Updated Information! Florida Administrative Code 61J2-3.009(2) has been amended by the Florida Real Estate Commission. The renewal requirements still consists of payment of the renewal fee and 14 hours of continuing education, but the 14 hours of continuing education now consists of 3 hours of Core Law, 3 hours of Ethics and Business Practices and 8 hours of specialty education. This will be mandatory for Real Estate Licensees who hold a license that expires on September 30, 2018, or thereafter
03-21-2019 10:51:40 AM CST
ORLANDO, Fla. – March 20, 2019 – The Florida Real Estate Commission (FREC) met in Orlando and addressed advertising rules.
FREC revisited the team ad rule finalized in June 2018. While the rule became official last summer, it gave real estate teams one year to comply with the new regulations. The effective date of compliance – July 1, 2019 – has not changed.
Team ad rule change
FREC commissioners approved a change to the first sentence of subparagraph (6), which addresses the size of team names compared with brokerage names in advertising. The change will assist licensees with compliance and with enforcement of the rule by the Division of Real Estate.
If the change is unopposed as it winds its way through Florida's rulemaking process, it will replace the existing first sentence of this subparagraph.
"The rationale behind the change is the word 'appear' is vague in the current version, given the number of questions raised by brokers and teams," says Juana Watkins, Florida Realtors vice president of law and policy and general counsel. "In addition, comparing the logo of the brokerage to the printed name of the team presented difficulties as well. For these reasons, FREC hopes to eliminate the confusion caused by the team ad rule."
New subparagraph 61J2-10.026(6): In a
The rule now winds its way through Florida's rulemaking process that includes, among other things, publication and a 21-day public comment period after publication.
In addition to making the team ad rule change, FREC decided not to change the individual advertising rule.
© 2019 Florida Realtors®
02-06-2019 9:50:03 AM CST
Questions about possible ad rule changes?
ORLANDO, Fla. – Feb. 1, 2019 – Individual ad rules may change. Florida Real Estate Commission (FREC) commissioners will consider new language for the already-existing advertising rule, 61J2-10.025, at their meeting scheduled for Wednesday, Feb. 13, 2019, in Orlando.
Under consideration is an individual ad-rule revision that a licensee's name shall not appear in larger print than the name or logo of their registered brokerage in any advertising. This change would replicate some of the language in the new team advertising rule, 61J2-10.026.
These changes may impact how you do business.
Have questions? Plan to attend FREC's meeting on Wednesday and participate in the amendment process by sharing your thoughts with the commission at Division of Real Estate,
FREC's meeting notice
Department of Business and Professional Regulation
Florida Real Estate Commission
RULE NO.: 61J2-10.025
RULE TITLE: Advertising
The Florida Real Estate Commission announces a workshop to which all persons are invited.
DATE AND TIME: Wednesday, February 13, 2019, 1:30 p.m., or as soon thereafter as can be heard.
PLACE: Florida Real Estate Commission Office, 400 W. Robinson Street, #N901, Orlando, Florida 32801
GENERAL SUBJECT MATTER TO BE CONSIDERED: To discuss proposed text of the rule
A copy of the agenda may be obtained by contacting: Lori Crawford, Executive Director, Florida Real Estate Commission, 400 W. Robinson Street, #N801, Orlando, Florida 32801, firstname.lastname@example.org.
Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this workshop/meeting is asked to advise the agency at least five days before the workshop/meeting by contacting: Lori Crawford, executive Director, Florida Real Estate Commission, 400 W. Robinson Street, #N801, Orlando, Florida 32801, email@example.com. If you are hearing or speech impaired, please contact the agency using the Florida Relay Service, 1(800)955-8771 (TDD) or 1(800)955-8770 (Voice).
© 2019 Florida Realtors®
01-30-2019 10:12:06 AM CST
This is an important link to find out more about our Administrative Code which applies to Real Estate.
12-21-2018 7:33:37 AM CST
12-19-2018 1:00:05 PM CST
Have you met your requirements for ethics training?
12-10-2018 12:09:30 PM CST
11-26-2018 9:29:12 AM CST
Everybody who has a "Team Name" or concept be ready to see some changes and adjustments to the rules. The Key element is clarity in ensuring the public knows who exactly they are legally dealing with. From the desk of Edward Edward E. Cambas, a Lic. Real Estate Broker. 786-200-8817.
© 2018 Florida Realtors®
11-12-2018 4:23:24 PM CST
For more info contact Edward Cambas, a Lic. Real Estate Broker at 786-200-8817.
10-24-2018 8:42:22 AM CST
This is the link which describes team and group advertising and representation to the public.
10-23-2018 10:06:07 PM CST
475.215 Multiple licenses.—(1) A licensed broker may be issued upon request additional licenses as a broker, but not as a sales associate or as a broker associate, whenever it is clearly shown that the requested additional licenses are necessary to the conduct of real estate brokerage business and that the additional licenses will not be used in a manner likely to be prejudicial or harmful to any person, including a licensee under this chapter. The commission may also deny a multiple license request pursuant to s. 475.17(1)(a). A final order of discipline rendered against a broker for a violation of this part or s. 455.227(1) applies to the primary license of the broker as well as any multiple licenses held by that broker at the time the final order becomes effective. (2) A sales associate or broker associate shall have no more than one registered employer at any one time. History.—ss. 20, 45, ch. 82-179; ss. 28, 30, ch. 88-20; s. 10, ch. 91-89; s. 4, ch. 91-429; s. 9, ch. 93-261; s. 31, ch. 2003-164; s. 1, ch. 2013-144.
10-23-2018 9:57:27 PM CST
475.05 Power of commission to enact bylaws and rules and decide questions of practice.— The commission may enact bylaws for its own government and adopt rules pursuant to ss. 120.536(1) and 120.54 to implement the provisions of law conferring powers or duties upon it. The commission may decide questions of practice arising in the proceedings before it, having regard to this chapter and the rules then in force. Printed copies of rules, or written copies under the seal of the commission, shall be prima facie evidence of their existence and substance, and the courts shall judicially
10-23-2018 9:56:19 PM CST
475.045 Florida Real Estate Commission Education and Research Foundation.—(1)(a) There is established a Florida Real Estate Commission Education and Research Foundation, hereinafter referred to as the “foundation,” which shall be administered by the commission. (b) The purposes, objectives, and duties of the foundation are as follows: 1. To create and promote educational projects to expand the knowledge of the public and real estate licensees in matters pertaining to Florida real estate. 2. To augment the existing real estate programs by increasing the number of teaching personnel and real estate courses in the state in degree-granting programs in universities and colleges in this state. 3. To conduct studies in all areas that relate directly or indirectly to real estate or urban or rural economics and to publish and disseminate the findings and results of the studies. 4. To assist the teaching program in real estate offered by the universities, colleges, and real estate schools registered pursuant to this chapter in the state, when requested to do so. 5. To develop and from time to time revise and update materials for use in the courses in real estate offered by the universities, colleges, and real estate schools registered pursuant to this chapter in the state, when requested to do so. 6. To make studies of, and recommend changes in, state statutes and municipal ordinances; provided, however, that such studies are requested by the Governor or the presiding officers of the Legislature. The foundation shall maintain political nonadvocacy. 7. To periodically review the progress of persons conducting such research and studies. The results of any research project or study shall not be published or disseminated until it has been reviewed and approved in writing by the commission or its designated representative. 8. To prepare information of consumer interest concerning Florida real estate and to make the information available to the public and appropriate state agencies.
10-23-2018 9:54:15 PM CST
475.04 Duty of commission to educate members of profession.—(1) The commission shall foster the education of brokers, broker associates, sales associates, and instructors concerning the ethical, legal, and business principles which should govern their conduct. (2) For the purpose of performing its duty under subsection (1) to educate persons holding a license or permit, the commission may conduct, offer, sponsor, prescribe, or approve real estate educational courses for all persons licensed or permitted by the department as brokers, broker associates, sales associates, or instructors; and the cost and expense of such courses shall be paid as provided in s. 475.125. (3) The commission may also publish and sell, at a reasonable price intended to cover costs, a handbook on this chapter and other publications intended to be textbooks or guidelines for study and guidance of students, applicants, licensees, certificateholders, and permitholders, and members of the general public, copyright of which shall be the property of the state. History.—s. 5, ch. 12223, 1927; CGL 4066; s. 1, ch. 59-200; s. 1, ch. 75-184; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 6, 42, 43, ch. 79-239; ss. 2, 3, ch. 81-318; ss. 8, 38, ch. 82-1; ss. 4, 28, 30, ch. 88-20; s. 11, ch. 90-228; s. 11, ch. 90-341; s. 14, ch. 90-345; s. 4, ch. 91-89; s. 4, ch. 91-429; s. 25, ch. 2003-164.
10-23-2018 9:51:34 PM CST
475.03 Delegation of powers and duties; legal services.—(1) Any of the duties and powers of the commission, except disciplinary powers and the power to adopt rules, may be delegated, by resolution, to any member; but the chair may exercise such duties and powers without such resolution. (2) Subject to the prior approval of the Attorney General, the commission may retain independent legal counsel to provide legal advice to the commission on a specific matter. (3) No attorney employed or utilized by the commission shall prosecute a matter and provide legal services to the commission with respect to the same matter. History.—s. 4, ch. 12223, 1927; CGL 4065; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 5, 42, 43, ch. 79-239; ss. 2, 3, ch. 81-318; ss. 7, 38, ch. 82-1; ss. 28, 30, ch. 88-20; s. 4, ch. 91-429; s. 363, ch. 97-103.
10-23-2018 9:50:25 PM CST
475.021 Division of Real Estate.—(1) All services concerning this chapter, including, but not limited to, recordkeeping services, examination services, legal services, and investigative services, and those services in chapter 455 necessary to perform the duties of this chapter shall be provided by the Division of Real Estate. The commission may, by majority vote, delegate a duty or duties to the appropriate division within the department. The commission may, by majority vote, rescind any such delegation of duties at any time. (2) The Division of Real Estate shall be funded by fees and assessments of the commission, and funds collected by the commission shall be used only to fund real estate regulation. History.—s. 1, ch. 82-1; s. 2, ch. 87-50; ss. 28, 30, ch. 88-20; s. 4, ch. 91-429; s. 121, ch. 98-166; s. 181, ch. 2000-160.
10-23-2018 8:11:36 AM CST
We have a nice deal for a 2 bedroom rental near Dadeland and Kendall. 2 bedrooms with W/D inside unit. Low deposit and fast approval. $1570 with 1/2 month free. Gym, barbecues, work center and children's playground. Call Edward Cambas, a Lic. Real Estate Broker at 786-200-8817.
10-22-2018 2:02:12 PM CST
475.02 Florida Real Estate Commission.—
(1) There is created within the department the Florida Real Estate Commission. The commission shall consist of seven members who shall be appointed by the Governor, subject to confirmation by the Senate. Four members must be licensed brokers, each of whom has held an active license for the 5 years preceding appointment; one member must be a licensed broker or a licensed sales associate who has held an active license for the 2 years preceding appointment; and two members must be persons who are not, and have never been, brokers or sales associates. At least one member of the commission must be 60 years of age or older. The current members may complete their present terms unless removed for cause.
(2) Members shall be appointed for 4-year terms.
(3) Notwithstanding s. 112.313, any member of the commission who is a licensed real estate broker or sales associate and who holds an active real estate school permit, school instructor permit, or any combination of such permits issued by the department, to the extent authorized pursuant to such permit, may offer, conduct, or teach any course prescribed or approved by the commission or the department.
10-22-2018 1:52:49 PM CST
(1) As used in this part:
(a) “Broker” means a person who, for another, and for a compensation or valuable consideration directly or indirectly paid or promised, expressly or impliedly, or with an intent to collect or receive a compensation or valuable consideration therefor, appraises, auctions, sells, exchanges, buys, rents, or offers, attempts or agrees to appraise, auction, or negotiate the sale, exchange, purchase, or rental of business enterprises or business opportunities or any real property or any interest in or concerning the same, including mineral rights or leases, or who advertises or holds out to the public by any oral or printed solicitation or representation that she or he is engaged in the business of appraising, auctioning, buying, selling, exchanging, leasing, or renting business enterprises or business opportunities or real property of others or interests therein, including mineral rights, or who takes any part in the procuring of sellers, purchasers, lessors, or lessees of business enterprises or business opportunities or the real property of another, or leases, or interest therein, including mineral rights, or who directs or assists in the procuring of prospects or in the negotiation or closing of any transaction which does, or is calculated to, result in a sale, exchange, or leasing thereof, and who receives, expects, or is promised any compensation or valuable consideration, directly or indirectly therefor; and all persons who advertise rental property information or lists. A broker renders a professional service and is a professional within the meaning of s. 95.11(4)(a). Where the term “appraise” or “appraising” appears in the definition of the term “broker,” it specifically excludes those appraisal services which must be performed only by a state-licensed or state-certified appraiser, and those appraisal services which may be performed by a registered trainee appraiser as defined in part II. The term “broker” also includes any person who is a general partner, officer, or director of a partnership or corporation which acts as a broker. The term “broker” also includes any person or entity who undertakes to list or sell one or more timeshare periods per year in one or more timeshare plans on behalf of any number of persons, except as provided in ss. 475.011 and 721.20.
(b) “Broker associate” means a person who is qualified to be issued a license as a broker but who operates as a sales associate in the employ of another.
(c) “Commission” means the Florida Real Estate Commission.
(d) “Customer” means a member of the public who is or may be a buyer or seller of real property and may or may not be represented by a real estate licensee in an authorized brokerage relationship.
(e) “Department” means the Department of Business and Professional Regulation.
(f) “Fiduciary” means a broker in a relationship of trust and confidence between that broker as agent and the seller or buyer as principal. The duties of the broker as a fiduciary are loyalty, confidentiality, obedience, full disclosure, and accounting and the duty to use skill, care, and diligence.
(g) “Involuntarily inactive status” means the licensure status that results when a license is not renewed at the end of the license period prescribed by the department.
(h) “Principal” means the party with whom a real estate licensee has entered into a single agent relationship.
(i) “Real property” or “real estate” means any interest or estate in land and any interest in business enterprises or business opportunities, including any assignment, leasehold, subleasehold, or mineral right; however, the term does not include any cemetery lot or right of burial in any cemetery; nor does the term include the renting of a mobile home lot or recreational vehicle lot in a mobile home park or travel park.
(j) “Sales associate” means a person who performs any act specified in the definition of “broker,” but who performs such act under the direction, control, or management of another person. A sales associate renders a professional service and is a professional within the meaning of s. 95.11(4)(a).
(k) “Single agent” means a broker who represents, as a fiduciary, either the buyer or seller but not both in the same transaction.
(l) “Transaction broker” means a broker who provides limited representation to a buyer, a seller, or both, in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent. In a transaction broker relationship, a buyer or seller is not responsible for the acts of a licensee. Additionally, the parties to a real estate transaction are giving up their rights to the undivided loyalty of a licensee. This aspect of limited representation allows a licensee to facilitate a real estate transaction by assisting both the buyer and the seller, but a licensee will not work to represent one party to the detriment of the other party when acting as a transaction broker to both parties.
(m) “Voluntarily inactive status” means the licensure status that results when a licensee has applied to the department to be placed on inactive status and has paid the fee prescribed by rule.
(2) The terms “employ,” “employment,” “employer,” and “employee,” when used in this chapter and in rules adopted pursuant thereto to describe the relationship between a broker and a sales associate, include an independent contractor relationship when such relationship is intended by and established between a broker and a sales associate. The existence of such relationship shall not relieve either the broker or the sales associate of her or his duties, obligations, or responsibilities under this chapter.
(3) Wherever the word “operate” or “operating” as a broker, broker associate, or sales associate appears in this chapter; in any order, rule, or regulation of the commission; in any pleading, indictment, or information under this chapter; in any court action or proceeding; or in any order or judgment of a court, it shall be deemed to mean the commission of one or more acts described in this chapter as constituting or defining a broker, broker associate, or sales associate, not including, however, any of the exceptions stated therein. A single such act is sufficient to bring a person within the meaning of this chapter, and each act, if prohibited herein, constitutes a separate offense.
(4) A broker acting as a trustee of a trust created under chapter 689 is subject to the provisions of this chapter unless the trustee is a bank, state or federal association, or trust company possessing trust powers as defined in s. 658.12(23).
History.—s. 1, ch. 12223, 1927; CGL 4062; s. 1, ch. 29983, 1955; s. 1, ch. 59-199; s. 1, ch. 59-197; s. 1, ch. 59-438; ss. 30, 35, ch. 69-106; s. 1, ch. 75-112; s. 7, ch. 75-184; s. 3, ch. 76-168; s. 1, ch. 77-239; s. 1, ch. 77-355; s. 1, ch. 77-457; s. 1, ch. 78-215; s. 1, ch. 78-366; ss. 2, 42, 43, ch. 79-239; ss. 2, 3, 5, ch. 80-405; ss. 2, 3, ch. 81-318; ss. 5, 38, ch. 82-1; ss. 18, 45, ch. 82-179; ss. 1, 28, 30, ch. 88-20; s. 1, ch. 89-368; s. 10, ch. 90-228; s. 10, ch. 90-341; s. 13, ch. 90-345; ss. 2, 10, ch. 91-89; s. 1, ch. 91-289; s. 4, ch. 91-429; s. 2, ch. 93-261; s. 134, ch. 94-119; s. 159, ch. 94-218; s. 1, ch. 94-337; s. 1, ch. 97-42; s. 361, ch. 97-103; s. 1, ch. 98-250; s. 1, ch. 99-384; s. 1, ch. 2002-233; ss. 1, 22, ch. 2003-164; s. 78, ch. 2004-5.
10-22-2018 1:50:36 PM CST
475.001 Purpose.—The Legislature deems it necessary in the interest of the public welfare to regulate real estate brokers, sales associates, and schools in this state.
History.—ss. 1, 42, ch. 79-239; ss. 2, 3, ch. 81-318; ss. 28, 30, ch. 88-20; s. 10, ch. 91-89; s. 4, ch. 91-429; s. 1, ch. 93-261; s. 13, ch. 2000-332; s. 21, ch. 2003-164.
10-22-2018 1:41:10 PM CST
This link has the entire Chapter 475 link. This is a Real Estate professionals dream study guide.
05-28-2018 10:59:33 AM CST
Interesting Celebrity Homes
05-16-2018 4:04:40 PM CST
s. 475.01(1) – “Broker” means a person who, for another, and for a compensation or valuable consideration directly or indirectly paid or promised, expressly or impliedly, or with an intent to collect or receive a compensation or valuable consideration, therefore, appraises, auctions, sells, exchanges, buys, rents, or offers, attempts or agrees to appraise, auction, or negotiate the sale, exchange, purchase, or rental of business enterprises or business opportunities or any real property or any interest in or concerning the same, including mineral rights or leases, or who advertises or holds out to the public by any oral or printed solicitation or representation that she or he is engaged in the business of appraising, auctioning, buying, selling, exchanging, leasing, or renting business enterprises or business opportunities or real property of others or interests therein, including mineral rights, or who takes any part in the procuring of sellers, purchasers, lessors, or lessees of business enterprises or business opportunities or the real property of another, or leases, or interest therein, including mineral rights, or who directs or assists in the procuring of prospects or in the negotiation or closing of any transaction which does, or is calculated to, result in a sale, exchange, or leasing thereof, and who receives, expects, or is promised any compensation or valuable consideration, directly or indirectly therefore; and all persons who advertise rental property information or lists. A broker renders a professional service and is a professional within the meaning of s. 11(4)(a). Where the term “appraise” or “appraising” appears in the definition of the term “broker,” it specifically excludes those appraisal services which must be performed only by a state-licensed or state-certified appraiser, and those appraisal services which may be performed by a registered trainee appraiser as defined in part II. The term “broker” also includes any person who is a general partner, officer, or director of a partnership or corporation which acts as a broker. The term “broker” also includes any person or entity who undertakes to list or sell one or more timeshare periods per year in one or more timeshare plans on behalf of any number of persons, except as provided in ss. 475.011 and 721.20. 475.01(1)(b) -“Broker associate” means a person who is qualified to be issued a license as a broker but who operates as a sales associate in the employ of another.
Real Estate Companies
Real Estate Schools
s. 475.451(2)(a) -“School permitholder” means the individual who is responsible for directing the overall operation of a proprietary real estate school. A school permitholder must be the holder of a license as a broker, either active or voluntarily inactive, or must have passed an instructor’s examination approved by the commission. A school permitholder must also meet the requirements of a school instructor if actively engaged in teaching
05-16-2018 4:03:27 PM CST
REAL ESTATE COMMISSION
05-16-2018 4:00:52 PM CST
A declaratory statement is the sole means for obtaining a binding interpretation or opinion from the Department of Business and Professional Regulation concerning the applicability of statutory provisions, rules or orders over which the Department has authority (Chapters 455 and 468, Part XV, Florida Statutes, and Chapter 61G-3, Florida Administrative Code).
A petition for a declaratory statement may only be used to resolve questions or doubts as to how the statutes, rules or orders may apply to the petitioner’s particular circumstances. A declaratory statement is not the appropriate means for determining the conduct of another person or for obtaining a policy statement of general applicability from the Department of Business and Professional Regulation.
Section 120.565, Florida Statutes, and 28.105, Florida Administrative Code, set forth the requirements for filing a petition for declaratory statement from the Department of Business and Professional Regulation. Below is a list of previously issued declaratory statements dating back to 1993, indexed by statutes or rule. Please note past statements may be affected by new statute amendments and rule changes so refer to the Statute/Rule cited to verify the information is still applicable. Please note the petitions which have been denied by the Department are not included.
Petitions for declaratory statements should be sent to:
Department of Business and Professional Regulation
05-13-2018 11:15:19 PM CST
MIAMI — 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, a Miami broker and the 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.”
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.
Total Home Sales Decrease in March
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
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
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 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
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’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
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).
To access March 2018 Miami-Dade Statistical Reports, visit http://www.SFMarketIntel.com
Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.
About the MIAMI Association of REALTORS®
1 2 3 4 5 6 7 8 9 10 NEXT