAMI Chairman of the Board George C. Jalil. “Condo sales in the $150,000 to $400,000 range jumped 26.9 percent year-over-year. Single-family sales in the $250,000 to $600,000 range increased 16.4 percent. Pent-up demand and slowly growing inventory in the above price ranges are leading to more sales.” Here is the full report:  Miami Existing Condo Sales Have Increased in Six of the last Eight Months Total Miami home sales increased 13.3 percent, from 2,158 to 2,444. The existing condo market led the charge by rising 15.9 percent, from 1,085 in August 2017 to 1,258 in August 2018. Miami condo sales have risen in six of the last eight months. Single-family home sales increased 10.5 percent year-over-year, rising from 1,073 to 1,186.   Sales Dollar Volume Jumps 32.6 Percent to $1.14 Billion Total sales volume increased to $1.14 billion from $859.7 million in August 2017. Existing condo sales volume increased from $359.1 million to $499.6 million (an increase of 39.1 percent). Single-family home total dollar volume rose 27.5 percent, from $500.6 million to $638.4 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 36.4 percent, from 66 to 90 transactions. Existing luxury condo sales increased 65.9 percent, from 41 to 68 transactions. Luxury single-family home sales have now increased for four consecutive months. Luxury existing condo sales have increased in four of the last five 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. 6.75 Consecutive Years of Price Appreciation in Miami Miami-Dade County single-family home prices increased 6.7 percent in August 2018, increasing from $337,500 to $360,000. Miami single-family home prices have risen for 81 consecutive months, a streak of 6.75 years. Existing condo prices rose 2.2 percent, from $225,000 to $230,000 in August. Condo prices have increased in 84 of the last 87 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 4.55 percent in August from 4.53 percent in July. The average commitment rate for all of 2017 was 3.99 percent. Miami Distressed Sales Continue to Drop, Reflecting Healthy Market Only 7.7 percent of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, compared to 10.7 percent in August 2017. In 2009, distressed sales comprised 70 percent of Miami sales. Total Miami distressed sales declined 18.6 percent year-over-year, from 231 in August 2017 to 188 last month. Short sales and REOs accounted for 1.6 and 6.1 percent, respectively, of total Miami sales in August 2018. Short sale transactions dropped 23.1 percent year-over-year while REOs fell 17.3 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 40 days, an 11.1 percent decrease from 45 days last year. The median number of days between the listing date and closing date for single-family homes was 89 days, a 7.3 percent decrease from 96 days. The median time to contract for condos was 75 days, a 13.6 percent increase from 66 days last year. The median number of days between listing date and closing date increased 10.3 percent to 118 days. The median percent of original list price received for single-family homes was 95.7 percent. The median percent of original list price received for existing condominiums was 94 percent. National and State Statistics Nationally, total existing-home sales did not change from July and remained at a seasonally adjusted rate of 5.34 million in August. Sales are now down 1.5 percent from a year ago (5.42 million in August 2017). Statewide closed sales of existing single-family homes totaled 26,273 last month, up 4.2 percent compared to August 2017, according to Florida Realtors. Statewide closed condo sales totaled 10,365 last month, up 6.6 percent compared to a year ago. The national median existing-home price for all housing types in August was $264,800, up 4.6 percent from August 2017 ($253,100). August’s price increase marks the 78th straight month of year-over-year gains.  The statewide median sales price for single-family existing homes was $254,290, up 6.0 percent from the previous year, according to Florida Realtors. The statewide median price for townhouse-condo properties in August was $185,000, up 8.8 percent over the year-ago figure Miami’s Cash Buyers Represent almost Double the National Figure Miami cash transactions comprised 37.1 percent of August 2018 total closed sales, compared to 37.5 percent last year. Miami cash transactions are almost double the national figure (20 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 51.0 percent of condo closings were made in cash in August compared to 22.3 percent of single-family home sales. Balanced Market for Single-Family Homes, Buyer’s Market for Condos Inventory of single-family homes increased 2.7 percent in August from 6,268 active listings last year to 6,436 last month. Condominium inventory increased 0.3 percent to 15,070 from 15,030 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 7 percent to 6.1 months, which indicates a balanced market. Existing condominiums have a 13.5-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 August increased 0.98 percent year-over-year, from 21,298 to 21,506. Active listings remain about 60 percent below 2008 levels when sales bottomed. New listings of Miami single-family homes increased 2.5 percent to 1,923 from 1,876. New listings of condominiums decreased 1 percent, from 2,371 to 2,347. Nationally, total housing inventory at the end of August also remained unchanged from July at 1.92 million existing homes available for sale, and is up from 1.87 million a year ago. Unsold inventory is at a 4.3-month supply at the current sales pace, consistent from last month and up from 4.1 months a year ago.   Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system. Brought to you by

July 2018 Market Report: Miami Existing Condo Sales Continue Upward Trend

Miami-Dade County existing condominium sales increased year-over-year for the fifth time in the last seven months as median prices rose for all properties in July 2018, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system. Miami existing condo transactions rose 8.2 percent year-over-year in July 2018, from 1,132 to 1,225. Single-family home sales decreased 1.2 percent, from 1,117 to 1,104. Total sales increased 3.6 percent year-over-year, from 2,249 to 2,329. “Miami existing condos have now had positive year-over-year gains in five of the last seven months,” said MIAMI Chairman of the Board George C. Jalil. “Entry-level and mid-priced buyers are fueling much of the sales growth. $150,000 to $400,000 priced condos posted 17.6 percent more sales last month than in July 2017.” Here is the full report: Sales Dollar Volume Jumps 11.3 Percent to $1.07 Billion Total sales volume increased to $1.07 billion from $961.1 million in July 2017. Existing condo sales volume increased from $416.2 million to $457.7 million (an increase of 10 percent). Single-family home total dollar volume rose 12.4 percent, from $544.9 million to $612.5 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. More than 6.5 Consecutive Years of Price Appreciation in Miami Miami-Dade County single-family home prices increased 10.3 percent in July 2018, increasing from $335,000 to $369,000. Miami single-family home prices have risen for 80 consecutive months, a streak of more than 6.5 years. Existing condo prices rose 8.0 percent, from $225,000 to $243,000 in July. Condo prices have increased in 83 of the last 86 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 decreased to 4.53 percent in July from 4.57 percent in June. The average commitment rate for all of 2017 was 3.99 percent. Miami Distressed Sales Continue to Drop, Reflecting Healthy Market Only 5.8 percent of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, compared to 10.9 percent in July 2017. In 2009, distressed sales comprised 70 percent of Miami sales. Total Miami distressed sales declined 45.3 percent year-over-year, from 245 in July 2017 to 134 last month. Short sales and REOs accounted for 1.3 and 4.5 percent, respectively, of total Miami sales in July 2018. Short sale transactions dropped 50.9 percent year-over-year while REOs fell 43.5 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 45 days, a 9.8 percent increase from 41 days last year. The median number of days between the listing date and closing date for single-family properties was 91 days, a 1.1 percent decrease from 92 days. The median time to contract for condos was 76 days, a 5.6 percent increase from 72 days last year. The median number of days between listing date and closing date decreased 1.7 percent to 117 days. The median percent of original list price received for single-family homes was 95.4 percent. The median percent of original list price received for existing condominiums was 93.8 percent. National and State Statistics Nationally, total existing-home sales decreased 0.7 percent to a seasonally adjusted annual rate of 5.34 million in July from 5.38 million in June. With last month’s decline, sales are now 1.5 percent below a year ago and have fallen on an annual basis for five straight months. Statewide closed sales of existing single-family homes totaled 25,488 last month, up 3.8 percent compared to July 2017, according to Florida Realtors. Statewide closed condo sales totaled 10,032 last month, up 8.5 percent compared to a year ago. The national median existing-home price for all housing types in July was $269,600, up 4.5 percent from July 2017 ($258,100). July’s price increase marks the 77th straight month of year-over-year gains. The statewide median sales price for single-family existing homes was $255,000, up 6.3 percent from the previous year, according to Florida Realtors. The statewide median price for townhouse-condo properties in July was $180,000, up 5.3 percent over the year-ago figure.  Miami’s Cash Buyers Represent almost Double the National Figure Miami cash transactions comprised 35.8 percent of July 2018 total closed sales, compared to 39.9 percent last year. Miami cash transactions are almost double the national figure (20 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 48.2 percent of condo closings were made in cash in July compared to 21.9 percent of single-family home sales. Balanced Market for Single-Family Homes, Buyer’s Market for Condos Inventory of single-family homes increased 2.1 percent in July from 6,187 active listings last year to 6,318 last month. Condominium inventory increased 0.7 percent to 15,181 from 15,077 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 10.9 percent to 6.1 months, which indicates a balanced market. Existing condominiums have a 13.8-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 July increased 1.1 percent year-over-year, from 21,264 to 21,499. Active listings remain about 60 percent below 2008 levels when sales bottomed. New listings of Miami single-family homes increased 2.0 percent to 1,772 from 1,808. New listings of condominiums decreased 7.9 percent, from 2,328 to 2,145. Nationally, total housing inventory at the end of July decreased 0.5 percent to 1.92 million existing homes available for sale (unchanged from a year ago). Unsold inventory is at a 4.3-month supply at the current sales pace (also unchanged from a year ago). Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.   Brought to you by

Market Snapshot: Week of Aug. 13 - 20

We believe that knowledge is power and we want you to have more of it. The best realtors can engage their customers in conversation on a wide range of topics, from business trends and shifting political landscapes to the latest happenings in the world of sports, art, and pop-culture. We've summarized the biggest happenings from these sectors so that you don't have to. Elysee Miami developers closed on a $138M construction loan, Michael Cohen is facing possible criminal charges, Venezuela just created a new currency and Khabib vs. McGregor is set for next month. Here’s what people in the world of real estate should have on their radar. Real Estate Two Roads Development just secured a $138 million construction loan from JPMorgan Chase for its 57-story luxury condo tower Elysee in Miami’s East Edgewater neighborhood. The developer has secured nearly 50 percent in presales, gaining equal interest from both foreign and domestic buyers. Construction of the 100-unit tower at 788 Northeast 23rd Street began last year and went vertical last month. Cervera Real Estate is handling the exclusive sales and marketing of the project, which is expected to be completed in 2020. State of the Miami Real Estate Market: Alicia Cervera Lamadrid, managing partner for Cevera Real Estate, talks Miami real estate cycles, emerging markets, dirty money, sea level rise, and more during a candid Q&A on the Miami Real Estate podcast. Click the audio player below to listen.  Prime Biscayne Property LLC has submitted plans to construct a 13-story mixed-use hotel at 3047 Biscayne Blvd., at the southeast corner of the intersection with Northeast 31st Street. The city’s Urban Development Review Board voted June 20 to recommend approval of the project with conditions. The proposed hotel would have 137 rooms. The plan includes 6,872 square feet of commercial uses, and about 10,575 square feet of office space.  Wynwood is about to become the unlikely home of a slew of new offices, built by developers who want to capitalize on the neighborhood that was recently named one of the hippest in America by TripAdvisor, The Miami Herald reports. The hope is that the new office spaces — with amenities such as 12-foot ceiling heights, open floor plans, artsy facades and proximity to Panther Coffee and The Salty Donut — will attract more of the young creatives and professionals who already work at the 400+ businesses located within the 50-block district. Florida Department of Transportation has received a green light to move forward with the Signature Bridge project. In total, $802 million is being spent, including: I-395 reconstruction; SR 836 improvements; a SR 836 westbound connector, and I-95 pavement reconstruction. As a result, traffic flow on the highways, including on the Dolphin Expressway, will be significantly improved with a complete rebuild adding more capacity and better ramps. Highlights include a viaduct that will allow eastbound drivers on the 836 to bypass the Midtown Interchange altogether, while another lane will be added for those connecting to northbound I-95 – a problem area for decades. Confusing left-hand exits will be eliminated altogether. Forget the discreet mesh screens or the shy, glowing neon curtains that barely manage to conceal some other garages. The new, block-long Museum Garage in Miami’s reborn Design District that opened recently is nothing less than a hallucinatory visual carnival — five wildly disparate facades yoked together in a surreal architectural collage, says The Miami Herald. And inside? Seven stories of clean, functional space for 800 cars. (The garage may be extravagant but the parking rates are not -- just $3 for up to four hours.) Click here to read more.  Business Market Snapshot (August 20, 2018) Dow Jones: 25,669 (+1.41%) S&P 500: 2,850 (+0.60%) Nasdaq: 7,816 (-0.29%) Bitcoin: $6,512 (+2.96%) 10-Year Treasury: 2.867% Market Winners: Corona-brewing beer-glomerate Constellation Brands upped its investment in Canopy Growth by $3.8 billion. Its hefty investment into the medical marijuana industry also lit up shares of other cannabis stocks such as Tilray and Cronos. Nordstrom shares rose as its quarterly sales gained 4%. That was almost as nice as Macy's 23% jump in and Walmart's 40% surge in online sales. These retailers are looking very strong and profitable as we head into the holiday season. Market Losers: Uber is on its way to being publicly traded; it's planning on IPO'ing next year. Given its ambitious plans, the rideshare company shared quarterly earnings as a sign of good faith. Sales growth slowed, and it turns out self-driving cars are an expensive research habit, with the company having spent $2 billion on autonomous vehicle research so far (and made $0). Unlike many retailers who have figured out how to circumvent the online shopping world we now live in JCPenney continues not to know what kind of a store it is. Shares plummeted to a record low because it only has $182 million in cash left -- 40% less than a year ago. John Deere is feeling the heat of recent geopolitical trade wars. Steel tariffs upped the costs for the farm equipment maker. Moreover, the retaliatory tariffs from China are making things more expensive for its farmer customers who are cutting back. Other Market News: Overnight, the MSCI Asia Pacific Index rose 0.4 percent while Japan’s Topix index closed 0.3 percent lower as the yen held most of Friday’s gains against the dollar. In Europe, the Stoxx 600 Index was 0.6 percent higher at 5:45 a.m. Eastern Time as cyclicals and miners bounced back amid optimism over U.S.-China trade talks. S&P 500 futures pointed to a gain at the open, the 10-year Treasury yield was at 2.859 percent, and gold was higher, according to Bloomberg.  Politics United States: Criminal charges are being prepared against Michael Cohen, and federal prosecutors could announce them by the end of the month, according to CNN. Cohen, President Trump's longtime "fixer," is being investigated for possible fraud and campaign finance violations related to the $130,000 payment to Stormy Daniels. The New York Times also reported last night that investigators are also looking at more than $20 million in loans Cohen received for himself and his family's taxi business. South America: Venezuela announced a new currency today called the sovereign bolivar that will be based on the Petro – a kind of cryptocurrency backed by the country’s oil reserves. The net effect of the move is a 95 percent plunge in the official rate of the bolivar, which will fall from about 285,000 per dollar to 6 million. The real world effect on the ground in Venezuela seems to mostly be confusion, with many shops closing over the weekend. To find out more click here. Africa: South African officials have begun the process of seizing land from white farmers. Local newspaper City Press reports two game farms in the northern province of Limpopo are the first to be targeted for unilateral seizure after negotiations with the owners to purchase the properties stalled. The government says it intends to pay. Landowners wanted 200 million rand ($18.7 million)— they’re being offered just 20 million rand ($1.87 million) for the land. Sports College Football: Alabama will begin its quest for a second consecutive national championship with a rare three-peat. The Crimson Tide is just the second team to be ranked No. 1 in the preseason Associated Press Top 25 poll for three straight seasons. Alabama received 42 out of 61 first-place votes, its safe to say you will hear “Roll Tide” this upcoming college playoff. UFC 229: The UFC Lightweight Championship bout between current champion Khabib Nurmagomedov and former featherweight and lightweight champion Conor McGregor will be held on October 6, 2018, at T-Mobile Arena in Paradise, Nevada, part of the Las Vegas Metropolitan Area. This is a highly anticipated fight, tickets for the match sold out last week 10 minutes following their release. For more on the fight, click here. Entertainment Harvey Weinstein accuser and outspoken voice of the #MeToo movement Asia Argento has handled her own sexual assault case on the down-low, making an arrangement to pay Jimmy Bennett, who accused her of sexually assaulting him in 2013. This is an excellent example of the blatant hypocrisy that plagues Hollywood.  Quote of the Week All the opinions expressed by Juan Artiles in this newsletter are solely his opinions. You should not treat any opinion expressed by his as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinions.

May 2018 Market Report: Miami Luxury Home Sales Jump

Total Miami luxury home sales rose 24.1 percent year-over-year in May as existing condominium sales rose for the second consecutive month, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system. 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.” We've got the full report for you. 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). To access May 2018 Miami-Dade Statistical Reports, click here.  Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system. Brought to you by

Market Snapshot: Week of June 11 - 18, 2018

We believe that knowledge is power and we want you to have more of it. The best realtors can engage their customers in conversation on a wide-range of topics, from business trends and shifting political landscapes to the latest happenings in the world of sports, art, and pop-culture. We've summarized the biggest happenings from these sectors so that you don't have to. Big players made big plays in week one of the World Cup, meanwhile big media mergers and bigger trade tariffs affected markets worldwide last week. These stories and more in this week’s Market Snapshot.  Business Market Snapshot (June 18, 2018) Dow Jones: 25,090 (-0.98%) S&P 500: 2,780 (-0.03%) Nasdaq: 7,746 (+1.30%) Bitcoin: $6,408 (-5.52%) 10-Year US Treasury: 2.915% Market Winners: Restoration Hardware stock surged 31%. Apparently, earnings grew 27-times higher than last year because the house decoration company ironed out some of their logistical problems. Etsy made a bold move by hiking up the fees it charges craft entrepreneurs that sell on its marketplace. Shares rose 26% following their decision. Investors are very pleased with Fitbit after the fitness tracker launched a new kids product and a hedge fund upped its prediction of what the stock is worth.  Market Losers: At the latest E3 video game conference, Nintendo failed to impress annoyingly demanding gamer analysts. So Wall Street dropped the stock for a lack of creativity seems like Mario is getting lazy. SiriusXM stock dipped after the latest court ruling stated that the satellite radio company must pay $150 million in overdue royalty fees to songs it played from pre-1972 recordings. Other Market News: Last Tuesday, after a six-week trial a federal judge handed AT&T a sweeping victory. Judge Richard Leon ruled that the government had failed to prove that the deal violates antitrust law, and approved its $85 billion acquisition of Time Warner, a deal that promises to reshape the media industry. The deal is set to close June 20, according to AT&T. Overnight the MSCI Asia Pacific Index fell 0.7 percent, as many of the region’s largest markets were closed for a holiday, while Japan’s Topix index closed 1 percent lower amid rising trade tensions and following an earthquake in the important Osaka manufacturing region. In Europe, the Stoxx 600 Index was 0.7 percent lower at 5:45 a.m. as trade concerns hit industrial stocks. S&P 500 futures pointed to a lower open, the 10-year Treasury yield was at 2.913 percent and gold was higher according to Bloomberg.  Real Estate Argentine real estate developer Melo Group is changing the Miami landscape forever, says The Miami Herald. The family-run firm is behind some of the most exciting high-rise developments sprouting up in South Florida’s most attractive emerging neighborhoods, including the recently opened Aria on the Bay in the downtown Arts & Entertainment district.  Opening this month is Square Station, located at 1424 NE Miami Place, which will add 710 rental apartments to the district. Rents start at $1,650 for one-bedroom units and go up to $2,500 for three bedrooms. To read more, click here. Plan to build Cuban museum on waterfront site behind AmericanAirlines Arena scrubbed – says The Real Deal South Florida. In its place, property could become what it was originally intended for more than 20 years ago: a waterfront park.  Report: Flawed load-bearing design likely contributed to FIU bridge collapse -- The unusual pedestrian bridge at Florida International University had an undetected design flaw that probably contributed to its collapse in March, the Miami Herald reported, citing a review by three independent structural engineers. After years of failed attempts, a Miami Beach Convention Center hotel is edging closer to reality with a proposal submitted by two South Florida real estate heavyweights, says Rene Rodriguez of The Miami Herald. David Martin, president of Terra Group, and Jackie Soffer, chairman and chief executive of Turnberry, have joined forces and filed a proposal under the entity name Miami Beach Connect. The bid is sealed. Under the terms of the Request for Proposal, the hotel would be located on a parking lot adjacent to the convention center. The former home of South Beach real estate investor and party-circuit sensation Thomas Kramer, which hit the market in March at an asking price of $40 million, has sold for $33 million, reports The Miami Herald. REITs fall out of favor as interest rates rise – reports The Real Deal, New York. As interest rates rise, investors are questioning whether they’d be better off parking their money in bonds than real estate investment trusts. Last week, the Federal Reserve announced that it would raise interest rates by a quarter percentage point. Following this news, S&P 500 real estate stocks fell 1.2 percent last week and are down 4.3 percent for the year — the worst performance of any S&P sector, the Wall Street Journal reported. Politics Americas: President Trump met with North Korean leader Kim Jong Un last week in Singapore for a historic summit and agreed to work toward de-nuclearization of the Korean Peninsula. While some critics of President Trump believe that too many concessions were made by the U.S., supporters point to positive progress on the path to peace. The Senate Judiciary Committee heard testimony Monday from Justice Department Inspector General Michael Horowitz and FBI Director Christopher Wray about the inspector general's scathing report – released last Thursday – on the FBI's mishandling of the Hillary Clinton email investigation in 2016. President Trump claims the report "totally exonerates" him of Trump-Russia collusion, says Real Clear Politics, though the report is technically about the Clinton email investigation. Click here to read the 600-page report or watch the full replay of testimony below. Colombia Elects Right-Wing Populist Ivan Duque As President -- On Sunday, Colombia elected a new president, Ivan Duque, a conservative former senator who's pledged to rewrite a divisive peace treaty that ended the country's 50-year-old guerrilla war, reports NPR. In the second and final round of elections, Duque won 54 percent of the vote, defeating former guerrilla fighter and onetime Bogota Mayor Gustavo Petro, 58, who captured about 42 percent in the runoff. Duque will be sworn-in as president on Aug. 7 for a four-year term. Europe: German Chancellor Angela Merkel's position has come under threat from her party’s sister Christian Social Union party over immigration policy, Bloomberg reports. The CSU will give the chancellor two weeks to overhaul the country’s asylum system, according to local media reports, as Merkel attempts to find a wider EU solution to the thorny issue. The internal wrangling risks eroding German influence at this month’s EU summit where immigration, as well as any progress on Brexit talks, are set to be discussed.  Asia China Trade War Escalation: Analysts are increasingly expecting the U.S./China trade dispute to turn into a war of attrition, with neither side willing to bow to pressure from the other, according to Bloomberg. “The country that wins a trade war is the country that can endure most pain,” said Andrew Polk, co-founder of research firm Trivium China in Beijing, adding that China, “thinks it can outlast the U.S.” because it doesn’t have elections to worry about. With President Donald Trump under pressure to appease his base ahead of the November mid-terms, President Xi Jinping determined to stick to his plan to make China a global technology leader, and neither side willing to appear weak by compromising first, a significant increase in tensions still seems the most likely outcome, says Bloomberg.  Inter-Korean Relations: Among the developments since last week’s landmark summit, include: Seoul says the two Koreas have agreed to have their athletes march together during the opening and closing ceremonies of the upcoming Asian Games in Indonesia. According to South Korea's Sports Ministry, the Koreas also agreed to form combined teams for some unspecified events in the Asian Games in August. Kim Jong Un extended a temporary detente on the Korean Peninsula. The two Koreas plan to hold a series of talks in the coming days on resuming reunions of families divided by the 1950-53 Korean War; reconnecting severed cross-border railway and road connections; and establishing a liaison office in the North. Generals of the Koreas met last Thursday and agreed to restore military hotline communication channels. Sports FIFA World Cup: The long-awaited 2018 FIFA World Cup in Russia is upon us, so it is time to go to your closet, pull out your favorite national team jersey and join the festivities. If you haven’t been able to keep up with the games, here’s Jose Mourinho, former Real Madrid head coach, with his top picks for the tournament, followed by a recap of week one and a look ahead at next week's action.  World Cup Highlights – Week 1: In the opening match of the tournament, Russia showed its power by completing dominating Saudi Arabia beating them 5 – 0. The Russians have a very strong team and are definitely feeding off of the home field advantage. Uruguay was able to defeat Egypt 1-0. Uruguay is part of Group A and is expected to advance with Russia in the next round. Iran and Morocco had a very close match but Iran won in the final minutes of their match due to an own goal by a Moroccan defender. Iran plays Spain in their next match. Portugal and Spain faced each other in a Group B matchup Friday, which ended up in a 3 – 3 draw. Portugal forward and superstar Cristiano Ronaldo scored a hat-trick to keep his team in the game. France was able to get their 3 points by defeating Austria thanks to a last-minute goal. French forward Paul Pogba’s late goal gave France the 2-1 win.  Iceland is proving that it is a force to be reckoned with holding off Lionel Messi and the Argentine national team 1-1. Messi was knocking on the door throughout the entire match, but he missed a penalty kick in the second half. Despite the Peruvian national team’s star, Yoshi Yotun’s, strong performance, “La Blanquirroja” were not able to beat Denmark losing 0-1. Yotun lead his team in multiple categories including touches, passes attempted and passes completed. Croatia was able to defeat Nigeria 2-0; this victory puts them at the top of Group D. Costa Rica was not able to defeat Serbia, losing 1-0. Mexico stuns Germany, the defending World Cup champions, by beating them 1-0 Sunday afternoon EST. Supporters in Mexico City watching the game caused two ‘artificial’ quakes during their team’s seismic win. Brazil, one of the tournament favorites, drew Switzerland 1-1 on Sunday despite creating several chances to secure three points. The South Americans had 20 shots but could only put four on frame, seeing the Swiss hold them in the second half to split one point apiece.  Sweden was able to defeat South Korea in their matchup 1-0. Currently putting them on the top of Group F with 3 points. Belgium was able to dominantly beat Panama early Monday morning 3-0. The Belgium team received a lot of help from the star Dries Mertens, England was able to defeat Tunisia 2 – 1 with a last-second goal. This victory gives the England 3 points and ties them with Belgium at the top of Group G.  To view, all upcoming 2018 FIFA World Cup matches click here. National Basketball Association (NBA): Once again LeBron James is set to be a free agent and with that comes sports wide mass speculation of where the basketball superstar might land this off-season. James already took his talents to South Beach once before, winning two MVP awards and two titles, so could we be in for a Heat reunion? Entertainment Over the weekend, The Incredibles 2, Pixar’s 14-years-later sequel to the Oscar-winning superhero family adventure, set a new record for the biggest opening weekend of all time (for an animated film).  It bested the previous record-holder, Finding Dory, making $180 million to Finding Dory’s $135 million.  Beyoncé remains queen of the surprise music drop after she and her husband, Jay-Z, released a joint album titled “Everything Is Love” Saturday on the Tidal music streaming service.  The latest episode of “Anthony Bourdain: Parts Unknown” aired earlier this month on CNN as part of a weekend of tributes to the very popular CCN host, who took his own life on June, 8 in France. Bourdain’s shows resonated with a lot of people showing them different cultures, food, and travel. One of Bourdain’s fans Alyson said she didn't get her passport until she saw Bourdain's show when she was 24. You can currently see “Anthony Bourdain: Parts Unknown” on Netflix. Quote All the opinions expressed by Juan Artiles in this newsletter are solely his opinions. You should not treat any opinion expressed by his as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinions.   Brought to you by:

Market Snapshot: Week of June 4

We believe that knowledge is power and we want you to have more of it. The best realtors can engage their customers in conversation on a wide-range of topics, from business trends and shifting political landscapes to the latest happenings in the world of sports, art, and pop-culture. We've summarized the biggest happenings from these sectors so that you don't have to. Miami’s existing condo market posted its best April in three years, and more families than ever are moving to downtown Miami. Meanwhile, the G-7 trade rift deepened, two new European leaders were sworn in, and “Solo: A Star Wars Story” stalled at the box office – here are the stories you should have on your radar this week. Business Market Snapshot (June 4,2018) Powered by MarketSnacks Dow Jones: 24,635 (-0.48%) S&P 500: 2,735 (+0.51%) Nasdaq: 7,554 (+1.61%) Bitcoin: $7,754 (+7.67%) 10-Year US Treasury: 2.909% Market Winners: American Eagle Outfitters quarterly sales rose another 9% from last year to over $800 million. And while the rest of retail's stocks are down this year, AE's is up 20%. American Eagle’s underwear and intimates brand, Aerie, enjoyed record sales growth, surging 38% last quarter. Walmart, America’s biggest retailer, has taken a big step to compete with Amazon by introducing its concierge shopping service. Walmart’s new service, Jetblack, is launching at $50/ a month and already lets New Yorkers text for same-day delivery. Lululemon, a yoga-inspired athletic apparel company, saw shares jump 7% to a record high after quarterly sales popped 20% to $650 million. More impressively, its direct-to-consumer sales from its website jumped 62%. Cutting out the retail middleman/woman has been a good business strategy for Lulu. Market Losers: General Motors shares rose 14% on news Japan’s colossal tech investor Softbank gave it $2.25 billion for self-driving car technology. This makes GM look like a dominant leader in the self-driving car experience for years to come, along with Waymo and Uber. Shares of Americana classics such as Harley-Davidson and Jack Daniels owned by Brown-Forman dropped on word that the EU, Mexico, and Canada are targeting their goods in retaliation to President Trump’s new steel and aluminum tariffs. Other Market News: Overnight, the MSCI Asia Pacific Index added 1.4 percent while Japan’s Topix index closed 1.5 percent higher. In Europe, the Stoxx 600 Index was 0.5 percent higher at 6:22 a.m. S&P 500 futures pointed to a gain at the open, the 10-year Treasury yield was at 2.92 percent, and gold was a little higher, according to Bloomberg. Real Estate Local: Miami’s existing condominium market posted its best April in three years as condo transactions jumped 24.6 percent and condo dollar volume surged 40.8 percent year-over-year, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system. Miami single-family home sales and residential prices rose. Amongst the highlights of the report, include: Total sales volume for all properties jumped 17.8 percent, from $1.01 billion to $1.19 billion. Condominium sales in the $150K to $300K range led the charge in the robust April for Miami existing condominiums. Miami-Dade County single-family home prices increased 7.8 percent in April 2018, increasing from $320,000 to $345,000. Existing condo prices rose 5.4 percent, from $229,000 to $241,325 in April. Only 6.1 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 April 2018. The median number of days between listing and contract dates for Miami single-family home sales was 45 days, an 8.2 percent decrease from 49 days last year. The median time to contract for condos was 79 days, a 3.9 percent increase from 76 days last year. To read the full report, click here. More people than ever live in downtown Miami – and they are starting to raise families, reports the Miami Herald. A new analysis of Greater Downtown Miami demographics by the Miami Downtown Development Authority, which uses data from the U.S. Census, shows the population in Greater Downtown Miami has hit an all-time high of 92,235 — a 65 percent jump from 2000-2010 and another 38 percent increase from 2010-2018.  The Grammy-award winning singer Shakira has put her Miami Beach estate on the market for $11.6 million. The waterfront home, located at 3140 North Bay Road, features six bedrooms and 7.5 baths Investment guru and Research Affiliates founder Rob Arnott just closed on a waterfront spec mansion in Miami Beach for $32M USD, in what looks to be the most expensive purchase in Miami-Dade since at least 2015, says The Real Deal South Florida. Florida is attracting Wall Street power players from New York and Connecticut, after the recent federal tax overhaul capped the amount of state and local deductions by individuals. According to The Real Deal South Florida, the Sunshine State gained 14,700 jobs in the financial activities category, which includes bank workers, over the 12 months ending in April compared to Connecticut’s loss of 500 over that period. In the months since Federal Tax Reform was introduced, New York has jumped to #1 on the Top 10 U.S. Cities searching for Miami real estate, a spokesperson from the Miami Association of REALTORS told the Cervera Newsroom. Brightline extended scheduled service to Miami on May 19th following the unveiling of its MiamiCentral transportation hub. Next stop: Orlando. The higher-speed passenger railroad, which began limited service Jan. 8 between Fort Lauderdale and West Palm Beach, represents a $6 billion USD in direct economic impact to Florida’s economy over the next eight years and will remove three million vehicles from the road annually. Politics & Foreign Affairs North America: The proposed summit with North Korea in Singapore will go ahead on June 12 according to President Trump on Friday. The President spoke outside the White House after a meeting with Korean officials as the two sides try to revive a potentially historic summit. The President said, "They want it, we think it's important, and I think we would be making a big mistake if we didn't have it.” Friday's monthly employment report was great news for anyone looking for a job in America, unless you happen to be a Democrat running for Congress, according to CNBC. The economy added roughly 223,000 net new jobs in May, pushing the jobless rate a tick lower to 3.8 percent, an 18-year low. Business is coming alive in the U.S. Last Thursday the Trump administration announced that it would begin imposing tariffs on steel and aluminum from our allies, Europe, Mexico, and Canada, in a move that was met with immediate vows of retaliation. Prime Minister of Canada Justin Trudeau announced retaliatory "dollar for dollar" sanctions against the U.S for the newly imposed tariffs. Stock prices also fell amid fears of a trade war, with the Dow Jones industrial average plunging nearly 252 points, or 1 percent, to 24,415.84. Central America: As per Yahoo News, at least six people were killed and another 20 injured on Sunday when Guatemala's Fuego volcano erupted violently, spewing a stream of red-hot lava and belching a thick plume of black smoke and ash that rained onto the capital and other regions. The sudden eruption has forced the Guatemala City's La Aurora International Airport to close its only runway due to the presence of volcanic ash jeopardizing passenger and aircraft safety. Europe: A political coup in Spain saw Socialist leader Pedro Sanchez assume office Saturday. Sanchez needs to appease anti-establishment Podemos and nationalist parties from Catalonia and the Basque region who helped him oust Mariano Rajoy, says Bloomberg. In Italy, Giuseppe Conte, 53, a law professor with no political experience, was sworn in as prime minister on Friday in a compromise brokered by the two populist parties in power. Now the hard work begins, according to Bloomberg: Italy’s anti-establishment Five Star Movement and the anti-immigrant League form an uneasy coalition catering to different constituencies with different priorities that will make delivering on electoral promises no small task. An Italian newspaper editorial speculated that tensions might boil over to the point that new elections are called later this year or early next year. Also in Italy, UniCredit SpA is reportedly contemplating a merger with France’s Societe Generale SA, which would potentially combine two of Europe’s largest financial institutions. Sports North America: NBA Finals: The lasting impression from Game 1 of the 2018 NBA Finals was superstar LeBron James' disbelief over JR Smith's late-game mistake that cost the game; we’ve provided the costly play above for your pleasure. Game 2 took place last night with the Golden State Warriors defeating LeBron and the Cavaliers 122 – 103. LeBron James cannot catch a break as he faces one of his hardest NBA Finals of his career. For a recap of the NBA Finals so far, click here. Entertainment The second weekend of "Solo: A Star Wars Story," which depicts the life of Han Solo a rebellious youthful pilot in the Star Wars universe, made an estimated $29.3 million in North America, according to the studio. That's a drop of roughly 65% from its first weekend's three-day total of $84.4 million. Things are only getting harder for Solo in the Box Office as summer blockbusters such as Ocean's 8, Pixar's Incredibles 2 and Jurassic World: Fallen Kingdom are releasing right around the corner. Harvey Weinstein was led in handcuffs past photographers on Friday as he appeared in court to face charges of rape and sexual misconduct. Mr. Weinstein’s appearance in Manhattan Criminal Court lasted barely 10 minutes, and shortly after his defense lawyers handed in Mr. Weinstein’s passport and paid his bail with a $1 million cashier’s check. As part of his bail package, Mr. Weinstein has agreed to wear a monitoring device and restrict his travel to New York and Connecticut. Quote of the Week All the opinions expressed by Juan Artiles in this newsletter are solely his opinions. You should not treat any opinion expressed by his as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinions.

Apr. 2018 Market Report: Miami Existing Condo Sales Jump 24.6 Percent

Miami’s existing condominium market posted its best April in three years as condo transactions jumped 24.6 percent and condo dollar volume surged 40.8 percent year-over-year, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system. Miami single-family home sales and residential prices rose. Miami-Dade County posted 1,384 existing condo transactions in April 2018, up 24.6 percent from 1,111 the year before. It was the condo market’s best April since 2015 (1,444 sales). Year-to-date Miami condo sales are now up 2.1 percent from last year. Total Miami home sales in April 2018 jumped 12.9 percent while single-family home transactions rose 2.1 percent, from 1,192 to 1,217. “A significant increase in condo transactions in the $150,000 to $300,000 range played a central role in this robust month for Miami real estate,” said George Jalil, the 2018 MIAMI chairman of the board. “Miami condo pending sales are up 13.6 percent, which indicates another strong month of sales on the horizon.” Here is the full report. Total Miami Home Sales, Dollar Volume Surge in April Total Miami home sales increased 12.9 percent year-over-year in April, from 2,303 to 2,601. Total sales volume for all properties jumped 17.8 percent, from $1.01 billion to $1.19 billion. Existing condos saw the biggest increase, rising from $401.7 million total sales volume to $565.4 million (an increase of 40.8 percent). Single-family home total dollar volume rose 4.9 percent, from $603.6 million to $633.3 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. Best April for Miami Condominium Sales Since 2015 Sales in the $150K to $300K range led the charge in the robust April for Miami existing condominiums. The existing condo market had 679 sales in the $150K to $300K range in April 2018, up 46.7 percent from the 463 transactions a year ago. For years, there was little inventory in the aforementioned price range but inventory rose in April 2018. There are 4,269 existing condo listings active in the $150K to $300K at the end of the month, compared to 4,035 property listings in April 2017. More than Six Consecutive Years of Price Appreciation in Miami Miami-Dade County single-family home prices increased 7.8 percent in April 2018, increasing from $320,000 to $345,000. Miami single-family home prices have risen for 77 consecutive months, a streak spanning more than six years. Existing condo prices rose 5.4 percent, from $229,000 to $241,325 in April. Condo prices have increased in 80 of the last 83 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 4.47 percent in April (highest since 4.49 percent in September 2013) from 4.44 percent in March. The average commitment rate for all of 2017 was 3.99 percent. Miami Distressed Sales Continue to Drop, Reflecting Healthy Market Only 6.1 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 April 2018. In 2009, distressed sales comprised 70 percent of Miami sales. Total Miami distressed sales declined 30.7 percent year-over-year, from 231 to 160 last month. Short sales and REOs accounted for 1.7 and 4.5 percent, respectively, of total Miami sales in April 2018. Short sale transactions dropped 18.9 percent year-over-year while REOs fell 34.2 percent. Nationally, distressed sales accounted for 3.5 percent of sales, 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 45 days, an 8.2 percent decrease from 49 days last year. The median number of days between the listing date and closing date for single-family properties was 90 days, a 10.9 percent decrease from 101 days. The median time to contract for condos was 79 days, a 3.9 percent increase from 76 days last year. The median number of days between listing date and closing date decreased 0.8 percent to 120 days. The median percent of original list price received for single-family homes was 95.8 percent. The median percent of original list price received for existing condominiums was 93.5 percent. National and State Statistics Nationally, total existing-home sales decreased 2.5 percent to a seasonally adjusted annual rate of 5.46 million in April from 5.60 million in March. With last month’s decline, sales are now 1.4 percent below a year ago and have fallen year-over-year for two straight months. Statewide closed sales of existing single-family homes totaled 24,804 last month, up 4.1 percent compared to April 2017, according to Florida Realtors. Statewide closed condo sales totaled 11,236 last month, up 9.2 percent compared to a year ago. The national median existing-home price for all housing types in April was $257,900, up 5.3 percent from April 2017 ($245,000). April’s price increase marks the 74th straight month of year-over-year gains. The statewide median sales price for single-family existing homes last month was $253,895, up 8.1 percent from the previous year, according to Florida Realtors. The statewide median price for townhouse-condo properties in April was $190,000, up 10.5 percent over the year-ago figure. Miami’s Cash Buyers Represent almost Double the National Figure Miami cash transactions comprised 38.9 percent of April 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 53.5 percent of condo closings were made in cash in April compared to 22.5 percent of single-family home sales. Balanced Market for Single-Family Homes, Buyer’s Market for Condos Inventory of single-family homes increased 2.1 percent in April from 6,182 active listings last year to 6,309 last month. Condominium inventory increased 2.9 percent to 15,744 from 15,307 listings during the same period in 2017. The increase in inventory is for properties above $400,000. The market had a 6.3 percent jump in properties listed for $400,000 to $599,999, 6.8 percent for $600,000 to $999,999, and 3.1 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 14.3-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 February increased 2.6 percent year-over-year, from 21,489 to 22,053. Active listings remain about 60 percent below 2008 levels when sales bottomed. New listings of Miami single-family homes increased 14.4 percent to 1,865 from 1,630. New listings of condominiums increased 8.5 percent, from 2,177 to 2,363. Nationally, total housing inventory at the end of April increased 9.8 percent to 1.80 million existing homes available for sale, but is still 6.3 percent lower than a year ago (1.92 million) and has fallen year-over-year for 35 consecutive months. Unsold inventory is at a 4.0-month supply at the current sales pace (4.2 months a year ago). Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.

Q1 2018 Miami Market Report: Miami Luxury Home Sales Soar

Miami luxury home sales surged 12.3 percent in 1Q 2018 as median prices rose for the 25th consecutive quarter, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system. Total Miami luxury home sales ($1 million and up) rose 12.3 percent to 421 in 1Q 2018, up from 375 in 1Q 2017. Median prices for single-family homes increased to $337,000, a 5.9 percent increase from last year. Miami existing condo median prices rose 4.5 percent year over year to $230,000. “Miami real estate continues to see major pent-up demand for luxury properties,” said George C. Jalil, the 2018 MIAMI Chairman of the Board. “Miami and Florida as a whole is attracting Americans leaving high-tax states such as New York as the new tax law cuts into their income-tax deductions.” Here is the full report. Miami Single-Family Luxury Homes Sales Rise 16.2 Percent Miami single-family luxury home sales jumped 16.2 percent in 1Q 2018, rising from 185 transactions to 215. Miami existing condo luxury home sales increased 8.4 percent year over year from 190 to 206. Federal tax reform, which was signed into law Dec. 22, sets a deductions cap for income, sales and property taxes at $10,000. The new cap is leading more residents of states with high property values and state income tax to purchase properties in states such as Florida, which has no state income tax and a pro-business tax structure. According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.27 percent for 1Q 2017, up from the 4.17 percent average recorded during the same quarter a year earlier. Total Sales Decline in 1Q 2018 Total existing Miami-Dade County residential sales declined 6.5 percent year-over-year in 1Q 2018, from 6,169 to 5,770. Total sales volume accounted for $2.6 billion in 1Q 2018, a decline from the $2.7 billion sales volume a year ago. The sales do not include Miami’s multi-billion dollar new construction condo market. Total Miami distressed sales declined 39.7 percent year-over-year, from 755 transactions in 1Q 2017 to 455 in 1Q 2018. Only 7.9 percent of all closed residential sales in Miami were distressed in 1Q 2018, including REO (bank-owned properties) and short sales, compared to 12.2 percent in 1Q 2017. In 2009, distressed sales comprised nearly 70 percent of Miami sales. Short sales and REOs accounted for 1.6 and 6.3 percent, respectively, of total Miami sales in 1Q 2018. Short sale transactions decreased 47.1 percent year-over-year while REOs fell 37.6 percent. Miami Median Prices Rise for 25th Consecutive Quarter The median price for single-family homes in Miami-Dade County increased to $337,000 in the first quarter, a 5.9 percent jump from $318,375 in the same period last year. The median price for existing condominiums increased 4.5 percent year-over-year from $220,000 to $230,000. Statewide, the median sales price for single-family existing homes in 1Q 2018 was $248,000, up 9.7 percent from the same time a year ago, according to Florida Realtors. The statewide median price for condo-townhouse properties during the quarter was $180,000, up 7.8 percent over the year-ago figure. The national median existing single-family home price in the first quarter was $245,500, which is up 5.7 percent from the first quarter of 2017 ($232,200), according to the National Association of REALTORS® (NAR). 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 1Q 2018 (click the neighborhood name to see detailed residential and sales statistics): Single-Family Homes Westview, a north Dade community east of Hialeah, had 6 months supply Miami Gardens, a north Dade community along the Broward line, had 3 months supply Virginia Gardens, located north of Miami International Airport, had 2.4 months supply Hialeah Gardens, a North Dade community west of Hialeah, had 2.4 months supply Palmetto Estates, a South Dade community west of Palmetto Bay, had 2.6 months supply Condominiums Tamiami, a central west Dade community west of Westchester, had 7 months supply Three Lakes, a South Dade community west of Kendall, had 7 months supply Sunset, a central Dade community north of Kendall, had 2.5 months supply The Crossings, a South Dade community west of Kendall, had 2.3 months supply University Park, a central west Dade community west of Westchester, had 3.3 months supply To contact a Cervera Real Estate sales professional for more information on buying or selling property in a hot Miami market, click here.   National, State Home Sales in 1Q 2018 Nationwide existing–home sales, including single family and condos, decreased 1.5 percent to a seasonally adjusted annual rate of 5.51 million in the first quarter from 5.59 million in the fourth quarter of 2017, and are 1.7 percent lower than the 5.60 million pace during the first quarter of 2017, according to NAR. Statewide, closed sales of existing single-family homes totaled 60,204 in 1Q 2018, down slightly, 0.9 percent, from the 1Q 2017 figure, according to Florida Realtors. Florida’s townhome-condo market totaled 27,088 during 1Q 2018, up 2.8 percent compared to 1Q 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 14.9 for condominiums. A balanced market between buyers and sellers offers between six and nine months of supply inventory. Miami real estate had 22,560 active listings in the first quarter, a 3.6percent increase from the 21,771 listings at the same time last year. The inventory for single-family homes increased 2.5 percent, from 6,355 to 6,517. Miami existing condo inventory grew 4.1 percent, from 15,416 to 16,043. Miami Homes Selling Close to List Price The median percent of original list price received was 95.2 percent for single-family homes and 93.6 percent for condos in 1Q 2018. The median time to contract for single-family home listings was 48 days, a 17.2 percent decrease from 58 days in 1Q 2017. The median time to contract for existing condos was 80 days, a 3.6 percent decrease from 83 days in 1Q 2017. The median time to sale for single-family homes decreased 11.8 percent, from 110 days to 97. The median time to sale for existing condos decreased 3.9 percent, from 127 days to 122. Miami Cash Sales Double National Figure Cash sales represented 40.8 percent of Miami closed sales in the first quarter of 2018, compared to 44.8 percent in 1Q 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 54.2 percent of all Miami existing condo sales and 26.7 percent of single-family transactions. Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.

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