december 2015 miami and broward real estate market report maria medina your realtor 3059053370

Who’s Buying South Florida Real Estate?

Copyright 2015 Miami AssociaBon of Realtors

Market Update and

New International Reports

5 Record-‐Breaking Years

Highest Number of Sales: 2011 – 2012 – 2013 – 2014 -‐ 2015 5 Record years for single family

2015 Another Record Year! _______________

Prices are sBll at 2004 Levels

Single Family Median $279,000

+9.4%

Condos $207,400

+6.4%

% Increase over 1 year ago

Miami-‐Dade December 2015 Sales Prices Condominium Sale Prices

54 Months of increases

Single-‐Family Sale Prices

49 Months of increases

Prices s(ll equal to 12 years ago -‐ 2004

Single Family Median $305,000

+7.0%

Condos $131,000

-0.4%

% Increase over 1 year ago

Broward December 2015 Sales Prices Prices also increasing consistently

since 2011

Prices still equal to 12 years ago - 2004

Miami-Dade Sales Prices Peak 2007 $380,000 for SF $272,000 for Condos Bottom 2011 ------------- December 2015 $279,000 SF $207,400 Condos = 2004 Prices

Median Sales Prices .... ,OIlO.00

$350.000.00

$3OO,OIlO.OO

$250,000.00

$2OO,OIlO.OO

$150,000.00

$100.000.00

"",OIlO.00

IIlOO

ffonI Bonom In 2011 Prtc:es Haw mnasM •

66'lIo for SI .. __ lIm1t' __

S1n,700 .

$113,100 cOIIdos

~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ! -"-"'1Iy tIoma .--._-_ .. -.-- ___ 111~

r $400,000.00

$350,000.00

$300,000.00

$250,000.00

$200,000.00

$150,000.00

$100,000.00

$50,000.00

$0.00

r " MIAMI • • • ~1 " 0-;:

Broward Annual Median Sale Prices

--Single-Family --Condos

Miami-Dade Active Listing

Inventory

43,000 in August 2008

18,645 in Dec. 2015

Months of Inventory

SF = 5.2 months Condos = 9.5 months

Broward Real Estate Market is Strong …

% of List Price Days on Market (LP) (DOM)

Single Family 94.8% LP 38 DOM Condos 92.9% LP 47 DOM

Cash Sales National

24% Cash Sales

Miami has double the % of cash sales

Miami Apx. 48.7% Cash Sales

33.8% Single Family

62.4% Condos _____________

New Construction 90%

Cash Sales National

24% Cash Sales

Miami has double the % of cash sales

Broward Apx. 48.5% Cash Sales

30.4% Single Family

67.6% Condos (higher than in Dade) _____________

New Construction 90%

Traditional Sales Increasing Over Distressed Sales

Broward December 2015

79% Traditional 21% Distressed

4% Short Sales 17% Foreclosures

U.S. November 2015

91% Traditional 9% Distressed

Pre-construction Condos Miami-Dade Peter Zalewski & Cranespotters.com

•  Completed since the start of 2011: 38 TOWERS WITH 690 FLOORS AND 3,639 UNITS

•  Under ConstrucBon: 74 TOWERS WITH 1,599 FLOORS AND

10,148 UNITS

•  Approximately 70% Sold

Official Sout h Florida Preconst ruct ion Condo

Source: CraneSpotters.com

Market Towers Floors Unit s Share Of Sout h Florida Unit s

Sout h Florida 416 642 100.0%

137 992 40.3% Planned (Approved) 95 2,089 12,774 25.7%

127 2,000 12,569 25 .3%

57 835 07 8.7%

Rank Market Towers Floors Unit s Share Of Sout h Florida Unit s

Sout h Florida 416 7,592 49,642 100 .0%

1 259 73.2%

2 Broward Cou 95 18.2%

3 Palm Beach Count y 62 797 4,272 8.6%

Rank Market Towers Floors Unit s Share Of Sout h Florida Unit s

Sout h Florida 416 100.0%

1 Great er Downtown Miami 79 46.4%

2 Hollywood / Hallandale Beach 24 4,480 9.0%

3 Fort Lauderdale 50 484 3,286 6.6%

4 Sun 6.4%

Who’s looking at

Miami properties…

Indicators of Future/PotenBal Business

1.  Miami-‐Fort Lauderdale-‐West Palm Beach, FL 2.  Los Angeles-‐Long Beach-‐Anaheim, CA 3.  Orlando-‐Kissimmee-‐Sanford, FL 4.  Bellingham, WA 5.  Urban Honolulu, HI 6.  New York-‐Newark-‐Jersey City, NY-‐NJ-‐P 7.  Naples-‐Immokalee-‐Marco Island, FL 8.  Tampa-‐St. Petersburg-‐Clearwater, FL 9.  Kahului-‐Wailuku-‐Lahaina, HI 10.  Cape Coral-‐Fort Myers, FL

Top 10 U.S. Metro Areas Searched by

InternaBonal Buyers

November 2015

Top Interna[onal Searches on Realtor. com Interna[onal

10 of 13

Regions Chose S. Florida

•  Australia and New Zealand: 1. Los Angeles-‐Long Beach-‐Anaheim, CA, 2. New York-‐Newark-‐Jersey City, NY-‐NJ-‐PA, 3. Dallas-‐Fort Worth-‐Arlington, TX, 4. Houston-‐The Woodlands-‐Sugar Land, TX, 5. Miami-‐Fort Lauderdale-‐West Palm Beach, FL

•  Caribbean: 1. Miami-‐Fort Lauderdale-‐West Palm Beach, FL, 2. Orlando-‐Kissimmee-‐Sanford, FL, 3. New York-‐Newark-‐Jersey City, NY-‐NJ-‐PA, 4. Atlanta-‐Sandy Springs-‐Roswell, GA, 5. Los Angeles-‐Long Beach-‐Anaheim, CA

•  Central America: 1. Miami-‐Fort Lauderdale-‐West Palm Beach, FL, 2. Orlando-‐Kissimmee-‐Sanford, FL, 3. Tampa-‐St. Petersburg-‐Clearwater, FL, 4. Houston-‐The Woodlands-‐Sugar Land, TX, 5. New York-‐Newark-‐Jersey City, NY-‐NJ-‐PA

•  Central Asia: 1. Dallas-‐Fort Worth-‐Arlington, TX, 2. Aus[n-‐Round Rock, TX, 3. New Orleans-‐Metairie, LA, 4. Los Angeles-‐Long Beach-‐Anaheim, CA, 5. New York-‐Newark-‐Jersey City, NY-‐NJ-‐PA

•  Eastern Africa: 1. Atlanta-‐Sandy Springs-‐Roswell, GA, 2. Los Angeles-‐Long Beach-‐Anaheim, CA, 3. Washington-‐Arlington-‐Alexandria, DC-‐VA-‐MD-‐WV, 4. Dallas-‐Fort Worth-‐Arlington, TX, 5. New York-‐Newark-‐Jersey City, NY-‐NJ-‐PA

•  Eastern Asia: 1. Los Angeles-‐Long Beach-‐Anaheim, CA, 2. New York-‐Newark-‐Jersey City, NY-‐NJ-‐PA, 3. Washington-‐Arlington-‐Alexandria, DC-‐VA-‐MD-‐WV, 4. Dallas-‐Fort Worth-‐Arlington, TX, 5. San Francisco-‐Oakland-‐Hayward, CA

•  Eastern Europe: 1. Los Angeles-‐Long Beach-‐Anaheim, CA, 2. Miami-‐Fort Lauderdale-‐West Palm Beach, FL, 3. New York-‐Newark-‐Jersey City, NY-‐NJ-‐PA, 4. Chicago-‐Naperville-‐Elgin, IL-‐IN-‐WI, 5. Orlando-‐Kissimmee-‐Sanford, FL

•  Middle Africa: 1. Houston-‐The Woodlands-‐Sugar Land, TX, 2. Miami-‐Fort Lauderdale-‐West Palm Beach, FL, 3. Washington-‐Arlington-‐Alexandria, DC-‐VA-‐MD-‐WV, 4. Fayeaeville-‐Springdale-‐Rogers, AR-‐MO, 5. New York-‐Newark-‐Jersey City, NY-‐NJ-‐PA

•  North America: 1. New York-‐Newark-‐Jersey City, NY-‐NJ-‐PA, 2. Chicago-‐Naperville-‐Elgin, IL-‐IN-‐WI, 3. Dallas-‐Fort Worth-‐Arlington, TX, 4. Miami-‐Fort Lauderdale-‐West Palm Beach, FL, 5. Philadelphia-‐Camden-‐Wilmington, PA-‐NJ-‐DE-‐MD

•  Northern Africa: 1. Los Angeles-‐Long Beach-‐Anaheim, CA, 2. Miami-‐Fort Lauderdale-‐West Palm Beach, FL, 3. Washington-‐Arlington-‐Alexandria, DC-‐VA-‐MD-‐WV, 4. San Francisco-‐Oakland-‐Hayward, CA, 5. Orlando-‐Kissimmee-‐Sanford, FL

•  Northern Europe: 1. Los Angeles-‐Long Beach-‐Anaheim, CA, 2. Orlando-‐Kissimmee-‐Sanford, FL, 3. New York-‐Newark-‐Jersey City, NY-‐NJ-‐PA, 4. Miami-‐Fort Lauderdale-‐West Palm Beach, FL, 5. Tampa-‐St. Petersburg-‐Clearwater, FL

•  South America: 1. Miami-‐Fort Lauderdale-‐West Palm Beach, FL, 2. Orlando-‐Kissimmee-‐Sanford, FL, 3. Los Angeles-‐Long Beach-‐Anaheim, CA, 4. New York-‐Newark-‐Jersey City, NY-‐NJ-‐PA, 5. Boston-‐Cambridge-‐Newton, MA-‐NH

•  Western Europe: 1. Miami-‐Fort Lauderdale-‐West Palm Beach, FL, 2. Los Angeles-‐Long Beach-‐Anaheim, CA, 3. New York-‐Newark-‐Jersey City, NY-‐NJ-‐PA, 4. Tampa-‐St. Petersburg-‐Clearwater, FL, 5. Cape Coral-‐Fort Myers, FL

November 2015

Who’s Searching Proper[es on MiamiRE.com Top Countries 1.  Brazil 2.  Venezuela 3.  Argen[na 4.  Colombia 5.  Russia 6.  India 7.  Canada 8.  Philippines 9.  Mexico 10. United Kingdom

Top States 1.  California 2.  Texas 3.  Georgia 4.  New York 5.  Virginia 6.  Illinois 7.  Michigan 8.  Tennessee 9.  South Carolina 10. Ohio

News by Country 1.  Guam 2.  China 3.  U.K. 4.  Brazil 5.  Canada 6.  New Zealand 7.  Venezuela 8.  France & Spain 9.  ArgenBna 10. Hong Kong & Singapore

MIA TOP MARKETS & TOTAL PASSENGERS YEAR 2013

DOMESTIC INTERNATIONALNew York, New York 3,139,328 Brazil 1,963,718Atlanta, Georgia 1,491,606 Colombia 1,258,184Dallas/Ft. Worth, Texas 1,103,819 Mexico 1,249,545Los Angeles, California 1,069,126 Venezuela 1,080,738Washington, DC 1,051,076 Dominican Republic 1,049,061Chicago, Illinois 1,039,223 United Kingdom 974,569Orlando, Florida 978,909 Canada 840,020San Juan, Puerto Rico 784,305 Argentina 764,569Boston, Massachusetts 755,185 Peru 688,334Charlotte, North Carolina 753,566 Panama 678,181Houston, Texas 688,220 Cuba 672,123Philadelphia, Pennsylvania 560,323 Ecuador 592,096Tampa, Florida 499,111 Germany 579,959Las Vegas, Nevada 396,255 The Bahamas 566,422San Francisco, California 376,696 Spain 562,155Detroit, Michigan 329,888 Jamaica 551,642St. Thomas, U.S. Virgin Islands 324,724 Haiti 510,866New Orleans, Louisiana 294,563 Costa Rica 496,054Raleigh / Durham, North Carolina 264,177 Chile 411,848Baltimore, Maryland 250,562 France 402,538Denver, Colorado 220,079 Trinidad and Tobago 342,924Minneapolis, Minnesota 219,064 Nicaragua 339,942St. Louis, Missouri 194,164 Cayman Islands 335,148Jacksonville, Florida 157,126 Honduras 324,229Key West, Florida 141,857 Curacao 319,187

Source: USDOT, T100 Database CY 2013

Countries Visiting Miami

Are Also the

Highest Buyers

International Data

136 Global Partnerships

Worldwide

2015 Profilt> of Homt> Buying Activity of Intt>rnational Clit>nts For' the Twelve l\,lonth Period Ending Mar'ch 201-

National Association of REAL TORS® Research Dh ision

June 2015

[B NATIONAL AS 0 IATID. of REAlTOR. '

"l ... l

EsBmate of houses & dollar volume of sales to foreign buyers:

during the survey period

Approximately 209,000 houses 4% of total ExisBng Home Sales

$104 billion, approximately 8%

of total ExisBng Home Sales dollar volume

10% Less Sales ____

13% More Dollar

Volume

2015 Profile of Home Buying Activity of International Clients For the Tweho. Month Period Ending iUarch 2015

National Association of RI:ALTORS!I> Research Division

JUDe 2015

rn to:"TIOSAL \5SOCI "1"I01-o-/

, REALTORS'

350,000

300,000

250,000

200,000

150,000

100,000

50,000

o

Total Number of Sales to foreigners 12 Months Ending March of Respective Year

2009 2010 2011 2012 2013 2014 2015

Note: 2009 Survey captured only non-re.sident forei," clients

5120

5100

580

560

540

520

so 2009

Dollar Volume of Residential sales to Foreigners In Billion Dollars

12 Months Ending March of Respective Year

2010 2011 2012 2013 2014

5104

2015

160

140

120

100

80

60

40

20

0

2009

Real Estate SaJes to Foreigners in Billion Dollars

2010 2011 2012

Residential Commercia l

20U 2014

5 Countries = 51% Of Int’l Purchases 1.  China 2.  Canada 3.  Mexico 4.   India 5.  U. K.

4 States = 50% Of all Int’l Sales Florida 21% California 16% Texas 8% Arizona 5%

Florida 21% California 16% Texas 8% Arizona 5%

Florida 21% California 16%

Texas 8% Arizona 5%

Average Home Purchase Price by Foreigners 12 Months Ending March 2015

$831,800

$455,600 $472,200 $499,600

$274,800

Mexico .K. Others All

China

$30.0

$25.0

$20.0

$15.0

$10.0

$5.0

$0.0

volume of Purchases, In Billion Dollars: China 12 Months Ending March of Respective Year

$28.6

2009* 2010 2011 2012 2013 2014 2015 • duc:.e~ Peop le'~ Republic of

rru. Hor, o~. Data for 2009 ir d~ or ly no -<re~ ic:ert

16% 14% 12% 1()OA;

8% 6% 4% 2% ()OA;

Foreign Countries of Interest to U.S. Residents Searching for Property Abroad

12 Months Ending March 2015

September 2015

InternaBonal sales totaled 44,000 properBes

12% of Florida’s residenBal market compared to 4% na=onally

Dollar volume of internaBonal sales totaled $23.7 billion

24% of Florida’s residenBal dollar volume of sales compared to 8% na=onally

~·)MIAMI ~ I , . ~, , .

(tJ 50% of all International Sales in Florida Happen in South Florida

Miami-Miami Beach

Fort Lauderdale

Bradenton-Sarasota-Venice

Cape Coral-Fort Myers

Jacksonville-SI. Augustine

Naples-Marco Island

Ocala

Orlando-Kissimmee

Palm Beach

Tampa-SI. Petersburg-Clearwater

Other

• Closed Sales 2014

• Closed Sales 201 5

r-') MIAMI ~ Brazil : Major Destinations 1IIIr

Miami-M" mi Beach 44

fort uderdale 1~

o ando-Kissimmee 16

Ciin~a: Major Destinations

8menton-sa~og...Venice

Palm Beach

Tam pa-St. petersburg-GiJearwater

fort Lauderda e

cape Coral-fort M en

Na es- area and

Miami-Miami Beach

6

4'36

9

19%

17'36

~')MIAMI I I 'l::f' .,. .~

Chinil: Miljor Oestiniltions

o ando-Kissimmee

Ta lahassee

Gai Ie

Fort derdale

OGa

utin America/CMibbean. Except BreWl and Venezuela: Major Destil\i1tions

52'16

Fort ~udercb e

orlando-Kiss· e

NapleS-Milrco lilnd

Venezuel~: M~jo, Destin~tions

419(,

Fort ~uderd e 2796

o indo-Kiss· mee s

Western Europe, Except United Kincdom: Miljor Destin..tions

Miilmt-Miami Beach

Cilpe conl-fOlt Myers

fort Lauderda e

Tampa-St . petersburg-Clearwater

8radenton-sarasou-venice

Orlando-ltissimmee

Naples-Marco Island

Palm Beiich

4

3'16

7'16

6'16

13

u '16

10'16

27'16

United Kincdom: Major Destinations

orlimdo-«issimmee

Tampa>-St. Pete rsb g-d eilrvr.lter

Bfildenton-SilrilSo ilNenice

Pillm Beach

Miami : Top Foreign Buyers in Pilst 12 Months Ended June 2015

venezuela 21%

Argentina 13%

8razil 12%

Colombia

Mexico 4%

China 4%

france 3%

(tJ F1ondaRealtor&'

Fort liuderdile: Top Forei(n 8uyen in Put 12 Months Ended June 2015

Venez a

8r.1

Cilnida

Colombia

Argentini

Mexico

fr.llKe

CUbi

Ecuador

12%

'-_ 5 5%

Average Price of Property Purchased in Florida by Foreign Buyers

Palm Beach: Top Foreign Buyers in P .. st 12 Months Ended June 2015

canada

Un- ed Ki dom

Colombia

Germ a 6"

.' MIAMI • • • ~1 " 01:

I .. -.--

I I . THE I WEALTH

REPORT

Top 40 most Important cities to UHNWls In 2015

0 London

• New York * • Hong Kong

0 Singapore

Shanghai

Miami

Paris

0 Dubai

• Beijing

0 Zurich

• Tokyo fa I) Toronto e CD Geneva • • Sydney *I .. Taipei 8)

0 Frankfurt 0 G Moscow G .. Madrid " G) San Fransisco * • QJ) Vienna CD

Milan 0 Sao Paulo

Los Angeles * G Mexico City

Jakarta G Berlin

Munich • Washington DC * Amsterdam G Boston * Mumbai • CapeTown

Dublin G Auckland

Johannesburg • Buenos Aires

Istanbul CD Rio deJaneiro

Kuala Lumpur 0 Tel Aviv

… In 10 years?

2025 Projection for UHNWI … Most Important Cities in the World

1. NY 7. Miami

('·)MIAMI " • • 'T::I:1 ....

2015 Profile of International Home Buyers in Miami Association of REALTORS· Business Areas

Prepared forth. Miami Association of REALTORS· by tho Resoarch Division aftha National Association of REAlTORS·

lawrence Yun, Senior Vlce·Presldent and Chief Economist DanielleHale, ManaeinaOi rmor. HousiniRe~a rch

Gay (oror.ton, Research Economist

January 2016

This Report may be cited with the proper attribution. C 2016 M iami Assoclat jonof REALTORS· and

NationalAssociation of REALTORS· [B IUI10S~1 mOCl.mos( • ( \ I T('«S'

Our InternaBonal sales* totaled 10,600 properBes -‐ $6.1 Billion

22 percent of Miami’s residenBal market compared to 12% in Florida and 4% na=onally

Dollar volume of internaBonal sales totaled 36% of all local sales

Compared to 24% of Florida’s and 8% na=onally

*Not including pre-‐construc=on sales

Dollar Volume of

Interna[onal Sales of

Members: $6.1 Billion or 36 Percent of Residen[al Dollar Sales

*Based on es(mate of transac(ons closed by Miami REALTORS® members

Dollar&Volume&of&Interna/onal&Sales&of&Members:&&$6.1&Billion&or&36&Percent&of&Residen/al&Dollar&Sales*&

Miami%Dade;*$4.82;*78.9%*

Broward,**$1.10;*18.0%*

Palm*Beach;*$0.16;*2.7%* Mar?n*County;*

$0.03;*0.5%*

In&Billion&Dollars&

Source:(Na+onal(Associa+on(of(REALTORS®(

*Based(on(es+mate(of(transac+ons(closed(by(Miami(REALTORS®(members(

Interna[onal Sales of MIAMI Members:

10,600 Proper[es or

22 Percent of Residen[al Closed

Sales

(Not including pre-‐construc[on sales)

Miami-‐Dade, 7,521 , 70.4%

Broward, 2,692 , 25.2%

Palm Beach,

418 , 3.9%

Mar[n County, 47 , 0.4%

Source: Na(onal Associa(on of REALTORS®

*Based on es(mate of transac(ons closed by Miami REALTORS® members

ORIGIN & DESTINATION OF

FOREIGN BUYERS

Des[na[on of

Venezuelan Buyers Miami-‐

Dade 81%

Broward 17%

Other 2%

Des[na[on of Brazilian Buyers Miami-‐

Dade 83%

Broward 12%

Palm Beach 5%

Des[na[on of Argen[nian Buyers

Miami-‐Dade 76%

Broward 24%

Des[na[on of Canadian

Buyers

Miami-‐Dade 27%

Broward 57%

Palm Beach 10%

Other 5%

Mar[n County 1%

Des[na[on of Columbian

Buyers Miami-‐Dade 62%

Broward 33%

Palm Beach 3%

Other 2%

Top Tier Countries S. Florida

Second Tier Countries S. Florida

Top Foreign Buyers in

Miami-‐Dade*

Venezuela 26%

Brazil 14%

Argen[na 12% Colombia

8%

Mexico 4%

Italy 4%

France 3%

Others 29%

* Countries listed accounted for at least 3 percent of foreign buyers who purchased in that county.

Miami-Dade: Top Countries of Origin of Clients

-- ,

-, ,.,. , ... '" ... - .....

_ 201'1 ". . 20tS ,..

TOp n.r COuntrl •• of Of ...... of AlII"t ...... l~1 CIJenu of R[AlTOAS. Who Ide"llfted M"""·Dede Gouttty •• M.a" -.u.J .... __ AI ••

. - ._-,~ ,-.- ,~

.. --~ --I - I - ,

Top Foreign Buyers in Broward*

Venezuela 16%

Canada 16%

Colombia 12%

Argen[na 12%

Brazil 6%

Others 38%


Top Foreign Buyers in Broward*

Broward: Top Countries of Origin of Clients

---"" "" .. .. .. '" ..

' ~l. ,~

• ~lS ...

_ n.r c-t,ifl of OrfCIJI of .... InlerMtioMl OieftlS of IUAl.TOItS' Who IHftttfled at_ani c-tYH Main .1K1neu AtM

~ B '''' - "" N

Top Foreign Buyers in Palm Beach*

Canada 32%

Brazil 28%

Others 40%


Top Foreign Buyers in Mar[n County*

China, People's Republic 51%

Canada 34%

Others 15%

Foreign Buyers of MarBn County*


Cash Sales Among Major Buyers

Cash Sales Percent of buyers

Venezuela 74%Brazil 75%Argentina 80%Colombia 66%Canada 86%All foreign buyers 74%

Use of Property

for Vaca[on and Rental Purposes Among Major Buyers

Use of Property for Vacation, Rental, or Both Percent of buyers


Type of Area

Preferred Among Major Buyers

Type of Area PreferredType of area Percent of buyers

Venezuela Central city/urban 67%Brazil Central city/urban 80%Argentina Central city/urban 61%Colombia Central city/urban 69%Canada Same preference for

suburban, resort, central city 33%*All foreign buyers Central city/urban 62%* Percent of buyers for each type of area

Type of Property Preferred Among Major Buyers

Type of Property PreferredCondominium Single-‐family, detached

Venezuela 46% 30%Brazil 62% 25%Argentina 57% 24%Colombia 46% 37%Canada 72% 21%All foreign buyers 53% 29%

Previously Owned Units

Purchased Among Major Buyers

Previously-‐owned Home PurchasesPercent of buyers


Intended Month’s Use

Among Major Foreign Buyers

Intended Months' Use of PropertyUp to six months Don't Know

Venezuela 55% 26%Argentina 60% 31%Brazil 73% 11%Colombia 50% 17%Canada 76% 11%All foreign buyers 58% 21%

Online MiamiRE.com/Market

Teresa King Kinney, CEO [email protected]

305-‐468-‐7010

Lynda Fernandez, SVP [email protected]

305-‐468-‐7040