Market Watch

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.

Mar. 2018 Market Report: Miami Luxury Single-Family Home Sales Jump in March

Miami luxury single-family home sales posted double-digit gains as median prices for all properties continued rising in March, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system. Miami-Dade County luxury single-family home sales ($1 million and above) increased 10.3 percent year-over-year in March 2018, rising from 68 to 75. Miami single-family luxury sales have risen in five out of the last six months (Feb. 2018, Jan. 2018, Dec. 2017 and Oct. 2017). Median prices for existing single-family homes and condominiums increased 8.1 percent and 2.2 percent, respectively. “Miami is a top-10 market in the world for luxury real estate,” said George Jalil, 2018 MIAMI chairman of the board. “Miami is a seeing robust demand for luxury single-family homes. Sellers are becoming more realistic with their prices and $1 million and up home sales have posted strong selling months.” Here is the full report: Total Home Sales Decrease in March Total Miami home sales declined 17.5 percent year-over-year in March, from 2,603 to 2,147. Single-family home sales decreased 13.5 percent, from 1,276 to 1,104. Existing condo sales decreased 21.4 percent, from 1,327 to 1,043. The declines come on the heels of several strong months of sales. Miami existing condo sales had risen for three consecutive months (December 2017 through February 2018). Single-family home sales increased in January 2018. Total sales volume for all properties accounted for $1.02 billion last month, down 12.8 percent from a year ago. Sales don’t include Miami’s multi-billion dollar new construction condo market. 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 Six Consecutive Years of Price Appreciation in Miami Miami-Dade County single-family home prices increased 8.1 percent in March 2018, increasing from $322,000 to $348,000. Miami single-family home prices have risen for 76 consecutive months, a streak spanning more than six years. Existing condo prices rose 2.2 percent, from $225,000 to $230,000 in March. Condo prices have increased in 79 of the last 82 months. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased for the sixth straight month to 4.44 percent in March (highest since 4.46 percent in December 2013) from 4.33 percent in February. 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 11.2 percent in March 2018. In 2009, distressed sales comprised 70 percent of Miami sales. Total Miami distressed sales declined 52.6 percent year-over-year, from 291 to 138 last month. Short sales and REOs accounted for 1.3 and 5.1 percent, respectively, of total Miami sales in March 2018. Short sale transactions dropped 58.8 percent year-over-year while REOs fell 50.7 percent. Nationally, distressed sales accounted for 4 percent of sales, down from 6 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 49 days, a 3.9 percent decrease from 51 days last year. The median number of days between the listing date and closing date for single-family properties was 95 days, a 9.5 percent decrease from 105 days. The median time to contract for condos was 76 days, an 8.4 percent decrease from 83 days last year. The median number of days between listing date and closing date decreased 7.3 percent to 115 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 94.0 percent. National and State Statistics  Nationally, total existing-home sales rose 1.1 percent to a seasonally adjusted annual rate of 5.60 million in March from 5.54 million in February. Despite last month's increase, sales are still 1.2 percent below a year ago. Statewide closed sales of existing single-family homes totaled 25,020 last month, down 3.5 percent compared to March 2017, according to Florida Realtors. Statewide closed condo sales totaled 10,997 last month, down 1.8 percent compared to a year ago. The national median existing-home price for all housing types in March was $250,400, up 5.8 percent from March 2017 ($236,600). March's price increase marks the 73rd straight month of year-over-year gains. The statewide median sales price for single-family existing homes last month was $250,800, up 8.2 percent from the previous year, according to Florida Realtors. The statewide median price for townhouse-condo properties in March was $183,000, up 7 percent over the year-ago figure. Miami’s Cash Buyers Represent almost Double the National Figure  Miami cash transactions comprised 37.9 percent of March 2018 total closed sales, compared to 43.8 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 54.3 percent of condo closings were made in cash in March 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 2.5 percent in March from 6,355 active listings last year to 6,517 last month. Condominium inventory increased 4.1 percent to 16,043 from 15,416 listings during the same period in 2017. The increase in inventory is for properties above $400,000. The market had a 17.6 percent jump in properties listed for $400,000 to $599,999, 3.3 percent for $600,000 to $999,999, and 1.1 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 6.9 percent to 6.2 months, which indicates a balanced market. Existing condominiums have a 14.9-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 3.6 percent year-over-year, from 21,771 to 22,560. Active listings remain about 60 percent below 2008 levels when sales bottomed. New listings of Miami single-family homes decreased 3.6 percent to 1,865 from 1,934. New listings of condominiums decreased 13.3 percent, from 2,752 to 2,385. Nationally, total housing inventory at the end of March climbed 5.7 percent to 1.67 million existing homes available for sale, but is still 7.2 percent lower than a year ago (1.80 million) and has fallen year-over-year for 34 consecutive months. Unsold inventory is at a 3.6-month supply at the current sales pace (3.8 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.

Market Snapshot: Week of Mar. 13 - 27

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. Business Market Snapshot (March 20th - 27th) Powered by MarketSnacks Dow Jones: 23,533 (-5.84%) S&P 500: 2,588 (-6.29%) Nasdaq: 6,993 (-6.94%) Stocks suffered their worst week in two years as a trade war kicked off and Facebook stock was hazed and de-friended, says MarketSnacks. Here are the other highlights from the world of business and finance. Market Winners: Fitbit sales rebounded after it introduced its new simple smart watch, the $199 Versa, for people who don’t need all the complexities of an Apple Watch. Dropbox surged 44% in its opening day of trading at last Friday's IPO. The cloud-storage company ultimately priced its shares at $21 Thursday night, raising nearly $800 million for itself -- then the stock opened Friday at $30 per share, giving it a $12 billion valuation, as per Market Snacks. After rumors that Walmart is preparing to enter the food kit and meal delivery industry, Blue Apron decided to also switch up its business strategy and now is taking its food kit talents to supermarket shelves. Last week Alphabet’s autonomous car division, Waymo. showed off its self-driving taxi in action with a new short video. To take a glimpse at the near possible future click here. FedEx is set to launch mini-stores in 500 Walmarts nationwide to grow its retail presence. This is an attempt to keep up with Amazon who recently announced they are set to enter shipping and logistics. Market Losers: Facebook stock has dropped 7% after news broke that Cambridge Analytica, a political data firm that worked on President Trump’s 2016 campaign, was able to gain access to private data through a quiz posted on the social network. Facebook has had breaches in the past and many Facebook Users have said this is the “last straw” that led them to quit. A few days ago, Zuckerberg took out a one page ad in major US and UK papers apologizing to users for recent troubles. Greek yogurt has become the Achilles heel for General Mills’ Yoplait as quarterly sales fall 8% and fewer Americans are buying cereal. The drama continues at Qualcomm as  Paul Jacobs, the son of Qualcomm's co-founder and former CEO, was removed from its board by fellow directors for wanting to take the company private. This follows news that Broadcomm’s bid to acquire Qualcomm was busted Other Market News: Overnight the MSCI Asia Pacific Index rose 0.3 percent while Japan’s Topix index closed 0.4 percent higher as the yen fell against the dollar following Mnuchin’s comments on China trade. In Europe, the Stoxx 600 Index was 0.3 percent higher by 5:45 a.m. as trade tensions eased a little and stocks were lifted by M&A activity in the region. S&P 500 futures gained 1.1 percent, the 10-year Treasury yield was at 2.848 percent and gold was broadly unchanged as per Bloomberg Markets. Real Estate Local: Miami existing condominium and total luxury home sales increased in February, according to a new report by Miami Association of REALTORS. Here are the highlights: Miami existing condo sales increased for the fourth consecutive month, rising 3 percent to 983 from 954. Total Miami luxury $1-million-and-up sales jumped 31 percent, from 116 in February 2017 to 152 in February 2018. Miami-Dade County single-family home prices increased 3.6 percent in February 2018, increasing from $321,000 to $332,500. Total Miami distressed sales declined 43.9 percent year-over-year, from 244 to 137 last month. The median percent of original list price received for single-family homes was 95.4 percent. Seller’s Market for Single-Family Homes, Buyer’s Market for Condos To read the full report, click here. Industry Trends & Marketing Strategies [Inman.com Picks for the Week]: 4 ways to keep up with Facebook’s algorithm change: Facebook is one of the best avenues for reaching a market of real estate clients, but with the platform’s recent algorithm shift, many real estate agents are feeling lost as to how they can best utilize Facebook to reach their clients. Read more. Gen Z expected to outspend millennials on rent: a new generation of renters, Generation Z, are forecasted to spend a staggering $102,100 on rent by the time they turn 30, according to Florentina Sarac. Read more. The 7 dos and don’ts of a show-stealing listing presentation: Sometimes the most important determining factor in whether or not you earn a new listing is the quality of your listing presentation. When you meet with clients about their home, you are essentially auditioning for the role of their new real estate agent. The following list of dos and don’ts will help you create a listing presentation that will steal the show. Read more. Politics North America: Yesterday President Trump expelled 60 Russian diplomats out of the US, all of them spies according to the White House. This is the largest expulsion of Russian spies in American history and is a direct response to the Salisbury Attack which took place earlier this month. Thursday afternoon Trump announced a 25% tariffs on $60 billion worth of annual imports from China, in an attempt to level out imports and exports and hinder China from swindling intellectual property from the US. It is rumored that China China's plans to retaliate against US farmers and Boeing with targeted counter-tariffs. Last Wednesday, thousands of students across the country left their classrooms at 10 a.m., sometimes in defiance of school authorities, to protest gun violence in the U.S. These protests are in response to the tragedy that happened last month at Stoneman Douglas High School in Parkland, FL. Asia & Russia: President Xi of China declared in his nationalistic speech, marking the beginning of his second term, that any diplomatic advancements acknowledging Taiwan as a sovereign nation would be “punished by history.” The remarks came just days after U.S. President Donald Trump signed a law allowing high-level official visits to Taiwan. Read more here. Sunday’s Russian presidential election left no one surprised as Vladimir Putin secured an expected victory solidifying him as Russia’s leader for the next 6 years. Official results show that Putin received more than 76% of the vote, although it should be noted that his main opposition leader, Alexei Navalny, was barred from the race. Sports Major League Baseball (MLB): The New York Yankees are on track to open the season this week with baseball's seventh-highest payroll, their lowest ranking since 1992, according to projections by The Associated Press. The Yankees will have both ex Miami Marlin, Giancarlo Stanton and Homerun Derby Champ, Aaron judge in their lineup for next year. NCAA March Madness: This year’s NCAA men’s tournament has been a surprising one to say the least. The most lopsided win of the Elite Eight belonged to Loyola of Chicago, an 11 seed that advanced to its first Final Four appearance in 55 years. At the same time, the three other national semifinalists, Kansas, Villanova and Michigan are among the most successful programs in college basketball history. Entertainment Steven Spielberg reveled Sunday night that he will begin production of “Indiana Jones 5” next spring. Previously dated for July 19, 2019, the film was pushed to open on July 10, 2020 and will feature Harrison Ford. The “Star Wars” actor will be 76 when the movie starts shooting, and 77 when it opens. The Weinstein Company, co-founded by disgraced movie mogul Harvey Weinstein has filed for bankruptcy. According to CNN the studio company officially filed for bankruptcy Monday night and has also decided to tear up all legal contracts that kept sexual harassment victims from speaking out. To read more click here. 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.

Feb. 2018 Market Report: Miami Condo, Luxury Home Sales Rise in February

Miami existing condominium and total luxury home sales increased in February, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system. Miami-Dade County existing condominium sales rose for the fourth consecutive month in February. Miami luxury $1-million-and-up sales jumped 31 percent, from 116 in February 2017 to 152 in February 2018. “Miami $1-million-and-up home sales have surged in four of the last five months, a sign of the robust pent-up demand for Miami luxury properties,” said George Jalil, the 2018 MIAMI chairman of the board. “In regards to Miami existing condos, a spike in condo transactions in the $200,000 to $300,000 range fueled another strong month for the sector.” Here is the full report: Condo Sales Rise for Fourth Consecutive Month Miami existing condo sales increased for the fourth consecutive month, rising 3 percent to 983 from 954. The increase was fueled in a surge in entry-level home sales. Existing condo home sales in the $200,000 to $300,000 price range jumped 21.4 percent, from 220 in February 2017 to 267 in February 2018. Single-family home sales decreased 6.9 percent, from 881 to 820. Lack of single-family home supply in mid-price ranges is negatively impacting sales despite strong demand. Total existing Miami-Dade County residential sales decreased 1.7 percent year-over-year from 1,835 to 1,803. Total sales volume for all properties accounted for $864 million last month, up 3.6 percent from $834.1 million a year ago. Sales don’t include Miami’s multi-billion dollar new construction condo market. 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. Miami Luxury Sales Surge in February Total Miami luxury $1-million-and-up sales jumped 31 percent, from 116 in February 2017 to 152 in February 2018. Miami condo luxury sales jumped 30.9 percent, from 55 to 72, in February 2018. Miami condo luxury sales have risen in four out of the last five months (Feb. 2018, Jan. 2018, Dec. 2017 and Oct. 2017). Miami single-family luxury home sales rose 31.1 percent, from 61 to 80. Miami single-family luxury sales have risen in four out of the last five months (Feb. 2018, Jan. 2018, Dec. 2017 and Oct. 2017). More than Six Consecutive Years of Price Appreciation in Miami Miami-Dade County single-family home prices increased 3.6 percent in February 2018, increasing from $321,000 to $332,500. Miami single-family home prices have risen for 75 consecutive months, a streak spanning more than six years. Existing condo prices rose 4.5 percent, from $220,000 to $230,000 in February. Condo prices have increased in 78 of the last 81 months. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage moved higher for the fifth straight month to 4.33 percent in February (highest since 4.34 percent in April 2014) from 4.03 percent in January. The average commitment rate for all of 2017 was 3.99 percent. Miami Distressed Sales Continue to Drop Only 7.6 percent of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, compared to 13.3 percent in February 2017. In 2009, distressed sales comprised 70 percent of Miami sales. Total Miami distressed sales declined 43.9 percent year-over-year, from 244 to 137 last month. Short sales and REOs accounted for 1.7 and 5.9 percent, respectively, of total Miami sales in February 2018. Short sale transactions dropped 41.2 percent year-over-year while REOs fell 44.6 percent. Nationally, distressed sales accounted for 4 percent of sales, down from 7 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 46 days, a 24.6 percent decrease from 61 days last year. The median number of days between the listing date and closing date for single-family properties was 94 days, a 16.1 percent decrease from 112 days. The median time to contract for condos stayed even year over year at 83 days. The median number of days between listing date and closing date decreased 3.1 percent to 123 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 grew 3.0 percent to a seasonally adjusted annual rate of 5.54 million in February from 5.38 million in January. After last month’s increase, sales are now 1.1 percent above a year ago. Statewide closed sales of existing single-family homes totaled 18,620 last month, up 3.3 percent compared to February 2017, according to Florida Realtors. Statewide closed condo sales totaled 8,457 last month, up 6.4 percent compared to February 2017. The national median existing-home price for all housing types in February was $241,700, up 5.9 percent from February 2017 ($228,200). February’s price increase marks the 72ndstraight month of year-over-year gains. The statewide median sales price for single-family existing homes last month was $246,500, up 9.6 percent from the previous year, according to Florida Realtors. The statewide median price for townhouse-condo properties in February was $179,500, up 7.2 percent over the year-ago figure. Miami’s Cash Buyers Represent almost Double the National Figure Miami cash transactions comprised 42.8 percent of February 2018 total closed sales, compared to 47.4 percent last year. Miami cash transactions are almost double the national figure (24 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 54.2 percent of condo closings were made in cash in January compared to 29.0 percent of single-family home sales. Seller’s Market for Single-Family Homes, Buyer’s Market for Condos Inventory of single-family homes decreased 2.3 percent in February from 6,489 active listings last year to 6,342 last month. Condominium inventory increased 4.0 percent to 15,902 from 15,289 listings during the same period in 2017. Monthly supply of inventory for single-family homes increased 1.7 percent to 6.0 months, which indicates a seller’s market. Existing condominiums have a 14.4-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 2.1 percent year-over-year, from 21,778 to 22.244. Active listings remain about 60 percent below 2008 levels when sales bottomed. New listings of Miami single-family homes increased 11.3 percent to 2,814 from 2,950. New listings of condominiums increased 7.3 percent, from 2,414 to 2,590. Nationally, total housing inventory at the end of February rose 4.6 percent to 1.59 million existing homes available for sale, but is still 8.1 percent lower than a year ago (1.73 million) and has fallen year-over-year for 33 consecutive months. Unsold inventory is at a 3.4-month supply at the current sales pace (3.8 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.  

Market Snapshot: Week of Feb. 28 - Mar. 6

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. Business Market Snapshot (Feb. 26th - March. 2nd) Powered by MarketSnacks Dow Jones: 24,538 (-3.06%) S&P 500: 2,691 (-2.04%) Nasdaq: 7,258 (-1.12%) Trade war challenges, inflation worries, and the end of earnings season dropped stocks last week to make February Wall Street's worst month in 2 years, according to Market Snacks. Market Winners: A $70 million Picasso sale last quarter drove up the price of auction house Sotheby's stock. Shares of Walmart rose 2% after it announced it will partake in the $2.5 billion meal kit industry, by launching new meal kit pick-ups at 250 stores right now and 1,750 more by year-end. The Walmart Culinary & Innovation Center will craft the mini-feasts. Amazon made its 2nd biggest acquisition ever by acquiring Ring, a security camera/doorbell/intercom device for more than $1 billion dollars. Kohl's quarterly revenues grew 9% to $6.7 billion, while it continues to add more discount Aldi mini-grocers into a bunch of its locations. Market Losers: Blue Apron, one of the original meal kit subscription companies, stock dropped by 5% following the announcement by Walmart. Blue Apron also lost half its stock value since last June's IPO, as Amazon bought Whole Foods and launched AmazonFresh meal kits. Macy's holiday sales slipped 3.7% and it had to closed 16 of its own stores. It opened 30 new locations for its cheaper Backstage chain, as retail companies are now dependent on their budget-brand offspring to stay afloat. Ford and Boeing stock dropped following President Trump’s announcement to place higher tariffs on foreign steel and aluminum. The new tariffs will drive up production costs. Fitbit's sales dropped 17% over the holidays as it struggles to stay relevant and compete with other more popular smart watches. Other Market News Amongst last week’s most impactful headlines, President Trump said he'll impose the biggest US tariff in decades wherein foreign steel and aluminum would be taxed 25% and 10% upon entering America. Stocks of US Steel and AK Steel rose 4% since their US-made material will be more competitive. Overnight, the MSCI Asia Pacific Index rose 1.3 percent, while Japan’s Topix index closed 1.3 percent higher with exporters leading the gains. In Europe, the Stoxx 600 Index was 0.7 percent higher at 5:50 a.m. Eastern Time in a broad-based rally. S&P 500 futures added 0.3 percent, the 10-year Treasury yield was at 2.883 percent and gold was higher.  Amazon-Nest Feud: Amazon has decided not to offer Nest’s newest smart-home products — a move that prompted Google-owned Nest to stop selling any of its wares on Amazon once current stock runs out, according to the editorial team at LinkedIn. It’s the latest battle in an escalating war between the two tech giants; in December, Google removed YouTube from Amazon’s Fire TV and Echo devices. Nest, previously an Alphabet subsidiary, was recently reabsorbed into Google’s hardware division — streamlining the unit to better compete against its rival. Lyft is teaming up with Allscripts to get people to the doctor, just days after Uber launched its own patient transportation service, Uber Health. Lyft’s partnership builds upon existing deals with health providers to get patients to and from appointments; the ride-hailing company will incorporate its technology with Allscripts so cars no longer need to be ordered manually. 180,000 physicians — and an estimated 7 million patients — will be able to use Lyft’s service. Real Estate Local: The city of Boca Raton and its Greater Boca Raton Beach and Park District bought the former Ocean Breeze Golf Club this past Monday. The 27-hole golf course at 5801 Northwest Second Avenue sold for $24 million dollars. The renovated golf course, will be called Boca Raton National Golf Club, and is set to open by late 2019 or early 2020, according to the Sun Sentinel. Claudio Lottenberg, CEO of UnitedHealth Group in Brazil, just closed on unit 3601 at Jade Signature in Sunny Isles Beach. Lottenberg has shown a lot of interest in South Florida real estate, he purchased a unit at Fendi Château last year for 11 million. Vacant waterfront properties are in high demand throughout Miami-Dade County. Due to the short supply, real estate developers are targeting older, existing condo buildings and buying out the owners at premium prices. When the developers get a hold of the old building it comes down, replaced by a bigger, state-of-the-art luxury tower. This process is called “condo termination”, read more here. Industry Trends & Marketing Strategies [Inman.com Picks for the Week]: 7 Home Staging Mistakes Only Rookies Make: For the most part, home sales are decided by the intrinsic value and appeal of the home, along with the selling price, but you shouldn’t underestimate the impact that home staging (the act of cleaning and altering the home for presentation) can have on the speed and final price of the sale, writes Larry Alton. Read more. How to score real estate listings using GooglePlus: As is the case with many of its competitors in the social media landscape, the Google Plus platform has evolved over time, and in its current iteration, it’s arguably more useful than ever before, says Jon Starwalt. Read more. 3 tips for real estate video marketing newbies: The key to success in real estate is marketing with a strategy to build your brand and develop your customer base, especially as a new agent, according to a recent article by Sam Benson. Right now, in 2018, the best way to do both build a brand and develop a customer base is by creating marketing videos. Read more. Politics U.S. News & Foreign Affairs: Government officials from Canada, Mexico, the European Union, and China expressed strong dissatisfaction to President Trump’s tariff announcement (Canada is the US’s largest supplier of steel and aluminum, and Mexico is the nation’s fourth biggest source of steel). Foreign officials have promised to retaliate by punishing US export industries with tariffs, leaving Harley Davidson, Jack Daniels, and Maine lobster amongst those in the cross-hairs of new foreign tariffs. The latest round (the seventh) of NAFTA negotiations will end today in Mexico City. At home, President Trump took criticism from the media on the topic of gun control, with critics attacking him for seemingly contradictory policy. As the national debate around gun control continues escalate, LL Bean, Kroger, Dick's Sporting Goods, and Walmart have exercised their right to ban gun and ammo sales to people under 21 years of age, according to Market Snacks. Dick's has banned assault rifles altogether. If you’re looking for some good news to balance the political conversation, Dan McLaughlin’s stock of Donald Trump’s first year accomplishments for the National Review is worth a read. Local & State: Florida Senate narrowly approved a bill, 20-18, to invest millions of dollars of state money into school safety programs in response to the Parkland shooting. According to the Miami Herald the new program calls for multiple trained school personnel to carry firearms in case of an emergency. Donna Shalala, the former University of Miami president and Health and Human Services secretary, is officially running as a Democrat hoping to replace retiring Republican Rep. Ileana Ros-Lehtinen this upcoming election cycle according to paperwork filed with Federal Election Committee this Monday. Shalala has never run for elected office, but her local recognition should put her in the forefront of the Democratic primary.  To read more click here. Sports Local: Miami’s top administrators met with David Beckham’s partner, Jorge Mas, to discuss building a Major League Soccer stadium on the city-owned Melreese golf course instead of the previously proposed nine acre lot in Overtown. Building the stadium on the Melreese golf court would allow Beckham and his partners to develop a large soccer complex, youth academy, restaurant and retail space with an adjoining tech oriented office complex. National Football League: This past weekend was the 2018 NFL Combine, where upcoming college football players demonstrate their skills in front of NFL scouts. The highlight of the weekend was Central Florida linebacker Shaquem Griffin’s astonishing display, the 227-pound linebacker ran the 40-yard dash in 4.38 seconds and benched pressed 225 lbs. for 29 repetitions.  Entertainment Hollywood gathered on Sunday at the 90th Academy Awards, where the presence of the #MeToo and “Time’s Up” movements were felt following recent sexual misconduct scandals in the industry. Amongst the evening’s most memorable moments included Jordan Peele making history as the first African-American to win for Best Original Screenplay, for “Get Out.” Continuing with the Academy Awards, Chile’s ‘A Fantastic Woman’ won the Oscar for Best Foreign Film. The film, directed and co-written by Sebastián Lelio, marked Chile’s first Oscar victory in that category. It had been considered a favorite to win the award. Other noteworthy winners from Sunday night, “The Shape of Water” took the Oscar for Best Picture; meanwhile Guillermo del Toro won Best Director; and Coco – a love letter to Mexico –  won the Oscar for Best Animated Film. 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.

Jan. 2018 Market Report: Jump in Miami Condo, Single-Family Home Sales

Miami existing condominium and single-family home sales rose in January as $1 million-and-up luxury transactions jumped for all properties, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system. Miami-Dade County existing condominium sales—which are competing with one of the most robust new construction markets in the country — increased 8.1 percent, from 874 to 945, year over year. Total luxury $1-million-and-up sales jumped 29.3 percent, from 99 to 128. Single-family home sales rose 2.1 percent, from 857 to 875. Lack of single-family home supply in mid-price ranges is negatively impacting sales despite strong demand.                               “Miami’s economy is adding more jobs and new residents from abroad and domestically continue moving into our vibrant South Florida region,” said George Jalil, the 2018 MIAMI chairman of the board. “Pent-up demand for Miami housing has led to more home sales, higher median sale prices and a larger total dollar sales volume in January year over year.” 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. Here is the full report:  Total Miami Home Sales, Dollar Volume Increase in January Total existing Miami-Dade County residential sales increased 5.1 percent year-over-year from 1,731 to 1,820. Total sales volume for all properties accounted for $791.3 million last month, up 12.7% from $702.3 million a year ago. Sales don’t include Miami’s multi-billion dollar new construction condo market. 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. Miami Luxury Sales Surge in January Total luxury $1-million-and-up sales jumped 29.3 percent, from 99 to 128. Miami condo luxury sales jumped 58.1 percent, from 43 to 68, in January 2018. Miami condo luxury sales have risen in three out of the last four months (Jan. 2018, Dec. 2017 and Oct. 2017). Miami single-family luxury home sales rose 7.1 percent, from 56 to 60. Miami single-family luxury sales have risen in three out of the last four months (Jan. 2018, Dec. 2017 and Oct. 2017). More than Six Consecutive Years of Price Appreciation in Miami Miami-Dade County single-family home prices increased 6.5 percent in January 2018, increasing from $310,000 to $330,000. Miami single-family home prices have risen for 74 consecutive months, a streak spanning more than six years. Existing condo prices rose 3.5 percent, from $222,250 to $230,000 in January. Condo prices have increased in 77 of the last 80 months. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage moved higher for the fourth straight month to 4.03 percent in January from 3.95 percent in December. The average commitment rate for all of 2017 was 3.99 percent. Miami Distressed Sales Continue to Drop Only 9.9 percent of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, compared to 12.7 percent in January 2017. In 2009, distressed sales comprised 70 percent of Miami sales. Total Miami distressed sales declined 18.2 percent year-over-year, from 220 to 180 last month. Short sales and REOs accounted for 1.8 and 8.1 percent, respectively, of total Miami sales in January 2018. Short sale transactions dropped 37.3 percent year-over-year while REOs fell 12.4 percent. Nationally, distressed sales accounted for 5 percent of sales, down from 7 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, a 23 percent decrease from 61 days last year. The median number of days between the listing date and closing date for single-family properties was 98 days, a 13.3 percent decrease from 113 days. The median time to contract for condos declined 11.8 percent to 75 days from 85 days. The median number of days between listing date and closing date decreased 6.1 percent to 123 days. The median percent of original list price received for single-family homes was 95 percent. The median percent of original list price received for existing condominiums was 92.9 percent. National and State Statistics Nationally, total existing-home sales decreased 3.2 percent in January to a seasonally adjusted annual rate of 5.38 million from a downwardly revised 5.56 million in December 2017. After last month’s decline, sales are 4.8 percent below a year ago. Statewide closed sales of existing single-family homes totaled 16,564 last month, down 1.3 percent compared to January 2017, according to Florida Realtors. Statewide closed condo sales totaled 7,634 last month, up 5.9 percent compared to January 2017 The national median existing-home price for all housing types in January was $240,500, up 5.8 percent from January 2017 ($227,300). January’s price increase marks the 71ststraight month of year-over-year gains. The statewide median sales price for single-family existing homes last month was $240,000, up 9.1 percent from the previous year, according to Florida Realtors. The statewide median price for townhouse-condo properties in January was $179,900, up 11.7 percent over the year-ago figure. Miami’s Cash Buyers Represent almost Double the National Figure Miami cash transactions comprised 42.4 percent of January 2018 total closed sales, compared to 43.4 percent last year. Miami cash transactions are almost double the national figure (22 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 54.1 percent of condo closings were made in cash in January compared to 29.8 percent of single-family home sales. Seller’s Market for Single-Family Homes, Supply Declines in December Inventory of single-family homes decreased 5.1 percent in January from 6,590 active listings last year to 6,255 last month. Condominium inventory increased 3.1 percent to 15,573 from 15,111 listings during the same period in 2016. Monthly supply of inventory for single-family homes decreased 1.7 percent to 5.9 months, which indicates a seller’s market. Existing condominiums have a 14.2-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 January increased 0.6 percent year-over-year, from 21,701 to 21,828. Active listings remain about 60 percent below 2008 levels when sales bottomed. New listings of Miami single-family homes increased 2.2 percent to 1,913 from 1,871. New listings of condominiums increased 5.4 percent, from 2,637 to 2,779. Nationally, total housing inventory at the end of January rose 4.1 percent to 1.52 million existing homes available for sale, but is still 9.5 percent lower than a year ago (1.68 million) and has fallen year-over-year for 32 consecutive months. Unsold inventory is at a 3.4-month supply at the current sales pace (3.6 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.  

Market Snapshot: Week of Feb. 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. Business Market Snapshot (February 12th-16th) Powered by MarketSnacks Dow Jones: 25,219 (+4.24%)S&P 500: 2,732 (+4.29%)Nasdaq: 7,239 (+5.29%) Market Winners: Netflix upped the quality of its upcoming “Netflix Originals” when they signed “Nip/Tuck” and “Glee” creator, Ryan Murphy, to a 5-year $300 million deal. Get ready your popcorn ready for some binge-worthy material. Kraft Heinz announced it cut $1.7 billion in costs. That's thanks to 3G Capital, the ruthlessly efficient Brazilian investment firm that helped arrange the Kraft & Heinz merger back in 2015. Waymo is an autonomous car development company and subsidiary of Google's parent company, Alphabet Inc. Alphabet’s CFO, Ruth Porat, announced that Waymo will be releasing its own Waymo-branded ridesharing app later this year. Match.com rose 5% Valentine's Day after CEO Mandy Ginsberg revealed Tinder's new female-friendly feature. The new feature will allow women to choose who makes the first move on the mobile dating application. Market Losers: Walmart's earnings missed analysts' expectations for the holiday period, as e-commerce growth slowed to 23 percent. The retailer calls for 40 percent e-commerce growth in fiscal 2019. Other Market News: The Dow and S&P 500 edged higher Friday to extend their rebounds as stocks showed firm signs of regaining their footing after a tumble earlier in the month. Bitcoin climbed back to $11,000 for the first time since January. Fears over tighter regulation, which was one of the catalysts for the recent crash, appear to have subsided within the crypto market. Real Estate Local: Colombian consumers posted the most web searches among foreign countries for Miami homes in December, according to a new report by the MIAMI Association of REALTORS® (MIAMI). Colombia registered 10.5 percent of all international searches on MIAMI’s portal in December 2017. Amongst other highlights of the report, include: South Florida finished as the most-searched U.S. market by international consumers and is a top-five market for consumers in the world’s six largest regions, according to December data. Colombian home buyers tied with Canada in making the third-most international purchases in South Florida, according to the 2017 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members. Miami-Fort Lauderdale-West Palm Beach is the most searched U.S. market by international consumers, according to Realtor.com December 2017 data. Top-10 countries Driving International Demand in South Florida: December 2017 Canada Brazil United Kingdom Argentina Spain Colombia Germany France Mexico Italy Politics Local: Last week, a former student shot and killed 17 people at Marjory Stoneman Douglas High School using a semiautomatic weapon.  This tragedy was one of the deadliest school shootings in US history. Since then, Parkland students, teachers and town officials have called for government officials to relook at gun control legislation. National: The Senate rejected legislation based on President Trump's framework for an immigration deal in a 39-60 vote last Thursday. This leaves an uncertain path forward for Congress with nearly a million immigrants sheltered by an Obama-era program facing the prospect of deportation. Sports North America: National Basketball Association (NBA): The 67th NBA All-Star Game took place Sunday night and showcased the best of the NBA’s talent. This year’s NBA All-Star Game also changed its’ format. The format change, with captains LeBron James and Stephen Curry choosing their rosters, proved to be a rousing success. Team LeBron’s furious 28-12 comeback in the final six minutes made the game an actual, real-life competition. For a recap of all the highlight events click here. Europe: UEFA Champions League: Madrid started off slow against Paris Saint-Germain on Wednesday night, but fought back to take a two-goal lead into the second leg of their UEFA Champions League tie. Adrien Rabiot got PSG on the board first, but Real Madrid came away 3-1 victors thanks to a brace from Cristiano Ronaldo and a late goal from Winter Olympics: Chloe Kim, 17-year-old U.S Olympic snowboarder, wowed judges in the women’s snowboard halfpipe competition on Tuesday morning, scoring a gold medal, after her signature run. Jong Jin Kim, Chloe’s father, who moved to the United States from South Korea in 1982, won over spectators around the world with his charming homemade signs. After his daughter’s victory Jong Jin pointed to himself and shouted “American dream.” Entertainment "Black Panther" earned just under $242 million in its U.S. opening over the long Presidents Day weekend. This is the second highest four-day haul in domestic box office history, according to Disney's final count. Black Panther easily bested the likes of Iron Man, Superman, and Batman during the Friday-Sunday period. Ready for the ultimate food and wine experience in Miami? Treat your taste buds during 5 days of dinners, tastings, late-night parties, & at the South Beach Wine & Food Festival starting tomorrow, Feb. 21 until Feb. 25. For more info click here. 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.

2017 Miami Real Estate Year-End Report

Miami recorded the fifth-most annual single-family home sales in county history in 2017 as total dollar volume and median prices rose at year-end and in 4Q 2017, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system. Miami-Dade County registered 12,775 single-family home sales in 2017, down 3.0 percent from the year before. Lack of supply in certain price ranges and neighborhoods impacted sales. Inventory and months’ supply of single-family homes continues to drop, showing a strong demand and insufficient supply. Only 2015 (13,898 single-family home transactions), 2014 (13,521), 2016 (13,164) and 2013 (12,912) had more annual Miami single-family home sales. MIAMI and the MLS have been tracking county sales since 1994. “Miami real estate is thriving as evidenced by the historic number of annual single-family home transactions the last five years,” said Miami broker George C. Jalil, the 2018 MIAMI Chairman of the Board. “Miami posted a strong 2017 despite having some closings and inspections delayed in September because of Hurricane Irma. An increasing population, growing jobs market and pent-up demand is benefiting Miami real estate.” Here is the full report. Existing Condominiums Post Eighth-Best Sales Year Miami existing condominiums posted the eighth-best sales year in history despite competing with Miami’s multi-billion dollar new condo construction market. A total of 13,111 Miami existing condominiums were sold in 2017, down 3.6 percent from 13,604 in 2016. The lack of access to mortgage loans continues to impact existing condominium sales. 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 statistics from the Florida Department of Business and Professional Regulation and FHA. Luxury Miami Single-Family Homes Rise in 2017 Luxury ($1 million-and-up) Miami single-family homes registered a 2.2 percent sales increase in 2017, rising to 877. Luxury condo sales decreased 2.2 percent to 698 transactions in 2017. There is strong pent-up demand for Miami luxury single-family homes. Luxury sellers are becoming more realistic with their asking prices. Federal tax reform is also starting to have an impact as more Northeastern buyers are opting to purchase in Miami to escape the higher taxes they could face in states like New York and New Jersey. 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 could lead 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. $11.2 Billion in Miami Home Sales in 2017 Sales volume for all Miami properties in 2017 increased 2.8 percent to $11.2 billion, up from $10.9 billion in 2016. Miami existing single-family homes finished 2017 with a median sales price of $326,000, up 10.5 percent from $295,000 the previous year. The Miami median price for existing condominiums in 2017 was $225,000, an increase of 5.9 percent from $212,500 in 2016. Hottest Miami-Dade Neighborhoods at Year-End 2017 Months’ supply of inventory, which is an important indicator of consumer demand and market performance, reflects limited supply in many neighborhoods and price ranges. As a result, lack of supply is also impacting property sales, particularly for single-family homes. Top Miami neighborhoods with the lowest months of supply of inventory with significant closed sales activity at year-end 2017: Single-Family Homes  1.    Richmond West, a south Miami-Dade community south of The Hammocks, had 1.9 months supply  2.    Palmetto Estates, a south Miami-Dade community west of Palmetto Bay, had 2.0 months supply  3.    Miami Gardens, a north Miami-Dade city south of the Broward line, had 2.0 months supply     4.    Leisure City, a south Miami-Dade community north of Homestead, had 2.1 months supply  5.    Richmond Heights, a south Miami-Dade community west of Palmetto Bay, had 2.2 months supply Condominiums  1.    Tamiami, located west of Westchester, had 1.8 months supply  2.    Miami Lakes, a north Miami-Dade town north of Hialeah, had 2.0 months supply  3.    Three Lakes, a south Miami-Dade community west of Kendall, had 2.5 months supply  4.    Country Club, a north Miami-Dade community west of Miami Gardens, had 2.6 months supply  5.    Kendale Lakes, located north of The Crossings, had 2.9 months supply Miami Real Estate Selling Close to List Price The average percent of original list price received for single-family homes in 2017 was 95.3 percent in 2017, a decrease of 0.3 percent from a year earlier. The median number of days to contract for Miami single-family homes fell 4 percent to 48 days in 2017 from 50 days in 2016. The median number of days to contract for condominiums sold in 2017 was 76 days, a 7.0 percent increase from 71 days in 2016. The average percent of original list price received was 93.6 percent, a 0.3 percent year-over-year decrease. State Year-End Statistics Statewide closed sales of existing single-family homes totaled 271,868 in 2017, up 1.2 percent compared to the 2016 figure, according to Florida Realtors. The statewide median sales price for single-family existing homes in 2017 was $237,500, up 8 percent from the previous year Statewide closed sales of townhouse-condos totaled 111,088 units sold statewide in 2017, up 2.9 percent from 2016. The statewide median price for condominiums in 2017 was $172,500, up 7.8 percent over the previous year. The interest rate for a 30-year fixed-rate mortgage averaged 3.99 percent for 2017, up significantly from the previous year’s average of 3.65 percent, according to Freddie Mac. Miami’s Cash Buyers Represent Double the National Figure In 2017, cash deals represented 40.4 percent of Miami’s total closed sales, which is a decrease from 45.7 percent in 2016. Just 20 percent of all U.S. housing sales are made in cash, according to NAR. 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. Condominiums comprise a large portion of Miami’s cash purchases as 55.3 percent of condo closings were made in cash in 2017 compared to 25.1 percent of single-family home sales. Distressed Property Transactions Continue to Decline in Miami About 10.4 percent of all closed residential sales in Miami were distressed in 2017, including REO (bank-owned properties) and short sales, compared to 17.2 percent in 2015. Short sales and REOs accounted for 2.5 and 7.9 percent, respectively, of total Miami sales in 2017. Short sale transactions dropped 30.6 percent year-over-year while REOs decreased 44.4 percent. A decline in short sales points to more homeowners with increased equity, which should result in increased market activity. Seller’s Market for Miami Single-Family Homes, Buyer’s Market for Condos Inventory of single-family homes decreased 4 percent in 2017 from 6,218 active listings in 2016 to 5,969 in 2017. Condominium inventory increased 3.8 percent to 14,984 in 2017 from 14,436 listings in 2016. Despite a condo countywide inventory increase, there are inventory shortages in certain price ranges and market segments. At the end of 2017, inventory for Miami single-family homes stood at a 5.6-month supply, a 1.8 percent decrease from 5.7 months in the previous year. Inventory for Miami existing condominiums at the end of 2017 stood at 13.7 months, a 7.9 percent increase from 12.7 months in 2016. A balanced market between buyers and sellers offers between six and nine months supply of inventory. Total active listings at the end of 2016 increased 1.4 percent year-over-year, from 20,654 to 20,953. Active listings remain about 60 percent below 2008 levels when sales bottomed. New listings of Miami single-family homes at year-end 2017 decreased 4.6 percent from 20,745 to 19,790. New listings of condominiums decreased 2.6 percent, from 28,090 to 27,354. 4Q 2017: Miami Condo Sales Rise Miami closed sales of existing single-family homes totaled 3,005 in the fourth quarter of 2017, down 2.9 percent compared to the previous year. Miami existing condo sales totaled 3,117 in 4Q 2017, up 2.6 percent year-over-year. Statewide closed sales of existing single-family homes totaled 63,436 in the fourth quarter of 2017, up 2 percent compared to the year-ago figure. Statewide existing condo sales totaled 25,544 units sold statewide in 4Q 2017, up 4.7 percent compared to the same period a year earlier. Nationally, total existing-home sales increased 4.3 percent to a seasonally adjusted annual rate of 5.62 million in the fourth quarter from 5.39 million in the third quarter, and are 1.3 percent higher than the 5.55 million pace during the fourth quarter of 2016. Median sale prices for Miami single-family homes increased 8.1 percent, from $308,000 to $332,925, in 4Q 2017. Condo median prices increased 8.2 percent from $212,500 to $230,000. Median sale prices for statewide single-family homes was $240,000, up 7.2 percent from 4Q 2016. Statewide condo median prices in 4Q 2017 was $175,000, up 6.6 percent over the previous year. The national median existing single-family home price in the fourth quarter was $247,800, which is up 5.3 percent from the fourth quarter of 2016 ($235,400). The median price during last year's third quarter climbed 5.6 percent from the third quarter of 2016. New listings of Miami single-family homes for sale in 4Q 2017 increased 6.1 percent compared to the same quarter the previous year, from 4,298 to 4,561. New listings for existing condos in 4Q 2017 increased 7.1 percent from 6,109 to 6,543. Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system

Market Snapshot: Week of Jan. 30 - Feb. 6

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. Business Market Snapshot (January 29th - February 2nd) Powered by MarketSnacks Dow Jones: 25,521 (-4.16%) S&P 500: 2,762 (-3.89%) Nasdaq: 7,241 (-3.52%) Market Winners: Industry titans, Amazon, Berkshire Hathaway and JPMorgan Chase, announced on Tuesday that they would form an independent healthcare company for their employees in the United States. The alliance was a sign of just how frustrated American businesses are with the state of the nation’s health care system and rising costs of medical treatments. Electronic Arts reports $2 billion in quarterly revenues thanks to their successful game releases and additional content for preexisting games. Boeing is expected to dominate jet deliveries throughout 2018, as a result their stock price has reached an all-time high. Keurig Green Mountain acquired Dr. Pepper Snapple for $19 billion in its efforts to build a food-and-coffee empire. Market Losers: Bitcoin and other alternative tokens continue their downwards slide. Bitcoin, which was priced at around $16,000 per Bitcoin about a month ago, dipped to below $7,000. Cryptocurrency enthusiasts weren’t the only ones pulling their hair out this week; the stock market also took a tumble. The Dow dropped over 1,000 points on Monday, for its worst weekly loss since 2016. Many stock market skeptics believe this is just a correction and not a crash. Exxon Mobil and Chevron shares both fell 5% due to profits failing to keep up with rising oil prices. Other Marker News: Last Friday's stock market rout in the U.S. spread to Asian and European markets this morning. The MSCI Asia Pacific Index dropped 1.5 percent overnight Monday, with Japan’s Topix Index closing 2.2 percent lower. In Europe, the Stoxx 600 Index was 1.1 percent lower, with utilities the only sector putting in a positive performance. S&P 500 futures pared earlier losses to 0.3 percent as investors assess whether the weak start to February is the beginning of a major move, or just a blip. Real Estate Local: Grammy Award-winning record producer and rapper Timbaland sued to evict the failed buyer of his Miami mansion Monday.  Records show Will Zamora was under contract to buy Timbaland’s home located at 10395 Southwest 67th Avenue near Pinecrest but the sale fell through and now Zamora is living illegally in the producer's house. In early January, Timbaland purchased a double unit at Aria on the Bay in Miami’s Arts & Entertainment District. Abelardo Pachano Bertero, a former head of the Ecuador Central Bank who now runs the financial and advisory firm, Finanview, is looking to back out of purchasing a $3.6 million unit at Privé at Island Estates. Bertero alleges that ongoing lawsuits between the developers and neighboring homeowners could have a significant adverse impact on the condo's value and marketability. Recently Privé, won a $26M jury verdict against a homeowner’s association. To read more click here. Politics North America: President Trump delivered his first State of the Union address last Tuesday evening. In his speech, he covered potential agenda items for 2018 in broad terms, including a call for $1.5 trillion in new infrastructure spending, a commitment to immigration reform and border security and partnerships with states and the private sector. If you missed the State of the Union Address, you can watch it here. The Virginia Senate voted unanimously, 40-0, Monday to pass  Joint Commission Health Care bill, SB 726, which allows Virginia physicians to recommend the use of cannabinol oil of THC-A for treatment purposes. Many Virginians suffering from a variety of conditions such as cancer, Crohn's disease, and PTSD have lobbied passionately for this state reform. Sports North America: National Football League (NFL): David bested Goliath this Super Bowl LII, with the understated Philadelphia Eagles beating the New England Patriots 41 -33 Sunday night. The game was an offensive showcase by Patriots QB Tom Brady and Philadelphia's QB Nick Foles but ultimately was decided by a turnover by Brady late in the game. Philadelphia hasn’t won a Super Bowl since 1960. For a recap of the game click here. National Basketball Association (NBA): Lebron James is frustrated with the Cleveland Cavaliers sub-par play this season. Following their nationally televised loss, 120-88, to the Houston Rockets, James said "They should take us off every nationally televised game for the rest of the season. We haven't played good ball, and we get our butts kicked every time we play on national television, so I'm at a loss for words." Lebron’s continual dissatisfaction has skeptics questioning where he's going to land next season; maybe he'll come back to South Beach.  Entertainment Justin Timberlake performed at this year’s Super Bowl Halftime Show with a lively showcase of his repertoire of hits. Possibly more memorable than Justin Timberlake’s performance was the selfie seen around the world. This year’s Super Bowl advertisers did not disappoint with a myriad of unique, hilarious and emotionally charged commercials premiering throughout the game of the year. To see the Top 10 Super Bowl LII commercials watch the embedded video above. 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.

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