The Miami Beach and South of Fifth Real Estate Market kicked off with a Surge in Condominium Sales for the start of 2018. Here’s a break down of the year to date 2018 real estate figures for Miami Beach and the South of Fifth and well as a look back at the Miami Real Estate Results for 2017.
Year to Date 2018 Real Estate Results
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 Beach $1 Million and Up Year to Date 2018 Real Estate Results
Miami Beach Condominium real estate sales are up 22.2% from this time last year. Condominium sales volume in Miami Beach surged up from 77 million to 87 million to the tune of a 13% gain.
South of Fifth Year to Date Real Estate Results / Sales Volume up 50%
2018 real estate results for the South of Fifth area of Miami Beach are also seeing substantial increases from this time last year. Year to Date Luxury Condominium Sales Volume is currently $44.8 million for the South of Fifth with 11 Units Sold. Compare these figures to last year’s 6 Sold Units and $22 million in Sales Volume reflecting a 2018 increase of 83% Luxury Units Sold and 50% increase in total Sales Volume. Continuum on South Beach had the highest year to date sale in the South of Fifth at $13.7 million with an average square foot price of $2,723.
For More than Six Consecutive Years Real Estate Prices Appreciate in Miami
Miami single-family home prices have risen for 74 consecutive months, a streak spanning more than six years. Condo prices have increased in 77 of the last 80 months. Sales Volume for Single Family Homes and Condos are up as well. Condo sales for 2017 were up slightly at $4.9 Billion in Total Sales Volume while Home sales in Miami-Dade County surged 6.9% from last year up from $1.4 Billion to $1.5 Billion.
Miami’s Cash Buyers Represent almost Double the National Figure
Miami cash real estate 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 International Buyers Purchase over 15,000 Properties in 2017, an Increase of 41.3% from last year.
Foreign buyers purchased $7.1 billion of South Florida residential properties last year, up from $6.2 billion a year ago, according to the Miami and the National Association of Realtors report. Miami foreign buyers accounted for 29 percent of Florida’s $24.2 billion of international dollar sales volume. Miami international buyers purchased 15,400 properties, a 41.3 percent increase from one year ago (10,900). Foreign buyers accounted for 35 percent of MIAMI’s closed sales and 24 percent of Florida international sales.
Half of all 2017 International Sales in Florida occur in the Miami-Fort Lauderdale-West Palm Beach areas.
More than half of all international home sales in the entire state of Florida (53 percent) happen in Miami-Fort Lauderdale-West Palm Beach, according to the Florida Realtors® 2017 Profile of International Residential Real Estate Activity in Florida.
Here’s where the International South Florida Real Estate Buyers are Coming From:
- Argentina: 15% or $1.065 Billion
- Venezuala: 11% or $780 Million
- Canada & Columbia: 9% or $639 Million Each
- Brazil: 8% or $568 Million
- France, Ecuador, & Mexico Each with 4% or $284 Million
11% of All International Home Sales Occur in South Florida
South Florida secures nearly 11% of all U.S. international home sales and about 50 percent of all South Florida international home sales take place in Miami-Dade County, according to the new MIAMI and NAR report.
Now is a Great Time to Sell in this HOT Miami Real Estate Market with Year Over Year Increases on your Real Estate Investment!
Contact Worldwide Properties today to speak with an experienced luxury real estate agent about selling your Miami and Miami Beach home. We are experts in Miami Beach waterfront homes we have two Miami Beach locations at the Miami Beach Marina inside the Murano Grande at 400 Alton Rd, TH 104-M and at 225 Collins Avenue, Suite 101.
Stop by anytime to discuss your Miami real estate needs. We would love to assist with your South Florida property or help you find the perfect Miami home for you!
ABOUT WORLDWIDE PROPERTIES
Worldwide Properties is a full-service residential and commercial brokerage firm located in South Beach’s chic South of Fifth neighborhood. Our world-class sales and marketing teams of brokers and real estate associates represent the most elegant and luxurious private homes, condominiums and commercial projects in South Florida and the Caribbean.
Our vast international network of contacts and clients in the United States, Caribbean, Europe, Asia and South America can depend upon our highly experienced, multi-lingual sales teams to plan and execute strategic acquisitions of the most exclusive and exquisite real estate worldwide.
Worldwide Properties has two South Beach locations at 225 Collins Avenue, Ste 101, Miami Beach, FL and our Murano Grande Branch located at 400 Alton Rd, TH 104-M, Miami Beach, FL 33139.
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