Broward County Total Pending Sales Rise for Third Consecutive Month

by Chris UmpierreApril 21, 2023

Fort Lauderdale

MIAMI — Broward County total pending sales rose again for the third consecutive month, according to March 2023 statistics released by the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.

“Fort Lauderdale and Broward County real estate sales are at pre-pandemic levels as properties continue to appreciate in our high-demand, low supply market,” BROWARD-MIAMI President Alfredo Pujol said. “Total inventory is coming off all-time lows and trending up. More supply is needed to meet the heavy demand domestically and internationally.”

Pending Sales and Showing Appointments Rise for Third Consecutive Month

Total pending sales rose 9.9% month-over-month, from 2,850 in February 2023 to 3,133 in March 2023. Pending sales are an indicator of future sales, but it takes up to 40 days for pending transactions to close and not all pending sales end in deals.

Showing appointments in the Southeast Florida MLS, which is owned by MIAMI REALTORS®, increased 14% month over month to 270,143 showings in March.

Home sales are sensitive to mortgage rate changes and homebuyers are taking advantage of any rate declines. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.27% as of April 13. That’s down from 6.28% from the previous week but up from 5% one year ago.

Broward total home sales decreased 24% year-over-year in March 2023, from a historic 3,703 transactions in March 2022 to 2,813 in March 2023.

In comparison to pre-pandemic March 2019, Broward March 2023 total sales are down 0.6%, from 2,830 to 2,813. Comparisons to pre-pandemic are better comps as 2021 and 2022 sales surged to record highs due to pandemic-fueled homebuying, historic low 2% mortgage rates and other factors.

Single-family home sales decreased 17.5% year-over-year, from 1,541 in March 2022 to 1,271 in March 2023 because of its comparison to a historic March 2022 and the current market has lower inventory in specific price points and higher rates. In comparison to pre-pandemic March 2019, Broward March 2023 single-family sales are down 6.2%.

Broward March 2023 condo sales also increased vs. March 2019, but are down in comparison to last year. Broward existing condo sales decreased 28.7% year-over-year, from a historic 2,162 in March 2022 to 1,542 in March 2023, due to lack of inventory and rising mortgage rates. In comparison to pre-pandemic March 2019, however, March 2023 condo sales increased 4.5%, from 1,475 to 1,542.

Broward Home Prices, Household Income Rise with Wealth Migration

Broward County single-family home median prices increased 3.7% year-over-year in March 2023, increasing from $545,000 to $565,000. Existing condo median prices increased 13%, from $238,500 to $269,500.

Home prices are determined by supply and demand. Lower supply and higher demand create higher prices. Inventory for Broward single-family homes (2.7 months) and condos (3.2 months) are low. Also, one of the supports for home prices is rents and rents are up.

While local median prices have increased so have local household incomes. Florida ranked No. 1 in the U.S. in largest net gain of adjusted gross income (AGI) due to domestic migration, gaining $23.7 billion, according to most recent IRS-SOI migration data. South Florida’s out-of-state homebuyers with a mortgage earn nearly $100,000 in median household income.

Global FinTech powerhouses such as Citadel, Blackstone, Microsoft, etc. have opened offices/headquarters in South Florida.

“What’s been mainly driving South Florida’s housing market are the job growth and sustained in-migration into the area, particularly from higher-tax states like New York, New Jersey, and California, which has been experiencing a layoff of tech workers,” MIAMI REALTORS® Chief Economist Gay Cororaton said.

Broward Active Listings Still Near Historical Lows; More Supply Needed

Total active listings at the end of March 2023 increased 79.1% year-over-year, from 4,112 to 7,365.

Inventory of single-family homes increased 85.8% year-over-year in March 2023 from 1,608 active listings last year to 2,988 last month. Condominium inventory increased 74.8% year-over-year to 4,377 from 2,504 listings during the same period in 2022.

New listings of Broward single-family homes decreased 21.2% to 1,459 from 1,852 year-over-year. New listings of condominiums decreased 14.7%, from 2,307 to 1,968 year-over-year.

Months’ supply of inventory for single-family homes increased 145.5% to 2.7 months year-over-year, which indicates a seller’s market. Inventory for existing condominiums increased 128.6% to 3.2 months, which also indicates a seller’s market. A balanced market between buyers and sellers offers between six- and nine-months supply.

Nationally, total housing inventory at the end of March was 980,000 units, up 1.0% from February and 5.4% from one year ago (930,000). Unsold inventory sits at a 2.6-month supply at the current sales pace, unchanged from February but up from 2.0 months in March 2022.

Broward Real Estate Posts $316.5 Million Local Economic Impact in March 2023
Every time a home is sold it impacts the economy: income generated from real estate industries (commissions, fees and moving expenses), expenditures related to home purchase (furniture and remodeling expenses), multiplier of housing related expenditures (income earned as a result of a home sale is re-circulated into the economy) and new construction (additional home sales induce added home production).

The total economic impact of a typical Florida home sale is $112,500, according to NAR. Broward sold 2,813 homes in March 2023 and had a local economic impact of $316.5 million.

Broward total dollar volume totaled $1.5 billion in March 2023. Single-family home dollar volume decreased 20.6% year-over-year to $978.2 million. Condo dollar volume decreased 38.5% year-over-year to $539.7 million.

Broward Distressed Sales Remain Low, Reflecting Healthy Market
Only 1.1% of all closed residential sales in Broward were distressed last month, including REO (bank-owned properties) and short sales, compared to 1.2% in March 2022.

Short sales and REOs accounted for 0.2% and 0.8% year-over-year, respectively, of total Broward sales in March 2023.

Broward’s percentage of distressed sales are on par with the national figure. Nationally, distressed sales represented approximately 1% of sales in March, nearly identical to last month and one year ago.

Broward Median Price Appreciation Outperforming Nation, State

In Florida, closed sales of single-family homes statewide totaled 26,161 in March 2023, down 15% year-over-year, while existing condo-townhouse sales totaled 11,188, down 23.5%. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

Nationally, total existing-home sales transactions fell 2.4% from February to a seasonally adjusted annual rate of 4.44 million in March. Year-over-year, sales waned 22.0% (down from 5.69 million in March 2022).

The statewide median sales price for single-family existing homes was $405,000, up 2.1% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $320,000, up 3.9% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

Nationally, the median existing-home price for housing types in March was $375,700, a decline of 0.9% from March 2022 ($379,300). Prices climbed slightly in three regions but dropped in the West.

Broward Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 96.1% in March 2023, down from 100% last year. The median percent of original list price received for existing condominiums was 96.2%, down from 99.3% last year.

The median number of days between listing and contract dates for Broward single-family home sales was 33 days, up from 10 days last year. The median time to sale for single-family homes was 73 days, up from 50 days last year.

The median number of days between the listing date and contract date for condos was 27 days, up from 16 days. The median number of days to sale for condos was 67 days, up from 59 days.

Broward Cash Sales 50.7% More than National Figure
Cash sales represented 39.9% of Broward closed sales in March 2023, compared to 48% in March 2022. About 27% of U.S. home sales are made in cash, according to the latest NAR statistics.

Cash buyers are not deterred by rising rates. The high percentage of cash buyers reflects South Florida’s top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash as well as some moving from more expensive U.S. markets who can buy more with their profits from real estate sales.

Cash sales accounted for 54.1% of all Broward existing condo sales and 22.8% of single-family transactions.

To access March 2023 Broward Statistical Reports, visit http://www.SFMarketIntel.com

Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.

About the MIAMI Association of Realtors®

The MIAMI Association of Realtors (MIAMI) was chartered by the National Association of Realtors in 1920 and is celebrating 103 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations: MIAMI RESIDENTIAL, MIAMI COMMERCIAL; BROWARD-MIAMI, a division of MIAMI Realtors; JTHS-MIAMI, a division of MIAMI Realtors in the Jupiter-Tequesta-Hobe Sound area; MIAMI YPN, our Young Professionals Network Council; and the award-winning MIAMI Global Council. MIAMI REALTORS represents nearly 60,000 total real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 246 international organizations worldwide. MIAMI has been selected to host the prestigious FIABCI World Congress on June 5-9, 2023. MIAMI’s official website is www.MiamiRealtors.com

Colombia Regains Status as Top Country Searching Miami Real Estate; Buenos Aires, Argentina Top Searching Global City

by Chris UmpierreApril 11, 2023

Colombia Regains Status as Top Country Searching Miami Real Estate

MIAMI — Colombia posted the most global web searches for Miami homes in March 2023, according to a new report by the MIAMI Association of REALTORS® (MIAMI). Colombia, which was edged by China last month, has now finished No. 1 or No. 2 among the top list of foreign countries searching Miami real estate in each of the last 13 months.

“Miami is the No. 1 U.S. destination for global homebuyers and the incredible breadth of countries searching each month is a clear indication of how Miami and South Florida has earned its reputation as a world-class destination,” MIAMI Chairman of the Board Ines Hegedus-Garcia said.

Colombia accounted for 11.06% of all international searches on MiamiRealtors.com in March 2023, up from its percentage of searches in March 2022 (10.68%).

Top-10 Countries Searching MiamiRealtors.com in March 2023:

Country Share of International Searches

All other countries 43.98%

Top Global Markets for South Florida Real Estate
Argentina purchased the most South Florida real estate among foreign countries in 2022, according to the 2022 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members. Argentina buyers purchased 16% of all international purchases in South Florida. Colombia (13%), Peru (8%), Canada (8%) and Venezuela (6% rounded out the top 5, respectively. Access the report: https://bit.ly/MIAMIGlobalStudy

Florida has finished as the top destination for international buyers for 14 consecutive years, according to the National Association of REALTORS® 2022 International Transactions in U.S. Residential Real Estate. Florida is the No. 1 destination for foreign buyers from Colombia, Canada, Brazil and other countries, according to the study.

Miami remains a bargain for prime property ($1M and up) compared to other global cities, according to the 2023 Knight Frank Wealth Report. For $1M, homebuyers can purchase 64 square meters of prime property in Miami. That is almost four times more than Monaco (17 square meters), nearly two times more than New York (33) and London (34) and more than Paris, Sydney, Tokyo and more.

When looking at all price ranges, South Florida is also a bargain in comparison to other global cities and U.S. metros, according to the NAR 2022 International Study. Miami-Fort Lauderdale-West Palm Beach’s price per square meter is $3,170, far below at least 30 global cities and 13+ U.S. Metros including markets such as Hong Kong ($28,570), New York City ($17,191), San Francisco-Oakland-Hayward, CA ($8,250), Madrid, Spain ($6,173), Los Angeles-Long Beach-Glendale, CA ($4,740) and Seattle-Tacoma-Bellevue, WA ($4,460).

Top-10 International Cities Searching MiamiRealtors.com in March 2023

Texas No. 1 State Searching for Miami Real Estate for Fourth Consecutive Month
Texas registered the most domestic Miami real estate web searches in March 2023.

New York was the top state for out-of-state buyers in the South Florida area, according to the 2022 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members. Access the report: https://bit.ly/MIAMIGlobalStudy

Top-10 U.S. States Searching MiamiRealtors.com in March 2023
1. Texas

Top-10 U.S. Metros Searching MiamiRealtors.com in March 2023

About the MIAMI Association of Realtors®

The MIAMI Association of Realtors (MIAMI) was chartered by the National Association of Realtors in 1920 and is celebrating 103 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations: MIAMI RESIDENTIAL, MIAMI COMMERCIAL; BROWARD-MIAMI, a division of MIAMI Realtors; JTHS-MIAMI, a division of MIAMI Realtors in the Jupiter-Tequesta-Hobe Sound area; MIAMI YPN, our Young Professionals Network Council; and the award-winning MIAMI Global Council. MIAMI REALTORS represents nearly 60,000 total real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 246 international organizations worldwide. MIAMI has been selected to host the prestigious FIABCI World Congress on June 5-9, 2023. MIAMI’s official website is www.MiamiRealtors.com

Broward County Monthly New Listings Rise to Highest Point in Five Months

by David Garcia, February 21, 2023

Broward County total pending sales rose 37.8% month over month in January 2023, from 1,844 to 2,541. It is the first month-over-month rise of pending sales since August 2022.

MIAMI — Broward County total new listings rose to its highest point in five months, a welcome sight for the high-demand, low-supply market, according to January 2023 statistics released today by the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.

“Much needed supply is coming to our Broward and Fort Lauderdale real estate market just as showing appointments and pending sales are increasing month over month,” Broward-MIAMI President Alfredo Pujol said. “Broward’s high percentage of cash buyers plus migration from U.S. individuals and companies continues to fuel demand.”

The 3,257 new listings in January 2023 is the most in Broward County since August 2022. Overall, Broward total new listings decreased 6.6% year-over-year in January 2023, from 3,486 to 3,257.

Most South Florida Showing Appointments in a Month Since May 2022

Two leading indicators jumped in January 2023: showing appointments and pending sales.

Showing appointments in the Southeast Florida MLS, which is owned by MIAMI REALTORS®, jumped 54.5% month over month to 233,144 showings. It marks the most showings in a month since May 2022 (245,225 appointments).

Broward County total pending sales rose 37.8% month over month in January 2023, from 1,844 to 2,541. It is the first month-over-month rise of pending sales since August 2022.

Homebuyers jumped off the sidelines in January as mortgage rates decreased 1 percent point from the October high of 7.16%, but now in February rates have risen again. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage averaged 6.32% as of February 16. That’s up from 6.12% from the previous week and 3.92% one year ago.

“While homebuyers continue to be challenged by rising mortgage rates, it’s important to note that South Florida is still in a seller’s market,” MIAMI REALTORS® Chief Economist Gay Cororaton said. “Homes are in short supply as the area continues to see stronger job growth than nationally and sustained migration, especially from retirees and relocating workers and companies. Homebuyers should take into consideration that home prices are more likely to keep rising than to decline given the shortage of homes on the market and the decline in new home construction.”

Broward January 2023 total sales decreased 39.4% year-over-year, from 2,559 to 1,552 because it’s in comparison to a historic January 2022 and the current market has low inventory in specific price points and higher rates. Expanding the scope to analyze all Januarys shows the January 2023 total is in line with pre-pandemic numbers.

Single-family home sales decreased 39.2% year-over-year, from 1,113 in January 2022 to 677 in January 2023 because of its comparison to a historic January 2022. Broward existing condo sales decreased 39.5% year-over-year, from 1,446 in January 2022 to 875 in January 2023, due to lack of inventory and rising mortgage rates.

South Florida’s Market Fundamentals Lead the Nation

Price Appreciation

• The Miami MSA is 1 of only 2 U.S. markets forecasted to see price appreciation in 2023 according to Goldman Sachs forecast.

Migration Gains

• South Florida ranked No. 1 in the U.S. for most inbound population gains between 2019 and 2022, a 56.2% increase via United States Postal Service change-of-address data.
• South Florida out-of-state driver license exchanges remain up double digits for relocating New Yorkers, Californians, New Jerseyans and more, according to Florida Department of Highway Safety and Motor Vehicles (FLHSMV) data.
• Florida is fastest-growing state for the first time since 1957 (1,142 net new residents per day in 2022 per U.S. Census)

Cash Buyers

• Broward’s percentage of cash buyers (44.1%) is significantly higher than the national average (29%).

Wealth Influx

• Broward County and Miami-Dade County ranked No. 1 and No. 2, respectively, in the U.S. for $10M+ sales volume on basis of percentage change from 2019 vs 2022 via Compass
• Global companies continue relocating to South Florida, such as Citadel, a multinational hedge fund that manages $57 billion in assets and is developing a $1 billion Miami office tower with plans to have 1,500 employees in 10 years.

Job Growth

• Miami ranked in top-20 in the U.S. for most tech job postings via CompTIA Tech Jobs Report. Tech industry offers some of the highest-paying jobs.
• About 60 companies expanded or relocated to Miami-Dade County in 2021-22, creating 8,000 new direct and indirect high-value jobs with average salary of $97,000, according to Beacon Council.
• South Florida has one of the strongest job markets in the country, with 2% unemployment– lower than the national figure.

Teleworking and Coworking

• Nicknamed the Coworking Capital of the World, Miami saw a 143% increase in demand for flexible office space in 2022 compared to before the pandemic via The Instant Group.
• Expansion of remote work benefits Miami because if you can work wherever why wouldn’t you want to live in sunny Miami?

Global Buyers

• South Florida is the No. 1 U.S. market for global buyers. Foreign homebuyers purchased $6.8 billion of South Florida residential properties in 2022, up 34% from $5.1 billion in 2021, according to our 2022 MIAMI REALTORS® Global Study.

South Florida Home Prices, Household Income Rise with Wealth Migration

Broward County single-family home median prices increased 8% year-over-year in January 2023, increasing from $500,000 to $540,000. Existing condo median prices increased 12.5% year-over-year, from $240,000 to $269,900.

While local median prices have increased so have local household incomes. Miami and West Palm Beach rank in the top-10 in the U.S. in median homebuyer growth (2019 vs 2021). Miami median homebuyer income grew 16.9% to $104,000 in 2021, and West Palm Beach median homebuyer income is $110,000 via Redfin report.

Home prices are determined by supply and demand. Lower supply and higher demand create higher prices. Inventory for Broward single-family homes (3 months) and condos (3.1 months) are low. Also, one of the supports for home prices is rents and rents are up.

Broward Active Listings Still Near Historical Lows; More Supply Needed

The average year-end Broward annual active inventory since 2008 is 14,547 and active listings at the end of 2022 totaled 7,821. Broward active listings are down 36.67% versus pre-pandemic (year-end 2022 vs. year-end 2019).

Total active listings at the end of January 2023 increased 76% year-over-year, from 4,513 to 7,945.

Inventory of single-family homes increased 110.6% year-over-year in January 2023 from 1,640 active listings last year to 3,454 last month. Condominium inventory increased 56.3% year-over-year to 4,491 from 2,873 listings during the same period in 2022.

New listings of Broward single-family homes decreased 13.8% to 1,289 from 1,495 year-over-year. New listings of condominiums decreased 1.2%, from 1,991 to 1,968 year-over-year.

Months’ supply of inventory for single-family homes increased 172.7% to 3 months year-over-year, which indicates a seller’s market. Inventory for existing condominiums increased 93.8% to 3.1 months, which also indicates a seller’s market. A balanced market between buyers and sellers offers between six- and nine-months supply.

Nationally, total housing inventory at the end of January was 980,000 units, up 2.1% from December and 15.3% from one year ago (850,000). Unsold inventory sits at a 2.9-month supply at the current sales pace, unchanged from December but up from 1.6 months in January 2022.

Broward Real Estate Posts $174.6 Million Local Economic Impact in January 2023
Every time a home is sold it impacts the economy: income generated from real estate industries (commissions, fees and moving expenses), expenditures related to home purchase (furniture and remodeling expenses), multiplier of housing related expenditures (income earned as a result of a home sale is re-circulated into the economy) and new construction (additional home sales induce added home production).

The total economic impact of a typical Florida home sale is $112,500, according to NAR. Broward County sold 1,552 homes in January 2023 and had a local economic impact of $174.6 million.

Broward total dollar volume totaled $840 million in January 2023. Single-family home dollar volume decreased 39.9% year-over-year, from $841 million to $505.3 million. Condo dollar volume decreased 27.3% year-over-year, from $459.8 million to $334million.

Broward Distressed Sales Remain Low, Reflecting Healthy Market
Only 1.4% of all closed residential sales in Broward were distressed last month, including REO (bank-owned properties) and short sales, compared to 1.1% in January 2022.

Short sales and REOs accounted for 0.3% and 1% year-over-year, respectively, of total Broward sales in January 2023.

Broward’s percentage of distressed sales are on par with the national figure. Nationally, distressed sales represented approximately 1% of sales in January, identical to one year ago.

Nearly 40% of all Florida Condo Sales Happened in South Florida in January 2023

South Florida (Miami, Broward, Palm Beach) registered 39.1% of all condo sales in Florida in January 2023. For all properties, South Florida had 28.4% of all sales in Florida.

In Florida, closed sales of single-family homes statewide totaled 14,766 in January 2023, down 32.5% year-over-year, while existing condo-townhouse sales totaled 6,078, down 40.7%. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

Nationally, total existing-home sales transactions slid 0.7% from December 2022 to a seasonally adjusted annual rate of 4.00 million in January. Year-over-year, sales retreated 36.9% (down from 6.34 million in January 2022).

The statewide median sales price for single-family existing homes was $389,990, up 4% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $310,000, up 8.8% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

Nationally, the median existing-home price for all housing types in January was $359,000, an increase of 1.3% from January 2022 ($354,300), as prices climbed in three out of four U.S. regions while falling in the West. This marks 131 consecutive months of year-over-year increases, the longest-running streak on record.

Broward Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 94.8% in January 2023, down from 100% last year. The median percent of original list price received for existing condominiums was 96.1%, down from 98.1% last year.

The median number of days between listing and contract dates for Broward single-family home sales was 35 days, up from 19 days last year. The median time to sale for single-family homes was 77 days, a 16.7% increase from 66 days last year.

The median number of days between the listing date and contract date for condos was 40 days, up 122.2% from 18 days. The median number of days to sale for condos was 76 days, a 24.6% increase from 61 days.

Broward Cash Sales More than National Figure
Cash sales represented 44.1% of Broward closed sales in January 2023, compared to 41.1% in January 2022. About 29% of U.S. home sales are made in cash, according to the latest NAR statistics.

Cash buyers are not deterred by rising rates. The high percentage of cash buyers reflects South Florida’s top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash as well as some moving from more expensive U.S. markets who can buy more with their profits from real estate sales.

Cash sales accounted for 57.8% of all Broward existing condo sales and 26.4% of single-family transactions.

To access January 2023 Broward Statistical Reports, visit http://www.SFMarketIntel.com

Homeowners in the City of Miami See Highest Increase in Home Values Among 20 Major Cities in January 2023

By Gay Cororaton, Chief Economist, MIAMI Realtors®

Homeowners continue to see the strongest increase in their home values in the city of Miami among 20 major cities tracked by the Case Shiller home price index.[1] Based on single-family homes sold during November 2022-January 2023, prices were up 13.9% on average from one year ago in the city of Miami, compared to 3.8% nationally.

The sustained price gains in Miami contrasts with the price declines in San Francisco (-7.6%), Seattle (-5.1%), San Diego (-1.4%), and Portland (-0.5%) and the slower pace in New York (5.2%), Chicago (4.8%), Boston (4.2%), Washington DC (2.4%), and Los Angeles (0.9%). Tampa was the only other city with double-digit gain (10.5%).

Sure, the current pace is much slower than the 19.3% y/y gain last year, but the past two years were not normal years and the torrid price gains were not sustainable from an affordability perspective. The current pace in line with the pre-pandemic pace (4% in January 2020). The current pace is also lower than the average weekly wage growth of 9.7% in the Miami-Ft. Lauderdale-West Palm Beach metro area (as of 2022 Q3), which means home affordability conditions are improving.

On the other hand, homeowners still have significant home equity gains despite slower price growth and price declines in some areas. In the city of Miami, prices are up about 61% as of January 2023 compared to January 2020, three times the gains in the city of San Francisco. This means that homeowners will most likely make a gain on their home sale if they decide to sell their home today. (Please consult with a Realtor® when selling your home).

Prices have held up more strongly in South Florida compared to nationally because of its stronger economic and demographic fundamentals:

• Jobs are growing faster in the Miami-Ft. Lauderdale-West Palm Beach metro area (3.4% in February) compared to nationally (2.9%), as of February 2023, with 94,300 more people employed in February 2023 compared to one year ago; about 60 companies expanded or relocated to Miami-Dade County in 2021-22, creating 8,000 new direct and indirect high-value jobs with average salary of $97,000, according to the Miami-Dade Beacon Council.

• Florida continues to attract out-of-state movers, with the typical income among homebuyers with a mortgage of nearly $100,000. The largest group of movers are from New York, California, and New Jersey, based on driver license exchange data in 2022 reported by the Florida Department of Highway Safety and Motor Vehicles.

• Miami-Ft. Lauderdale-West Palm Beach has a higher share of cash buyers (34.9%) who are less deterred by higher mortgage rates, compared to nationally (28%), as of February 2022.

• Despite slower housing demand, housing conditions are still tight, with less than 6 month’s supply in Miami-Dade (3.8), Broward (2.8), Palm Beach (3,3), Martin (3.3), and St. Lucie (3.0).

You can find all the information on what sets South Florida’s real estate market apart on the MIAMI Realtors websitewhich has press releases and infographics you can use.

Colombia Regains Spot as Top Country Searching Miami Real Estate; Texas is Top State and D.C. is Top U.S. City

by Chris UmpierreDecember 19, 2022

Colombia Regains Spot as Top Country Searching Miami Real Estate

MIAMI — Colombia posted the most global web searches for Miami homes in November 2022, according to a new report by the MIAMI Association of REALTORS® (MIAMI). Colombia has now topped the list of foreign countries searching Miami real estate in eight of the last nine months.

China made the largest month-over-month jump in the top-10, moving from No. 14 in October 2022 to No. 2 in November 2022. First-time users from China on MiamiRealtors.com comprised 20.2% of its search share in November 2022.

“Miami is different from other markets in that our global buyers come from a diversified list of countries,” MIAMI Chairman of the Board Fernando Arencibia Jr. said. “China, which erupted in mass protests against the country’s COVID lockdowns recently, is just one of the many countries that are searching and purchasing property in our diverse and welcoming South Florida region.”

Colombia accounted for 12.03% of all international searches on MiamiRealtors.com in November 2022, up from 11.58% in November 2021.

Top-10 Countries Searching MiamiRealtors.com in November 2022:

Country Share of International Searches

All other countries 39.51%

Top Global Markets for South Florida Real Estate
Argentina purchased the most South Florida real estate among foreign countries in 2022, according to the 2022 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members. Argentina buyers purchased 16% of all international purchases in South Florida. Colombia (13%), Peru (8%), Canada (8%) and Venezuela (6% rounded out the top 5, respectively. Access the report: https://bit.ly/MIAMIGlobalStudy

Florida has finished as the top destination for international buyers for 14 consecutive years, according to the National Association of REALTORS® 2022 International Transactions in U.S. Residential Real Estate. Florida is the No. 1 destination for foreign buyers from Colombia, Canada, Brazil and other countries, according to the study.

South Florida remains a bargain in comparison to other global cities and U.S. metros, the study showed. Miami-Fort Lauderdale-West Palm Beach’s price per square meter is $3,170, far below at least 30 global cities and 13+ U.S. Metros including markets such as Hong Kong ($28,570), New York City ($17,191), San Francisco-Oakland-Hayward, CA ($8,250), Madrid, Spain ($6,173), Los Angeles-Long Beach-Glendale, CA ($4,740) and Seattle-Tacoma-Bellevue, WA ($4,460).

Top-10 International Cities Searching MiamiRealtors.com in November 2022

Texas No. 1 State Searching for Miami Real Estate
Texas registered the most domestic Miami real estate web searches in November 2022. New York was the top state for out-of-state buyers in the South Florida area in 2022, according to the 2022 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members. Access the report: https://bit.ly/MIAMIGlobalStudy

Top-10 U.S. States Searching MiamiRealtors.com in November 2022
1. Texas

Top-10 U.S. Metros Searching MiamiRealtors.com in November 2022

About the MIAMI Association of Realtors®

The MIAMI Association of Realtors (MIAMI) was chartered by the National Association of Realtors in 1920 and is celebrating 102 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations: MIAMI RESIDENTIAL, MIAMI COMMERCIAL; BROWARD-MIAMI, a division of MIAMI Realtors; JTHS-MIAMI, a division of MIAMI Realtors in the Jupiter-Tequesta-Hobe Sound area; MIAMI YPN, our Young Professionals Network Council; and the award-winning MIAMI Global Council. MIAMI REALTORS represents nearly 60,000 total real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 242 international organizations worldwide. MIAMI REALTORS has launched its new YPN Global and will host the first-ever YPN Global Congress on Feb. 12-15, 2023, in Dubai. MIAMI has been selected to host the prestigious FIABCI World Congress on June 5-9, 2023. MIAMI’s official website is www.MiamiRealtors.com

South Florida International Home Sales, Dollar Volume Surged in 2022 New MIAMI REALTORS® International Report Released Today

MIAMI — South Florida international home sales and dollar volume jumped double digits year-over-year in 2022, according to the latest Profile of International Home Buyers of the MIAMI Association of Realtors (MIAMI) released today by MIAMI Realtors and the National Association of Realtors (NAR). The 13th annual report, which includes nearly 60 pages of data on foreign home buyer purchases in South Florida, details the robust return of global home buyers to America’s No. 1 international market.

Foreign homebuyers purchased $6.8 billion of South Florida residential properties in 2022, up 34% from $5.1 billion in 2021. The 2022 total also topped 2020 ($5.6 billion). Global buyers bought 9,400 South Florida properties in 2022, up 25% year-over-year from 7,500 in 2021, compared to an 8% drop nationally. It marked the most Miami foreign buyer purchases since 2019.

“Global home buyers love Miami, and now that the U.S. border has been re-opened for more than a year and pandemic protocols are being relaxed, we are seeing a major surge in international homebuying activity in South Florida,” MIAMI Chairman of the Board Fernando Arencibia Jr. said. “What stands out to me is the diversity of countries purchasing in South Florida. Buyers from 54 countries purchase Miami real estate. Miami is not just a gateway to Latin America; it is a gateway to the world.”

The profile surveyed MIAMI members’ international residential transactions for the one-year period from August 2021 to July 2022.

South Florida Registers More than Half of all Florida International Home Sales
Florida is the top U.S. destination for foreign buyers (24% of all sales), according to NAR’s 2022 Profile of International transactions in U.S. Residential Real Estate. Florida has been the No. 1 state for foreign home buyers for the last 14 years.

More than half of all international home sales (52%) in Florida are in Miami-Fort Lauderdale-West Palm Beach, according to the 2021 Florida Realtors’ annual Profile of International Residential Real Estate Activity in Florida. Florida Realtors hasn’t released its 2022 study.

One in five of all U.S. international home sales happen in Florida and one in two in Florida are in the Miami metro market.

South Florida secures about 10% of all international home sales in the entire U.S. annually.

South Florida Foreign Homebuyer Market Share is Five Times Larger than the U.S. Figure
South Florida foreign buyers purchases accounted for 17% of total dollar volume and 16% of all South Florida residential properties sold in 2022, according to the MIAMI and NAR report. No other market in the U.S. has those figures.

At 17%, South Florida’s foreign homebuyer market is more than five times larger than the national figure (3%).

Miami-Dade County Has the Largest Share of South Florida Foreign Buyers
Miami-Dade County accounted for the largest share of South Florida’s foreign buyers (67% in 2022; 65% in 2021). Broward County saw the same share (27%) in 2022 and 2021. Palm Beach County had 2%, down from 3% in 2021.

The foreign buyer market share of total sales in each county in 2022 are: Miami-Dade County (14%), Broward County (12%) and Palm Beach County (7%).

Argentina: Top Foreign Country Buying South Florida Real Estate
Argentina once again finished as the top foreign country purchasing South Florida real estate in 2022. It is the third consecutive year Argentina finished No. 1.

The top countries of origin for consumers purchasing properties in South Florida are:
1. Argentina (16% of South Florida foreign purchases)
2. Colombia (13%)

These top tier countries of origin — Argentina, Colombia, Peru, Canada, Venezuela, Mexico, Chile, Brazil, France and Italy — account for 75% of all South Florida international closed sales.

South Florida’s foreign buyers come from 54 countries. Other U.S. markets are often limited to two or three countries. The diversified number of markets that purchase in Miami allows the region to always post high global sales because when one foreign market declines, others step up to take its place.

Countries purchasing in Miami include: Argentina, Colombia, Peru, Canada, Venezuela, Mexico, Chile, Brazil, France, Italy, Bolivia, Algeria, Nigeria, Australia, China, India, Russia, Ukraine, Spain, Portugal, Turkey, Poland, Germany, Sweden, Romania, South Africa, Ecuador, Paraguay, Uruguay, Malaysia, Philippines, Hungary, United Kingdom, Costa Rica, Panama, Dominican Republic, Cuba, Haiti, Guyana, Honduras, Israel, Bahamas, Great Britain, Northern Ireland and more.

Argentina is the No. 1 Country Buying in Miami-Dade County
The top countries of origin for consumers purchasing properties in Miami-Dade are:
1. Argentina (13%)
2. Colombia (12%)
3. Mexico and Peru (8% each)
4. Chile, Canada and Venezuela (7% each)
5. Brazil (5% each)

Other countries that purchased properties in Miami-Dade included Italy, France, Costa Rica, Dominican Republic, Ecuador, China, Spain, Bolivia, Honduras, Germany, Russia and Sweden.

Argentina is the No. 1 Country Buying in Broward County
The top countries of origin for consumers buying real estate in Broward County are:
1. Argentina (21%)
2. Colombia (16%)
3. Canada (11%)
4. Peru (8%)
5. Brazil and Venezuela (6% each)

Other countries that purchased properties in Broward included Israel, Bahamas, Dominican Republic, Ecuador, Mexico, France, Romania, Russia, United Kingdom of Great Britain and Northern Ireland.

Colombia is the Top Country Buying in Palm Beach County
The top countries of origin for consumers buying real estate in Palm Beach County are:
1. Colombia (38%)
2. Canada and United Kingdom of Great Britain and Northern Ireland (25% each)

MIAMI Foreign Home Buyers Spend 36.6% More on Average vs. Nation
Foreign home buyers spend more on real estate than other buyers, and South Florida real estate buyers spend a higher median price than other international buyers in the U.S.

MIAMI international home buyers spent a median price of $500,000 for residential properties in 2022. In comparison, foreign buyers in the United States spend $366,100.

New York: Once Again Top State Purchasing in South Florida
New York ranked as the No. 1 state purchasing in South Florida for the second consecutive year, according to the 2022 MIAMI and NAR Report. New York accounted for 28% of out-of-state buyers in 2022.

New York, California and New Jersey accounted for 51% of all out-of-state buyers in the Miami area in 2022.

A surge of individuals and companies from high-density, high-taxed locations have relocated to Miami over the past two years. Citadel, a multinational hedge fund company that manages $57 billion in assets, relocated from Chicago with plans on developing a $1 billion Miami office tower and Microsoft launching a Latin America hub in Miami are just two examples.

66% of South Florida International Buyers Paid in Cash
According to the new MIAMI and NAR survey, about 66% of all international residential transactions in South Florida were made in all-cash. That’s 50% higher than the percentage of U.S. foreign buyers paying all-cash (44%).

South Florida international home buyers prefer condominiums (58%, significantly higher than the U.S. average of 16%. South Florida global buyers prefer to purchase in the central/urban areas (64%), which they intend to use mainly as residential rental, vacation home or both (72%).

61% of MIAMI Foreign Buyers Visited Florida Only 2 Times or Less Before Purchasing
About 6% of South Florida foreign buyers purchased local homes without even visiting Florida in 2022. About 28% purchased with just one visit to Florida; 27% purchased with two visits; 17% bought after visiting Florida three times. About 78% purchased with three visits or less.

About 55% of MIAMI members worked with an international client in the past 12 months. That’s more than three times the national figure of 17%.

Survey results reflect MIAMI’s commitment to increasing South Florida’s real estate brand worldwide and the Miami real estate market’s position as a top international destination.
MIAMI has 242 partner organizations worldwide and conducts international outreach on a global level.

About the MIAMI Association of Realtors®

The MIAMI Association of Realtors (MIAMI) was chartered by the National Association of Realtors in 1920 and is celebrating 102 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations: MIAMI RESIDENTIAL, MIAMI COMMERCIAL; BROWARD-MIAMI, a division of MIAMI Realtors; JTHS-MIAMI, a division of MIAMI Realtors in the Jupiter-Tequesta-Hobe Sound area; MIAMI YPN, our Young Professionals Network Council; and the award-winning MIAMI Global Council. MIAMI REALTORS represents nearly 60,000 total real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 242 international organizations worldwide. MIAMI REALTORS has launched its new YPN Global and will host the first-ever YPN Global Congress on Feb. 12-15, 2023, in Dubai. MIAMI has been selected to host the prestigious FIABCI World Congress on June 5-9, 2023. MIAMI’s official website is www.MiamiRealtors.com

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Legal Update: New Law in Miami-Dade County Requiring 60-day Notification Periods for Rent Increases & Termination of Month-to-Month Rentals

The Miami-Dade County Board of County Commissioners passed a new ordinance that requires landlords to give residential tenants at least 60 days’ written notice when:

The full text of the new ordinance is HERE and it takes effect on March 25, 2022, in Miami-Dade County.

If you have any questions about the new ordinance, contact your MIAMI REALTORS® Chief Legal Counsel, Evian White De Leon, or Chief of Public Policy, Danielle Blake.

MIAMI BEACH, Fla., Jan. 13, 2022 /PRNewswire/ -- The Miami Beach Visitor and Convention Authority recognizes that more than 68% of Americans are planning to go big on their next trip and Miami Beach is set to deliver a collection of travel-worthy experiences to help visitors make it the "Greatest of All Trips" in 2022. * From curated musical experiences and celebrity culinary offerings to world-class spa rituals and an unrivaled arts + culture scene spanning numerous mediums, travelers will find inspiration and can easily make future and last-minute jetsetter-style plans.

"As we look at the year ahead, Miami Beach will be the epicenter of activity for travelers who have been waiting patiently to go all out on their next vacation or quick getaway," says said Steve Adkins, Chairman of the Miami Beach Visitor and Convention Authority (MBVCA). "Our signature offerings fuse the natural beauty of our destination with the unique experiences that travelers seek now more than ever."

Travelers ready to make bucket list plans can choose from a variety of options in 2022 including a few headliner experiences:

• South Beach Wine and Food Festival – This year, the signature culinary festival returns to its February dates, bringing guests up, close and personal to Food Network stars and more importantly, their delicious creations. Think Tacos & Tequila hosted by Chef Aarón Sánchez, an experience that will offer live music and a sampling of more than a dozen of America's best tacos created by an all-star cast of tastemakers. Festival attendees can also check out, and make plans to check in, to the official host hotel, The Loews Hotel Miami Beach.
• Miami Beach Live – This March, the first-ever celebration of diverse music, art and culture will bring a four-weekend concert series created to tap into visitors' five senses through sights, sounds tastes and beyond. Miami Beach Live will include musical performances on the beach by artists like Alanis Morissette and Juanes, family-friendly programming and activities and a wellness pavilion curated by the Carillon Miami Wellness Resort, will encourage attendees to take a break and indulge in mini-spa services.
• Miami Beach Pride – All are welcome and encouraged to attend the multi-day celebration of arts and culture this April including the official Pride Festival and Parade. A selection of special events, family-friendly community activities and world-class entertainment will offer visitors the opportunity to come together and experience a weekend with the leading LGBTQ+ cultural arts organization in South Florida.
• SwimShow and Cabana Miami 2022 – As the swim fashion capital of the world, Miami Beach is set to host the annual SwimShow, the largest swimwear tradeshow in the world at the reimagined and design-forward Miami Beach Convention Center. Visitors to Miami Beach can expect a collection of pop-up events and runway shows at iconic locations including the W Hotel South Beach. Cabana Miami, the world's premier fashion fair, will bring together an exceptionally curated mix of top fashion swim and travel apparel including accessories, jewelry and footwear.
• Art Basel Miami Beach – The world-renowned show will return to Miami Beach December 1 – 3, 2022. It's never too early to plan ahead and experience Miami Beach during one of the most vibrant and inspirational times. Art Basel Miami Beach features leading galleries from five continents, showcasing significant works by masters of modern and contemporary art as well as the new generation of emerging stars. Guests can truly immersive themselves in all-things art by making reservations at notable art hotels like Faena Hotel Miami Beach and The Betsy South Beach.

"This year, we are committed to bringing our past, present and future visitors information and access to the variety of experiences available on Miami Beach," adds Grisette Marcos, Executive Director of the MBVCA. "We encourage all to stay updated on the latest happenings and to connect with us on Facebook and Instagram @experiencemiamibeach and through our award-winning Experience Miami Beach App."

Follow @ExperienceMiamiBeach on Facebook, and Instagram to access a curated guide of the best ways to experience Miami beach from sunrise to sunset and beyond and download the free Experience Miami Beach App at http://www.miamibeachapi.com/app/

*According to a 2022 Expedia Trends Survey Report

Media Contact
Holly Winter
Private Label Marketing
holly@privatelabel-marketing.com

SOURCE Miami Beach Visitor and Convention Authority

"No olvido de dónde vengo": Ludy Yorlett Moreno

https://caracol.com.co/emisora/2020/02/03/bucaramanga/1580726402_171622.html

La hija de una pareja de comerciantes de Rionegro, Santander, se fue para Estados Unidos a los 21 años dejando atrás una corta pero exitosa vida en la visita médica. Cuando Ludy Yorlett Moreno llegaba en esa labor a pueblos del Magdalena medio le decían "la doctorcita". Con esa misma persistencia, abrió mercados internacionales y conquistó clientes en Kuwait, Qatar y Emiratos Árabes Unidos.

Estuvo de regreso en su región. Vino para visitar a su familia que sigue en el mismo negocio al que llamaba desde el exterior cuando se iniciaba en el extranjero. Fue invitada al Personaje de la Semana y reveló que fue una niña dedicada a la natación que incluso representó a Santander en torneos internacionales.

Lea también: "El camino es un estado de ánimo": Gilberto Camargo Amorocho

Fue también reina de belleza. Hoy es experta en negocios internacionales y en finca raíz. Es la figura central de una compañía llamada Broker Bel House que negocia en territorios del oriente medio; China y que se apresta a entrar al norte de África. Levantó un edificio en su pueblo y lo designó igual que su empresa.

Ludy Yorlett Moreno estudia antes la cultura de las sociedades a donde llegará. Es persistente, ambiciosa, pero no se olvida que un día, a los 21 años salió de un pueblo santandereano donde están los suyos.

By Eileen Cukier– Associate Editor, South Florida Business Journal

Feb 21, 2020, 2:56pm EST

A recent report shows that one of South Florida's most prominent cities is among the fastest growing large city in the nation.

Researchers at 360 Quote used data from the U.S. Census Bureau to determine five-year population growth – the percentage change in population from 2013 to 2018. Population changes by education level, age and race/ethnicity were also calculated.

Among cities with more than 350,000 people, Seattle's population grew fastest, with a 13.9% rise. At No. 2 was Fort Worth, Texas, where population grew 12.4% over five years.

Coming in third among large cities was Miami, with a 12.2% growth in population. Data shows that 51,085 people moved to Miami in the five years beginning in 2013, for a total population of 470,914 in 2018.

Other Miami findings:

• The college-educated population grew 50.5%.

• The fastest-growing age group is those age 65 to 74.

• The fastest-growing race/ethnicity is non-Hispanic whites.

At No. 4, Tampa was the only other Florida municipality among the top fastest-growing cities, with 11.5% population growth. Rounding out the Top 10 were Denver; Austin, Texas; Charlotte, North Carolina; Atlanta; Mesa, Arizona; and Raleigh, North Carolina.

According to the report, population growth in the U.S. has reached its lowest level since 1937. The downward trend is the result of a decline in births and increase in deaths.

Between 2017 and 2018, all but nine states saw their populations rise. Texas, Florida, California and Arizona experienced the largest population increases, while New York, Illinois, West Virginia and Louisiana experienced the largest population decreases.