Miami sets the pace in Florida, say market reports
emerged as the state's leading residential real estate market for
first quarter 2000, according to the Florida Association of Realtors.
a round-up of Florida markets, the Miami statistical area showed a
20% increase in total homes sold in the first three months of 2000
over the same period in 1999.
behind were Naples and the Fort Pierce-Port St. Lucie area, both presenting
strong economy continued to attract first-time and move-up buyers,"
the association's researchers conclude, "who weren't dissuaded
by the higher interest rates averaging 8.26% for a 30-year,
fixed-rate mortgage during the first quarter of 2000, which is up
from the 6.88% average during the same period last year."
real estate professionals predict the numbers may rise even higher
as the year progresses.
Realty Services reports a 45.4% increase in Miami-Dade first-quarter
sales over 1999. Pat Dahne, regional vice president for Miami-Dade
for Arvida, says the strong economy and the number of international
buyers that continue to invest in Miami contribute to the increased
other main factor," she says, "is the addition of agents.
In November we acquired Framer Realty, plus we have hired 24 additional
agents in the first quarter."
South American market includes sellers as well as buyers, she says
those who previously bought investment properties and are now
putting them on the market in order to free some capital.
have continued to be ahead of our projections through April and May,"
Co. sales for the first quarter were up 21%, says President Michael
think there's no question that internationally and price-wise Miami-Dade
is hot," he says. "When we look at its history over the
past 20 years, we can take a lot of pride in what has become a new
city. We have the Latin music, the international beat, the high-tech
business, import-export and construction all coming to fruition.
you start seeing cranes everywhere, that has a strong ripple effect
on the economy."
that closed in the first quarter were contracted in the third quarter
1999, Mr. Pappas says before interest rates went up.
May, he says, written business was up 26% and closings climbed 40%
even though the interest rate was two points higher than in
think the rise is making people make decisions," he says. "We're
also into the strong selling time."
he says, sales in May-August run 10%-15% higher because people want
to move when their children are out of school.
to Facts & Trends, a monthly market report prepared by Esslinger Wooten
Maxwell Realtors from county multiple listings services, an average
of 884 homes a month were sold in first quarter 2000 up from
738 during the same period in '99.
Shuffield, Esslinger Wooten Maxwell president, says the first quarter
is typically relatively slow for home re-sales which could
mean even greater increases for the rest of the year.
for the new-home market, a report from American Metro-Study, a Houston-based
market advisory firm, calls Florida "one of the most resilient
housing markets in the nation."
to the study, Miami-Dade had 5,242 construction starts during the
12 months ending March 2000 a 10.9% increase over the previous
12 months. In first-quarter 2000, 1,094 single-family units were started
8.3% more than last year.
Miami-Dade continues to experience strong demand," the report
says, "a number of its larger communities are approaching build-out.
The supply of new housing will decrease over the next three years;
the absolute number of lots and the months of supply of lots has been
dropping for more than a year.
upon the annual rate, there is currently less than an 18-month supply
of developed lots in this market."