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Yahoo
an hour ago
- Business
- Yahoo
14 Consecutive Years of Price Appreciation for Miami-Dade Condominiums
Miami-Dade County existing condo prices have now stayed even or increased for exactly 14 consecutive years, a signal of the market's resiliency and unending lifestyle appeal globally and domestically MIAMI, June 23, 2025 /PRNewswire-PRWeb/ -- Miami-Dade County existing condo prices have now stayed even or increased for exactly 14 consecutive years, a signal of the market's resiliency and unending lifestyle appeal globally and domestically, according to May 2025 statistics released by the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS). "No other U.S. market can boast the long-term resiliency of the Miami condo market," 2025 MIAMI Chairman Eddie Blanco said. "Hurricanes, recessions, pandemics, decades of lack of condo financing --- it doesn't matter. People from all over the world want a piece of the Miami lifestyle, and that will never change. Condos are the entry point for first-time homebuyers in our market. Condos are the top property purchased by our global buyers from 49 countries." While condo inventory is rising – which is good for buyers because there are more options– there is no rush of condo sellers. Miami existing condo inventory is still 17% below pre-pandemic and new listings for Miami condos decreased 3.4% year-over-year in May 2025. MIAMI REALTORS® New Construction Data Report Coming Soon MIAMI REALTORS® will soon release an industry-first, new construction data report. MIAMI is collaborating with major industry leaders to address the need for more comprehensive data on new construction, pre-construction and condo conversion sales. South Florida is home to one of the most robust new construction markets in the U.S. But statistics reported in MIAMI's monthly statistical news releases don't include South Florida's new construction, pre-construction and condo conversion sales because they are largely not reported in the MLS. Miami-Dade Condominium Sale Prices Have Appreciated 103% in the Last 10 Years Miami condo prices have risen 103.3% from May 2015 to May 2025, from $209,000 to $425,000. Miami existing condo median prices stayed even at $425,000 year-over-year in May 2025. Miami condo median prices have stayed even or increased in 160 of the last 168 months, a span that covers 14 years. Statewide condo prices, meanwhile, decreased 6.1% year-over-year in May 2025. Miami-Dade County single-family home median sale prices increased 3.85% year-over-year in May 2025, increasing from $650,000 to $675,000. Miami single-family median prices have risen for 162 consecutive months (13.5 years), the longest running streak on record. Miami single-family prices have risen 139.4% from May 2015 to May 2025, from $282,000 to $675,000. Miami Real Estate Home Equity & Appreciation is Nearly 2X the National Figure Miami's home equity gains are nearly two times the national figure. Home equity gains on a single-family home purchased in Q3 2009 and sold in Q3 2024 are: Miami-Dade County at $542,175 versus the U.S. average at $310,232, according to new MIAMI REALTORS® Research. Florida's Live Local Act, which was passed in 2023 and amended in May 2024, is encouraging developers to build more affordable housing. The Live Local Act gives developers the highest density allowed in a local area if they allocate 40% of its units for affordable housing. The state law defines an affordable unit as being at or below 120% of an area's median income. Miami remains a bargain for prime property ($1M and up) compared to other global cities, according to the 2025 Knight Frank Wealth Report. For $1M, homebuyers can purchase 58 square meters of prime property in Miami. That is almost four times more than Monaco (19 square meters), nearly two times more than New York (34) and London (34) and more than Paris, Sydney, Tokyo and more. Affordable Condo Sales Continue Rising Condos priced between $100K to $150K increased 38% year-over-year. Miami-Dade County total sales decreased 20.2% year-over-year in May 2025, from 2,397 to 1,913. The statistics would be much stronger if they included South Florida's robust developer new construction market and volume. Macroeconomic reasons out of South Florida's control such as elevated mortgage rates, a volatile stock market, lack of condo financing and lack of inventory at key price points are reasons for the decline. Miami single-family home sales decreased 14.4% year-over-year (from 1,102 to 943). Miami $1M & Up Condos Transactions Surge Vs. Pre-Pandemic Miami existing $1M & up condos transactions increased 78% vs. pre-pandemic, from 88 sales in May 2019 to 157 in May 2025. Miami total existing condo sales decreased 25.1% year-over-year in May 2025, from 1,295 to 970. The statistics would be much stronger if they included South Florida's robust developer new construction market and volume. The decline is due to lack of condo financing and inventory at key price points. "Sales have remained weak with mortgage rates hovering at near 7%," MIAMI REALTORS® Chief Economist Gay Cororaton said. "The good news is that affordability conditions are on course to improve with the Fed expected to resume its rate cuts in the second half of the year." The lack of Federal Housing Administration loans for a large number of existing Miami condominium buildings is preventing further market strengthening. Of the 2,397 condominium buildings in Miami-Dade, Broward and Palm Beach counties, only 21 are approved for FHA loans, according to statistics from the U.S. Department of Housing and Urban Development. Just 0.9% of South Florida condo buildings are approved for FHA loans. Florida is the only state in the U.S. that requires a client to put down 25% for a limited review if the condo building doesn't have enough in reserves. The requirement for every other state is 10%. As a leader in advocacy, MIAMI REALTORS® is working with the Legislature to support our market. MIAMI brought together lawmakers, top experts and more for a sold-out Condo Summit on Feb. 14 that empowered REALTORS® with the latest knowledge and tools. MIAMI followed it up with a Capitol to Closings, 2025 legislative session breakdown on May 8, 2025. Mortgage Rates Remain Volatile as Fed Keeps Rates Steady The Fed is holding rates steady with concerns about inflation but it has left the door open to cutting interest rates in the second half of the year. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.81% as of June 18, down from 6.84% one week before and 6.87% one year ago. Total Miami Inventory is 16.9% Below Pre-Pandemic Total Miami-Dade inventory (18,879) is 16.9% below May 2019 pre-pandemic inventory (22,707) Total active listings at the end of May 2025 increased 40.8% year-over-year, from 13,405 to 18,879. Miami condo inventory is still below pre-pandemic and new condo listings decreased in May 2025. New listings for Miami condos are down 3.4% year-over-year and single-family new listings increased a negligible 1.1%. Inventory of single-family homes increased 44.01% year-over-year in May 2025 from 3,949 active listings last year to 5,687 last month. Condominium inventory increased 39.51% year-over-year in May 2025, from 9,456 to 13,192 listings during the same period in 2024, but the total is still significantly below pre-pandemic. Current Miami condo inventory (13,192) is 16.9% below May 2019 pre-pandemic inventory (15,893). Months' supply of inventory for single-family homes is 6.6 months, which indicates a balanced market. Inventory for existing condominiums is 14 months, which indicates a buyer's market. A balanced market between buyers and sellers offers between six- and nine-months supply. Nationally, total housing inventory registered at the end of May was 1.54 million units, up 6.2% from April and 20.3% from May 2024 (1.28 million). Unsold inventory sits at a 4.6-month supply at the current sales pace, up from 4.4 months in April and 3.8 months in May 2024. Miami Real Estate: $246 Million in Local Economic Impact 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 $129,000, according to NAR. Miami-Dade sold 1,913 homes in May 2025 for a local economic impact of $246 million. Miami-Dade total dollar volume decreased 14.17% year-over-year in May 2025, from $2.2 billion to $1.9 billion. Single-family home dollar volume decreased 17.51% year-over-year to $1 billion. Condo dollar volume decreased 9.49% year-over-year to $854 million. Miami Distressed Sales Remain Low, Reflecting Healthy Market Only 0.4% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, versus 0.9% in May 2024. In 2009, distressed sales comprised 70% of Miami sales. Short sales and REOs accounted for 0.2% and 0.2%, respectively, of total Miami sales in May 2025. Miami's percentage of distressed sales are less than the national figure. Nationally, distressed sales represented 3% of sales in May 2025, up from 2% in May 2024. Miami Price Appreciation Outperforming Nation, State In Florida, closed sales of single-family homes statewide totaled 24,756 in May 2025, down 5.7% year-over-year, while existing condo-townhouse sales totaled 8,345, down 19.9%. Nationally, total existing-home sales completed transactions that include single-family homes, townhomes, condominiums and co-ops – decreased 0.7% year-over-year (down from 4.06 million in May 2024 to a seasonally adjusted annual rate of 4.03 million in May 2025). The statewide median sales price for single-family existing homes was $415,000, down 2.7% 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, down 6.1% vs. last year. 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 May 2025 was $422,800, up 1.3% from one year ago ($417,200) – a record high for the month of May, and the 23rd consecutive month of year-over-year price increases. Miami Real Estate Attracting Near List Price The median percent of original list price received for single-family homes was 95% in May 2025. The median percent of original list price received for existing condominiums was 93%. The median number of days between listing and contract dates for Miami single-family home sales was 40 days, up from 33 days last year. The median time to sale for single-family homes was 78 days, up from 76 days last year. The median number of days between the listing date and contract date for condos was 63 days, up from 46 days. The median number of days to sale for condos was 104 days, up from 87 days. Miami Cash Sales More than National Figure Cash sales represented 37% of Miami closed sales in May 2025, compared to 38.5% in May 2024. 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 Miami'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 50.3% of all Miami existing condo sales and 23.3% of single-family transactions. To access May 2025 Miami-Dade Statistical Reports, visit 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 105 years of service to REALTOR® members, the buying and selling public, and the communities in South Florida. Composed of six boards: 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 Corporate Board of Directors. MIAMI REALTORS® represent 58,000 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 287 international organizations worldwide. MIAMI's official website is Media Contact Chris Umpierre, MIAMI Association of REALTORS, 3054687047, chris@ Twitter View original content: SOURCE MIAMI Association of REALTORS Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
2 hours ago
- Business
- Business Insider
The fight over real estate listings heats up as Compass targets 'Zillow ban' in new lawsuit
Compass is going to war with Zillow. The outcome could greatly shape the future of finding your dream home. On Monday, Compass, one of the nation's largest real estate brokerages, filed an antitrust suit against Zillow, arguing that the most popular destination for online home buyers is breaking antitrust law by banning listings that don't meet its guidelines. At issue is Zillow's policy, which permanently bans any listing that is posted elsewhere but not on the well-trafficked website within 24 hours. Compass calls this a "Zillow ban." "The Zillow Ban seeks to ensure that all home listings in this country are steered onto its dominant search platform so Zillow can monetize each home listing and protect its monopoly," the lawsuit reads. Zillow said in April that it was changing its policy so that all homebuyers had access to the same information. Many agents use a multiple listing service, or MLS, a local database that makes listings widely available online, including to companies like Zillow. Brokerages like Compass have increasingly found ways to selectively post some listings before they get shared more widely via the MLS. These so-called hidden listings offer select agents and then later, the public early access to properties exclusive to the broker. Zillow has argued that these listing practices create an uneven information playing field for homebuyers and favor large brokers. "Zillow is an unfriendly place for home listings, which is one of the reasons home sellers have welcomed Compass's strategy," the lawsuit reads. As BI previously reported, Zillow's declaration came amid an uneasy time in the real estate market. Existing home sales remain slow, agents are facing pressure over their commissions, and the rules for the entire process are getting overhauled. Zillow said in response to the suit that Compass's claims are "unfounded" and the company is prepared to mount a vigorous defense. "Our listing access standards are designed to ensure transparency, equal opportunity, and broad visibility for everyone so sellers can maximize price and time to sell and so buyers have access to all available inventory," a Zillow spokesperson said in a statement to Business Insider. "These practices are widely supported by most brokerages, consumer advocates and fair housing experts, because open access and maximum exposure lead to better outcomes for buyers, sellers and agents alike." When it released its policy, Zillow cited the National Association of Realtors' own guidelines. Compass's suit says that Zillow lobbied to strengthen the trade group's standards to block practices like Compass' "Private Exclusive" listings. When those efforts failed, Compass says Zillow rolled out its listing policy. It's not just Zillow that Compass is targeting. Compass says that Zillow conspired with Redfin and eXp Realty to implement their own similar bans. Representatives for those companies didn't immediately respond to a request for comment from Business Insider.
Washington Post
3 hours ago
- Sport
- Washington Post
Kristian Fletcher suffers suspected ACL tear, and D.C. United's injury woes get worse
Kristian Fletcher, who rejoined D.C. United this spring from an eight-month loan to Nottingham Forest in England, suffered a suspected torn ACL during the MLS club's break last week, people familiar with the situation said Monday. The 19-year-old forward was hurt last Thursday during an unofficial training session, said two people, who did not want to be identified because they weren't authorized to comment. United officials, who said they did not want to comment, were awaiting results from additional tests, one person said. Fletcher had recently returned from U.S. under-20 national team duty in Egypt, where he started against Norway and came off the bench against Colombia. The Bowie, Maryland, native was on loan in England between September and April, playing for Nottingham Forest's junior squads. The Premier League club declined to exercise an option to purchase his contract. Since returning, Fletcher has appeared in three MLS matches totaling 75 minutes. The Washington Post's All-Met Player of the Year in fall 2021 signed with United late in the 2022 season and juggled coursework at Landon School and training with D.C. until graduating in 2023. In 2022-24, Fletcher played in 25 regular season matches, starting three times and scoring twice. Fletcher's injury comes as United (4-9-6) returns from a two-week gap in the schedule to host Nashville SC on Saturday at Audi Field. Injuries to attacking players have dogged the club of late. Striker Christian Benteke, MLS's scoring champion last year, has not played since May 14 because of an ankle injury. United is hopeful he will return soon. Benteke's back-up, Dominique Badji, missed several weeks with a hamstring injury before returning May 31. Midfielder João Peglow has been sidelined all this month with a hamstring injury. United has scored just 17 goals and been shut out eight times.
Associated Press
3 hours ago
- Business
- Associated Press
ByOwner Expands into 44 States, Empowering Homeowners to Save Big on Selling Their Home
06/23/2025, Boca Raton, Florida // PRODIGY: Feature Story // ByOwner ByOwner announces a major expansion, now operating in 44 states across the United States, up from 15 states just 2 years ago. This significant development symbolizes a new chapter for the company, strengthening its mission to offer homeowners a smarter, more affordable way to sell their homes without the high costs associated with traditional real estate agents. With a strong belief that homeowners should have more control and transparency in the home-selling process, ByOwner has been steadily evolving its platform since its acquisition and relaunch in 2011. Over the past decade, the company has evolved into a fully licensed real estate brokerage, combining professional-grade services with cost-effective benefits, providing sellers with an effective solution to maximize their overall savings on brokerage fees. 'When we first started, we were able to add up to 15 states to our package, but now, we have a pretty thorough coverage of the majority of the population in the United States, and most of that has happened within the last year,' says Greg Sullivan, President of ByOwner. The pioneering real estate company started its journey as a print publication that included real estate and vehicles; later, it chose to focus on the real estate industry alone. At the heart of the company's offerings is its ability to offer sellers access to the Multiple Listing Service (MLS), a database used by traditional agents and brokers that has not been available to sellers who choose to sell on their own. While most brokers charge an exorbitant commission rate to sellers, ByOwners empowers homeowners to list their properties on the MLS platform at a low commission fee of just 0.25% (a quarter of 1%) of the sale price. This gives them the same level of exposure to buyers and agents nationwide, ensuring their listing appears on all large-scale websites, all while evading the traditional buyer's agent fee, which is normally much higher. For sellers, this acts as a paradigm shift in both visibility and savings. 'With a model like ours and low commissions, sellers aren't forced to pay any buyer's agent fees,' Sullivan states. 'They can sell their home with massive savings.' 'The average home in the United States sells for $350,000. On a traditional model, this would be about $21,000 in commission, but with our model, you can do the whole transaction for an upfront cost of $195, and then we charge only a 0.25% commission,' Sullivan explains. With no hidden fees, ByOwner provides homeowners with the ability to manage their selling processes at their own pace. They offer sellers the ability to save thousands of dollars on their home sale without sacrificing the exposure they get from a traditional broker. 'There are a lot of people who don't know that a service like this exists out there, where they get the same MLS exposure with a significant percentage in commission savings,' Sullivan explains. ByOwner gives sellers the tools and platforms to manage their selling journey, such as setting the price, scheduling open houses, or negotiating while still providing them with the exposure to connect with serious buyers. With its limited-service model, the company enforces its ethos of keeping costs low and value high. As ByOwner celebrates its milestone of expanding to 44 states in the country, the company's ambitions have only grown further with it. With plans to enter the remaining states soon and become a comprehensive national service, the company is preparing for a fundraising round to expand its reach and bring more technological advancements and tools to its sellers. Over the years, ByOwner has upheld its values of not cutting corners, but only cutting costs. With a commitment to empowering sellers and home buyers, ByOwner stands out as a proven, practical solution headed towards making an affordable, low-commission home-selling model a national prerogative. The information provided is for general informational purposes only and does not constitute financial, investment, legal, or other professional advice. Media Contact Name: Greg Sullivan Email: [email protected] Source published by Submit Press Release >> ByOwner Expands into 44 States, Empowering Homeowners to Save Big on Selling Their Home
Business Insider
4 hours ago
- Business
- Business Insider
The war over real estate listings heats up as Compass targets 'Zillow ban' in new lawsuit
Compass says that Zillow is violating antitrust laws by forcing listings onto its platform. In April, Zillow said that it would permanently ban listings that aren't widely available. At issue is whether companies like Compass can post listings online that aren't also on Zillow. On Monday, Compass, one of the nation's largest real estate brokerages, filed an antitrust suit against Zillow, arguing that the most popular destination for online home buyers is breaking antitrust law by banning listings that don't meet its guidelines. At issue is Zillow's policy, which permanently bans any listing that is posted elsewhere but not on the well-trafficked website within 24 hours. Compass calls this a "Zillow ban." "The Zillow Ban seeks to ensure that all home listings in this country are steered onto its dominant search platform so Zillow can monetize each home listing and protect its monopoly," the lawsuit reads. Zillow said in April that it was changing its policy so that all homebuyers had access to the same information. Many agents use a multiple listing service, or MLS, a local database that makes listings widely available online, including to companies like Zillow. Brokerages like Compass have increasingly found ways to selectively post some listings before they get shared more widely via the MLS. These so-called hidden listings offer selectagents and then later, the public early access to properties exclusive to the broker. Zillow has argued that these listing practices create an uneven information playing field for homebuyers and favor large brokers. "Zillow is an unfriendly place for home listings, which is one of the reasons home sellers have welcomed Compass's strategy," the lawsuit reads. As BI previously reported, Zillow's declaration came amid an uneasy time in the real estate market. Existing home sales remain slow, agents are facing pressure over their commissions, and the rules for the entire process are getting overhauled. A representative for Zillow did not immediately respond to a request for comment from Business Insider. When it released its policy, Zillow cited the National Association of Realtors' own guidelines. Compass's suit says that Zillow lobbied to strengthen the trade group's standards to block practices like Compass' "Private Exclusive" listings. When those efforts failed, Compass says Zillow rolled out its listing policy.
