october

Cal/OSHA Summit Returns to San Diego, October 14-16th, to Review the Latest Workplace Compliance Pitfalls to Avoid and Safety Management Best Practices for CA Businesses

As a leading California-specific workplace safety compliance and management event, the Cal/OSHA Summit will provide attendees with the latest updates on workplace violence prevention, review how to avoid state and federal OSHA enforcement traps, and tools to implement a safety culture, training, and leadership development program.(PRWeb February 19, 2020)Read the full story at https://www.prweb.com/releases/cal_osha_summit_returns_to_san_diego_october_14_16th_to_review_the_latest_workplace_compliance_pitfalls_to_avoid_and_safety_management_best_practices_for_ca_businesses/prweb16916371.htm

Cal/OSHA Summit Returns to San Diego, October 14-16th, to Review the Latest Workplace Compliance Pitfalls to Avoid and Safety Management Best Practices for CA Businesses

As a leading California-specific workplace safety compliance and management event, the Cal/OSHA Summit will provide attendees with the latest updates on workplace violence prevention, review how to avoid state and federal OSHA enforcement traps, and tools to implement a safety culture, training, and leadership development program.(PRWeb February 19, 2020)Read the full story at https://www.prweb.com/releases/cal_osha_summit_returns_to_san_diego_october_14_16th_to_review_the_latest_workplace_compliance_pitfalls_to_avoid_and_safety_management_best_practices_for_ca_businesses/prweb16916371.htm

Wireless Zone® Donated $25,000 to Homes for our Troops in October

MIDDLETOWN, Conn. (PRWEB) January 21, 2020
Wireless Zone®, a Verizon authorized retailer and the nation’s largest wireless retail franchise, recently donated $25,000 to Homes for our Troops through its philanthropic Wireless Zone Foundation for Giving®. The check presentation took place on October 3, 2019. Homes for our troops is one of the Wireless Zone Foundation for Giving’s core charities—groups supported annually that are selected for their service of all Wireless Zone communities.
Homes For Our Troops is a 501(c)(3) nonprofit organization that builds and donates specially adapted, custom homes for severely injured post-9/11 veterans to assist them in rebuilding their lives. Most of the veterans whom HFOT assists have sustained injuries including limb amputations, partial or full paralysis, and/or severe traumatic brain injury. Since its inception in 2004, Homes for our Troops has built 290 specially adapted homes for veterans and their families.
According to the organization’s website, the mission of HFOT is “building homes, rebuilding lives” by providing a pro-bono financial planner for three years to assist in financial planning and household budgeting, in addition to homeownership education and warranty coverage to ensure that the Veteran is set up for long-term success as a homeowner.
“Our Veterans and their families sacrifice so much for our country, and sadly, many of them come home no longer able to work and are burdened with significant medical expenses. This organization provides them with a home suited to their disabilities in the community they choose, and continues to give them support well beyond moving in,” said Brian Murtari, President of Wireless Zone’s Foundation for Giving. “It’s a great program and we’re proud to support their work.”
The Wireless Zone Foundation for Giving allows for franchisees to participate in other system wide events including the annual Backpack Giveaway to local schools. Franchisees collect funds throughout the year in order to purchase new backpacks stocked with necessary school supplies for children in need. In 2019, Wireless Zone’s third annual Backpack Giveaway gave out an estimated 70,000 backpacks to children in need all across the country. More information about the Wireless Zone Foundation for Giving and its charity partners can be found at https://wirelesszone.com/foundation/.
About Wireless Zone:Founded in 1988 as “”The Car Phone Store””, the Wireless Zone system has become the nation’s largest wireless retail franchisor and was ranked the No. 1 franchise in its category by Entrepreneur magazine. Each store is independently owned and operated, exclusively offering Verizon Wireless products and services. The Wireless Zone system has been honored with Verizon’s “Best Customer Service” award for five consecutive years and is franchised and operated by Wireless Zone LLC. For more information, visit http://www.wirelesszone.com.
About The Wireless Zone Foundation for Giving:The Wireless Zone Foundation for Giving was founded in 2003 after identifying a need and desire to give back to our communities. Today the Foundation raises a substantial amount of money to support a large number of local charities and causes in the communities in which we do business. We also have time-honored relationships with our national charities including Make-A-Wish, Autism Speaks, Children’s Tumor Foundation and St. Jude’s as well as No Kid Hungry, Best Friends Animal Rescue, Homes for our Troops and Sandy Hook Promise.

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GameAbove, Mr. October Foundation Announce Collaboration, $500,000 a Year to Expand STEM Efforts for Young Women and Men

Digital Divas program provides expanded STEM opportunities

…a significant gender gap remains.

YPSILANTI, Mich. (PRWEB) January 10, 2020
GameAbove and the Mr. October Foundation today announced a collaborative effort and $500,000 in annual funding to expand a successful Eastern Michigan University program that encourages and supports more girls and boys, particularly from disadvantaged areas, to enter technology-related careers.
Digital Divas, which began in 2010 as a twice-a-year conference for middle and high school girls, will now expand to include after-school sessions, summer camps and other events to provide more opportunities to build STEM (science, technology, engineering and math) skills and knowledge in a space where individuals can explore and build their interests while becoming familiar with life on a college campus. The additional funding and collaboration will also support the recent addition of a “Digital Dudes” program, targeting at-risk young men in inner cities by engaging them in hands-on learning and exposure to a college campus in hopes to improve high school graduation rates and help them plan a pathway to college.
“The past decade has witnessed explosive growth in the technology industry, yet a significant gender gap remains. Women are missing out on this entrepreneurial success. GameAbove and the Mr. October Foundation are coming together to help change this disparity,” said Denis Wolcott, GameAbove spokesperson. “Digital Divas, and now Digital Dudes, are wonderful opportunities for young people to achieve their dreams.”
“I’m very excited and appreciative of our new partnership with GameAbove and Eastern Michigan University,” said Reggie Jackson, founder of the Mr. October Foundation. “Detroit has always been a target for me since I’ve played there and learned of the need they’ve had for a focus on education among the younger generation – a generation that soon will be making the decisions for our future.”
Through the initiative announced today, GameAbove will provide up to $500,000 annually to expand Digital Divas’ programming beyond the twice-a-year conferences, underwrite the program’s executive director salary and provide scholarships to attend EMU. The Mr. October Foundation will provide additional curriculum and educational assistance to targeted schools in Detroit and other Southeast Michigan communities. GameAbove, whose advisory board is filled with successful entrepreneurs dedicated to enhancing the academic experience within EMU and the surrounding communities, found a perfect partner in the Mr. October Foundation with a shared vision: To see young people succeed.
“On behalf of the faculty and supporters of Digital Divas, we are grateful for this generous funding and commitment to our program,” said Bia Hamed, Digital Divas Program Director. “This collaboration will benefit so many more female and male students from inner cities, from rural communities, and from low socioeconomic areas and historically disadvantaged school districts. We look forward to reaching more young people and inspiring them into STEM courses and careers.”
According to an American Association of University Women research report, a combination of stereotypes, gender biases, and values result in women often reporting that they don’t feel as if they belong in engineering and computing fields. Less than 20 percent of computer science degrees went to women in 2017 and the numbers are lower for minority women, according to another report. To correct this disparity, EMU’s College of Engineering & Technology launched Digital Divas to inspire and provide positive role models and experiences for girls.
Over the past few months, GameAbove has donated more than $13 million to academic, athletic and supportive programs at Eastern Michigan University. Previously announced gifts of $3.5 million to EMU include the “GameAbove, Faculty First” initiative to support faculty development and the “Students Matter Most” grant to assist the academic and program needs of current and future students.
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About The GameAboveAt The GameAbove, our primary focus is to help shape, inspire and support the current and future students of Eastern Michigan University by reaching new heights in learning through transformation and inspiration in the educational experience. Together, we will strive for that next level of success with a GameAbove all others. The GameAbove family of organizations will also help improve the higher education experience by exploring and supporting the use of innovative financial models to sustain universities, creative giving within the community, enhancing the campus environment, elevating athletics and promoting pioneering academic programs. http://www.gameabove.com
About The Mr. October FoundationThe Mr. October Foundation was founded in 1997 by Reginald Martinez “Reggie” Jackson with the goal of helping to bridge the “digital divide” for the benefit of disadvantaged kids whose circumstances hamper their ability to achieve the goal of a good education. Mr. Jackson is a retired Major League Baseball right fielder who played from 1967 to 1987 for the Oakland A’s, Baltimore Orioles, New York Yankees and Los Angeles Angels. Mr. Jackson, nicknamed “Mr. October,” is a 14-time All-Star, five-time World Series champion and two-time World Series MVP. He was inducted into the Major League Baseball Hall of Fame in 1993. http://www.mroctober.org
About Digital DivasDigital Diva’s mission is to provide a venue for connecting middle and high school women with careers in STEM through: Introducing young women to careers in technology, recruiting women into technology majors, breaking down gender stereotypes regarding tech careers, creating awareness of safe online interactions, and encouraging ethical behaviors in digital spaces. The program now also reaches young men in disadvantaged communities as a pathway to college and escape poverty. http://www.emich.edu/digitaldivas
About Eastern Michigan UniversityFounded in 1849, Eastern is the second oldest public university in Michigan. It currently serves nearly 18,000 students pursuing undergraduate, graduate, specialist, doctoral and certificate degrees in the arts, sciences and professions. In all, more than 300 majors, minors and concentrations are delivered through the University’s Colleges of Arts and Sciences; Business; Education; Engineering and Technology; Health and Human Services; and, its graduate school. EMU is regularly recognized by national publications for its excellence, diversity, and commitment to applied education. For more information about Eastern Michigan University, visit the University’s website.

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Hartman Acquired Houston Highbrook Portfolio in the month of October

On October 1, 2019, a subsidiary of Hartman vREIT XXI, Inc. (vREIT XXI) acquired Highbrook Portfolio for approximately $20.5 million with the proceeds from the public offering. Highbrook Portfolio is a group of three office properties; two in the Energy Corridor within the Park Ten Business Park (1400 Broadfield Building and 16420 Park Ten Building), and the other in the Willowbrook area near Farm to Market (FM) Road 1960 and State Highway (SH) 249/Tomball Parkway.(PRWeb December 13, 2019)Read the full story at https://www.prweb.com/releases/hartman_acquired_houston_highbrook_portfolio_in_the_month_of_october/prweb16787730.htm

Palm Beach Single-Family Home Median Prices Increase in October

2019 JTHS-MIAMI President Kim Price

“Homebuyers are not just buying homes in Palm Beach County; they’re moving their businesses here”

MIAMI (PRWEB) November 22, 2019
Palm Beach County single-family home median prices increased year-over-year in October 2019, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
Palm Beach County single-family home median prices rose 3.3%, from $347,500 to $359,000. Palm Beach continues in a seller’s market (inventory below 6 months of supply) with months of supply trending downward, a sign of the high demand for Palm Beach real estate.
“Homebuyers are not just buying homes in Palm Beach County; they’re moving their businesses here,” 2019 JTHS-MIAMI President Kim Price said. “The IRS tax overhaul passed by Congress in 2017 has led to more residents of high-tax states such as New York and California purchasing Palm Beach real estate.”
Palm Beach County Total Home Sales Decline in October
Total Palm Beach County home sales declined 4.8%, from 2,533 to 2,412. Palm Beach single-family home sales decreased 6.2%, from 1,459 to 1,369. Palm Beach condo sales decreased 2.9%, from 1,074 to 1,043.
Lack of inventory in lower price points contributed to the decline in transactions. With consumer confidence rising, unemployment low, job creation high and increased migration to Florida, Palm Beach real estate should enjoy steady growth.
Single-family home dollar volume decreased 10.8%, from $795 million to $709.3 million. Condo dollar volume decreased 0.3%, from $285 million to $284 million.
According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased to 3.69% in October, up from 3.61% in September. The average commitment rate across all of 2018 was 4.54%.
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.
A new condo approval process could increase sales in the future. The new guidance, which goes into effect in mid-October, extends certifications from two years to three, allows for single-unit mortgage approvals, provides more flexibility with owner/occupancy ratios, and increases the allowable number of FHA loans in a single project. The changes, many of which MIAMI and NAR has championed, should yield thousands of new homeownership opportunities.
Another Month of Price Appreciation in Palm BeachPalm Beach County single-family home prices increased 3.3% in October 2019, increasing from $347,500 to $359,000. Existing condo prices decreased 7%, from $185,000 to $172,000.
Palm Beach Distressed Sales Stay Low, Reflecting Healthy MarketOnly 3.9% of all closed residential sales in Palm Beach were distressed last month, including REO (bank-owned properties) and short sales, compared to 3.1% in October 2019.
Total Palm Beach distressed sales increased 20.3%, from 79 to 95.
Short sales and REOs accounted for 0.7% and 3.2%, respectively, of total Palm Beach sales in October 2019. Short sale transactions increased 6.25% year-over-year while REOs decreased 23.8% percent.
Nationally, distressed sales represented 2% of sales in October, unchanged from September but down from 3% in October 2018.
Palm Beach Real Estate Selling Close to List PriceThe median number of days between listing and contract dates for Palm Beach single-family home sales was 54 days, a 3.8% increase from 52 days last year. The median number of days between the listing date and closing date for single-family homes was 95 days, a 2.2% percent increase from 93 days.
The median time to contract for condos was 57 days, a 9.6% increase from 52 days last year. The median number of days between listing date and closing date increased 4.2% to 99 days.
The median percent of original list price received for single-family homes was 95.1%. The median percent of original list price received for existing condominiums was 93.8%.
National and State StatisticsNationally, total existing-home sales transactions increased 1.9% from September to a seasonally-adjusted annual rate of 5.46 million in October. Despite lingering regional variances, overall sales are up 4.6% from a year ago (5.22 million in October 2018).
Statewide closed sales of existing single-family homes totaled 23,440 last month, up 5.2% from October 2018, according to Florida Realtors. Florida’s condo-townhouse market totaled 9,226, relatively the same level (down 0.5%) as a year ago. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
The national median existing-home price for all housing types in October was $270,900, up 6.2% from October 2018 ($255,100), as prices rose in all regions. October’s price increase marks 92 straight months of year-over-year gains.
Statewide median sales prices for both single-family homes and condo-townhouse properties in October rose year-over-year for 94 months in a row. The statewide median sales price for single-family existing homes was $263,000, up 3.6% 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 $190,500, up 5.8% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
Palm Beach Cash Buyers Represent More than Double the National FigurePalm Beach cash transactions comprised 42.8% of October 2019 total closed sales, compared to 43.9% last year. Palm Beach cash transactions are double the national figure (19%).
Condominiums comprise a large portion of Palm Beach cash purchases as 57.2% of condo closings were made in cash in October compared to 31.8% of single-family home sales.
Seller’s Market for Palm Beach Real EstateInventory of single-family homes decreased 9.7% in October from 7,112 active listings last year to 6,420 last month. Condominium inventory decreased 4.7% to 5,743 from 6,027 listings during the same period in 2018.
Months supply of inventory for single-family homes decreased 6.3% to 4.5 months, which indicates a seller’s market. Existing condominiums have a 5.2-month supply, which also indicates a seller’s market. A balanced market between buyers and sellers offers between six- and nine-months supply.
Total active listings at the end of October decreased 7.4% year-over-year, from 13,139 to 12,163.
New listings of Palm Beach single-family homes decreased 1.1% percent to 2,104 from 2,127. New listings of condominiums increased 0.4%, from 1,815 to 1,822.
Nationally, total housing inventory at the end of October sat at 1.77 million units, down approximately 2.7% from September and 4.3% from one year ago (1.85 million). Unsold inventory sits at a 3.9-month supply at the current sales pace, down from 4.1 months in September and from the 4.3-month figure recorded in October 2018.
To access October 2019 Palm Beach Statistical Reports, visit http://www.miamirealtors.com/news/south-florida-market-intelligence
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 RealtorsThe MIAMI Association of Realtors was chartered by the National Association of Realtors in 1920 and is celebrating 99 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations, the Residential Association, the Realtors Commercial Alliance, the Broward-MIAMI Association of Realtors, the Jupiter Tequesta Hobe Sound (JTHS-MIAMI) Council, the Young Professionals Network (YPN) Council and the award-winning International Council, it represents 52,000 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 221 international organizations worldwide. MIAMI’s official website is http://www.MiamiRealtors.com

Broward County Single-Family Home Sales Rise in October

Broward-MIAMI President Jonathan Keith, a Fort Lauderdale broker

“Fort Lauderdale and all of Broward County has become a more mature community, and it’s leading to homebuyers from all over the nation and world to purchase property here”

MIAMI (PRWEB) November 22, 2019
Broward County single-family home sales, median prices and dollar volume increased year-over-year in October 2019, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
Broward single-family home sales increased 1.7% year-over-year, from 1,322 to 1,344. Broward County continues in a seller’s market (inventory below 6 months of supply) with months of supply trending downward, a sign of the high demand for Broward real estate.
“Fort Lauderdale and all of Broward County has become a more mature community, and it’s leading to homebuyers from all over the nation and world to purchase property here,” said Broward-MIAMI President Jonathan Keith, a Fort Lauderdale broker. “New federal tax law limiting deductions on state and local taxes and low mortgage rates will continue boosting home sales.”
Total Home Sales Decreased in OctoberBroward total home sales decreased 5.9% year-over-year, from 2,799 to 2,632. Lack of inventory in lower price points contributed to the decline in transactions. With consumer confidence rising, unemployment low, job creation high and increased migration to Florida, Broward real estate should enjoy steady growth.
Broward single-family home sales increased 1.7% year-over-year, from 1,322 to 1,344. Broward existing condo sales decreased 12.8%, from 1,477 to 1,288.
According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased to 3.69% in October, up from 3.61% in September. The average commitment rate across all of 2018 was 4.54%.
Single-family home dollar volume increased 3.6% from $590.4 million to $611.6 million. Condo dollar volume decreased 16.9% percent from $328.3 million to $272.9 million.
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.
Broward Median Prices Continue RisingBroward single-family home median prices increased 2%, from $355,000 to $362,000. Broward existing condominium median prices increased 7%, from $157,000 to $168,000.
Broward Distressed Sales Stay Low, Reflecting Healthy MarketOnly 4.8% of all closed residential sales in Broward were distressed in October 2019, including REO (bank-owned properties) and short sales, compared 4.3% in October 2018.
Total Broward distressed sales increased 5% year-over-year, from 120 to 126.
Short sales and REOs accounted for 0.9% and 3.9%, respectively, of total Broward sales in October 2019. Short sale transactions decreased 29.4% year-over-year, from 34 to 24. REOs decreased 18.6%, from 86 to 102.
Nationally, distressed sales represented 2% of sales in October, unchanged from September but down from 3% in October 2018.
Broward Real Estate Selling Close to List PriceThe median number of days between listing and contract dates for Broward single-family home sales was 46 days, a 7% increase from 43 days last year. The median number of days between the listing date and closing date for single-family homes was 88 days, a 6% increase from 83 days.
The median time to contract for condos was 51 days, an 8.5% increase from 47 days. The median number of days between the listing date and closing date for condos was 92 days, a 5.7% increase from 87 days.
The median percent of original list price received for single-family homes was 96.2 percent. The median percent of original list price received for existing condominiums was 95.8 percent.
National and State StatisticsNationally, total existing-home sales transactions increased 1.9% from September to a seasonally-adjusted annual rate of 5.46 million in October. Despite lingering regional variances, overall sales are up 4.6% from a year ago (5.22 million in October 2018).
Statewide closed sales of existing single-family homes totaled 23,440 last month, up 5.2% from October 2018, according to Florida Realtors. Florida’s condo-townhouse market totaled 9,226, relatively the same level (down 0.5%) as a year ago. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
The national median existing-home price for all housing types in October was $270,900, up 6.2% from October 2018 ($255,100), as prices rose in all regions. October’s price increase marks 92 straight months of year-over-year gains.
Statewide median sales prices for both single-family homes and condo-townhouse properties in October rose year-over-year for 94 months in a row. The statewide median sales price for single-family existing homes was $263,000, up 3.6% 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 $190,500, up 5.8% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
Broward Cash Buyers Represent Almost Double the National FigureBroward cash transactions comprised 31.9% of October 2019 total closed sales, compared to 38.6% last year. Broward cash transactions are almost double the national figure (19%).
Condominiums comprise a large portion of Broward’s cash purchases as 47.4% of condo closings were made in cash in October compared to 17.3% of single-family home sales.
Seller’s Market for Broward Real EstateMonths supply of inventory for single-family homes decreased 8.9% to 4.1 months, which indicates a seller’s market. Existing condominiums have a 5.6-month supply, which also indicates a seller’s market. A balanced market between buyers and sellers offers between six and nine months of supply.
Total active listings at the end of October decreased 5.7% year-over-year, from 13,947 to 13,152. Inventory of single-family homes decreased 9.3% in October from 5,913 active listings last year to 5,362 in October 2019. Condominium inventory decreased 3% to 7,790 from 8,034 listings during the same period in 2018.
New listings of Broward single-family homes decreased 6.9% from 2,010 to 1,872. New listings of condominiums decreased 12.2%, from 2,348 to 2,062.
Nationally, total housing inventory at the end of October sat at 1.77 million units, down approximately 2.7% from September and 4.3% from one year ago (1.85 million). Unsold inventory sits at a 3.9-month supply at the current sales pace, down from 4.1 months in September and from the 4.3-month figure recorded in October 2018.
To access October 2019 Broward County 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 RealtorsThe MIAMI Association of Realtors was chartered by the National Association of Realtors in 1920 and is celebrating 99 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations, the Residential Association, the Realtors Commercial Alliance, the Broward-MIAMI Association of Realtors, the Jupiter Tequesta Hobe Sound (JTHS-MIAMI) Council, the Young Professionals Network (YPN) Council and the award-winning International Council, it represents 52,000 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 221 international organizations worldwide. MIAMI’s official website is http://www.MiamiRealtors.com

Miami Luxury Home Sales Surge Double Digits in October; Total Sales, Median Prices Also Increase

MIAMI Chairman of the Board José María Serrano

“Miami’s rise as a global city, a new federal tax law limiting deductions on state and local taxes and low mortgage rates continue boosting home sales”

MIAMI (PRWEB) November 21, 2019
Miami-Dade County luxury $1-million-and-up home sales, total home transactions, single-family home purchases, median sale prices and dollar volume increased year-over-year in October 2019, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
Miami single-family home sales are up 2.3% year-to-date compared to first 10 months of last year; condo sales are up 0.5% year-to date. Miami real estate continues seeing increased demand as months of supply and inventory trends downward for both property types.
“Miami’s rise as a global city, a new federal tax law limiting deductions on state and local taxes and low mortgage rates continue boosting home sales,” MIAMI Chairman of the Board José María Serrano said. “Northerners and other homebuyers are not just purchasing second homes; they are bringing businesses and moving here full time.”
Miami Luxury Home Sales, Total Sales Rise in OctoberTotal luxury ($1-million-and-up) home sales surged 13.8% year-over-year in October 2019, from 123 to 140. Single-family home luxury sales jumped 16.7% to 77 transactions last month. Condo luxury sales increased 10.5% to 63 transactions.
Total Miami-Dade County home sales increased 3.1% year-over-year, from 2,285 to 2,355. With consumer confidence rising, unemployment low, job creation high and increased migration to Florida, Miami real estate should enjoy steady growth.
Miami single-family home sales increased 6.8%, from 1,073 to 1,146. Miami existing condo sales decreased a negligible 0.2%, from 1,212 to 1,209.
The increased number of luxury transactions raised the total dollar volume for Miami real estate last month. Single-family home dollar volume rose 7.7%, from $522.9 million to $563.1 million. Condo dollar volume jumped 8.1%, from $426.2 million to $460.7 million.
According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased to 3.69% in October, up from 3.61% in September. The average commitment rate across all of 2018 was 4.54%.
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 13 are approved for Federal Housing Administration loans, down from 29 last year, according to Florida Department of Business and Professional Regulation and FHA.
A new condo approval process could increase sales in the future. The new guidance, which went into effect in mid-October, extends certifications from two years to three, allows for single-unit mortgage approvals, provides more flexibility with owner/occupancy ratios, and increases the allowable number of FHA loans in a single project. The changes, many of which MIAMI and NAR has championed, are expected to generate increased homeownership opportunities.
Almost Eight Consecutive Years of Price Appreciation in MiamiMiami-Dade County single-family home prices increased 6.8% in October 2019, increasing from $350,000 to $365,000. Miami single-family home prices have risen for 95 consecutive months, a streak of 7.92 years. Existing condo prices increased 5.1%, from $235,000 to $247,000. Condo prices have increased or stayed even in 97 of the last 101 months.
Despite the price increase, Miami, where the median price is still comparable to 2006 figures, remains a bargain compared to other global cities. In Miami, $1 million can net homebuyers 93 square meters of prime property, according to Knight Frank’s 2019 The Wealth Report. Monaco (16 square meters), Hong Kong (22), New York (31), Los Angeles (36) and others offer significantly less prime land for $1 million.
Miami Distressed Sales Stay Low, Reflecting Healthy MarketOnly 6.4% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, compared to 6.6% in October 2019. In 2009, distressed sales comprised 70% of Miami sales.
Total Miami distressed sales stayed even at 150 in October 2018 and October 2019.
Short sales and REOs accounted for 1.2% and 5.1%, respectively, of total Miami sales in October 2019. Short sale transactions increased 3.6% year-over-year while REOs decreased 0.82% percent.
Nationally, distressed sales represented 2% of sales in October, unchanged from September but down from 3% in October 2018.
Miami Real Estate Selling Close to List PriceThe median number of days between listing and contract dates for Miami single-family home sales was 50 days, a 16.3% increase from 43 days last year. The median number of days between the listing date and closing date for single-family homes was 95 days, a 6.7% percent increase from 89 days.
The median time to contract for condos was 71 days, a 1.4% increase from 70 days last year. The median number of days between listing date and closing date stayed even at 113 days.
The median percent of original list price received for single-family homes was 95.9 percent. The median percent of original list price received for existing condominiums was 93.7 percent.
National and State StatisticsNationally, total existing-home sales transactions increased 1.9% from September to a seasonally-adjusted annual rate of 5.46 million in October. Despite lingering regional variances, overall sales are up 4.6% from a year ago (5.22 million in October 2018).
Statewide closed sales of existing single-family homes totaled 23,440 last month, up 5.2% from October 2018, according to Florida Realtors. Florida’s condo-townhouse market totaled 9,226, relatively the same level (down 0.5%) as a year ago. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
The national median existing-home price for all housing types in October was $270,900, up 6.2% from October 2018 ($255,100), as prices rose in all regions. October’s price increase marks 92 straight months of year-over-year gains.
Statewide median sales prices for both single-family homes and condo-townhouse properties in October rose year-over-year for 94 months in a row. The statewide median sales price for single-family existing homes was $263,000, up 3.6% 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 $190,500, up 5.8% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
Miami’s Cash Buyers Represent Almost Double the National FigureMiami cash transactions comprised 32.6% of October 2019 total closed sales, compared to 37.2% last year. Miami cash transactions are almost double the national figure (19%).
Miami’s high percentage of cash sales reflects South Florida’s ability to attract a diverse number of international homebuyers, who tend to purchase properties in all cash.
Condominiums comprise a large portion of Miami’s cash purchases as 43.9% of condo closings were made in cash in October compared to 20.7% of single-family home sales.
Seller’s Market for Single-Family Homes, Buyer’s Market for CondosInventory of single-family homes decreased 4.6% in October from 6,864 active listings last year to 6,548 last month. Condominium inventory decreased 4% to 15,295 from 15,928 listings during the same period in 2018.
Months supply of inventory for single-family homes decreased 6.3% to 6 months, which indicates a seller’s market. Existing condominiums have a 13.2-month supply, which indicates a buyer’s market. A balanced market between buyers and sellers offers between six- and nine-months supply.
Total active listings at the end of October decreased 4.2% year-over-year, from 22,792 to 21,843. Active listings remain about 60 percent below 2008 levels when sales bottomed.
New listings of Miami single-family homes decreased 4% percent to 1,835 from 1,912. New listings of condominiums decreased 10.9%, from 2,641 to 2,354.
Nationally, total housing inventory at the end of October sat at 1.77 million units, down approximately 2.7% from September and 4.3% from one year ago (1.85 million). Unsold inventory sits at a 3.9-month supply at the current sales pace, down from 4.1 months in September and from the 4.3-month figure recorded in October 2018.
To access October 2019 Miami-Dade Statistical Reports, visit https://www.miamirealtors.com/news/south-florida-market-intelligence?
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 RealtorsThe MIAMI Association of Realtors was chartered by the National Association of Realtors in 1920 and is celebrating 99 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations, the Residential Association, the Realtors Commercial Alliance, the Broward-MIAMI Association of Realtors, the Jupiter Tequesta Hobe Sound (JTHS-MIAMI) Council, the Young Professionals Network (YPN) Council and the award-winning International Council, it represents 52,000 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 221 international organizations worldwide. MIAMI’s official website is http://www.MiamiRealtors.com