National, State Home Sales in 1Q 2018
Nationwide existing-home sales, including single family and condos, decreased 1.5 percent to a seasonally adjusted annual rate of 5.51 million in the first quarter from 5.59 million in the fourth quarter of 2017, and are 1.7 percent lower than the 5.60 million pace during the first quarter of 2017, according to NAR.
Statewide, closed sales of existing single-family homes totaled 60,204 in 1Q 2018, down slightly, 0.9 percent, from the 1Q 2017 figure, according to Florida Realtors. Florida's townhome-condo market totaled 27,088 during 1Q 2018, up 2.8 percent compared to 1Q 2017.
Balanced Market for Single-Family Homes, Buyer's Market for Condos
At the current sales pace, the number of active listings represents 6.2 months of inventory for single-family homes and 14.9 for condominiums. A balanced market between buyers and sellers offers between six and nine months of supply inventory.
Miami real estate had 22,560 active listings in the first quarter; a 3.6percent increase from the 21,771 listings at the same time last year. The inventory for single-family homes increased 2.5 percent, from 6,355 to 6,517. Miami existing condo inventory grew 4.1 percent, from 15,416 to 16,043.
Miami Homes Selling Close to List Price
The median percent of original list price received was 95.2 percent for single-family homes and 93.6 percent for condos in 1Q 2018.
The median time to contract for single-family home listings was 48 days, a 17.2 percent decrease from 58 days in 1Q 2017. The median time to contract for existing condos was 80 days, a 3.6 percent decrease from 83 days in 1Q 2017.
The median time to sale for single-family homes decreased 11.8 percent, from 110 days to 97. The median time to sale for existing condos decreased 3.9 percent, from 127 days to 122.
Miami Cash Sales Double National Figure
Cash sales represented 40.8 percent of Miami closed sales in the first quarter of 2018, compared to 44.8 percent in 1Q 2017. About 20 percent of U.S. home properties are made in cash, according to the latest NAR statistics. 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.
Cash sales accounted for 54.2 percent of all Miami existing condo sales and 26.7 percent of single-family transactions.