MIAAOR Membership as of March, 2021 MIAAOR NEWS Designated Realtors® 44 Volume 3 – April 2021 Realtors® 521 Appraisers 3 Affiliates 38 "MIAAOR United – One Together" April is National Fair Housing Month Every April, REALTORS® commemorate the passage of the Fair Housing Act of 1968 with events and education that shine a light on housing discrimination and segregation. Fair Housing Month signifies a recommitment to expanding equal access to housing. Implicit bias is often a manifestation of muscle memory. A go-with-your-gut unconscious choice, act, or opinion with immeasurable consequences that can–and have–impacted generations. Slow down, course correct, and take action. Throughout the year we must remain steadfast in our commitment breaking down biases, holding ourselves accountable, and upholding the letter of the law. So, refresh your memory, and open your mind. There’s always more to know, and we can all do better. In This Issue: Stats 2 April Online Education 3 Article | Realtor® Magazine 4 MIAAOR Stats: March 2021 Market Report. For the purpose of this report, the following category types are measured: single family homes, condos and vacant lots. Total inventory in March of 2021 was down 75% from March 2020. Total active properties this March was 236 as compared to 957 last year. There were 79 single family homes on the market, 98 condos and 59 lots. The total number of closed sales was up 73% from 145 to 251. Total dollar volume was $245M, up 89% from March 2020. Broken down by category, 90 homes closed this March - up 55% from 58 homes sold last year. The median sale price was $1.2M, up by 37%. Average days on market for homes was down 45% from 199 to 110. 111 condos sold this March, up 71% from last year. The median sale price was up 12%. Average days on market for a condo went from 161 to 126 for a 22% decrease. We had 50 lots closing this March, up a whopping 127% from last year’s 22. The total sold dollar volume was up 188% from last year. Average days on market for lots was down 5%. BONUS STATS: Comparing March 2021 to Feb 2021 Total inventory was down 23% from 290 in Feb to 236 this month Total closed sales were up this month 57% from 160 to 251 Total dollar volume sold was up 72% this month from $140.4M to $242M Data courtesy of Marco Island Area Association of Realtors® Multiple Listing Service (MLS) for the period March 2020 and March 2021. For the purpose of this report, the following property types are measured: single family homes (RE1), condos (RE2), and lots. Decimals rounded to the nearest whole number. Stats are available on the 6th of the month for the month prior. We post them on Facebook and our MarcoRealtor.com website. They are also posted as a link at the bottom of email flyers. MIAAOR TRAINING VIDEOS Real Estate Market Report - March 2021 Florida Realtor® Market Stats – Single Family Homes – February 2021 Florida Realtor® Market Stats – Townhouses & Condos – February 2021 Click Here for Digital Marco Island Real Estate Guide April ONLINE EDUCATION (Click link to register) Please note that the classes that are being offered through our Partner Associations are not going to show up on the "My Association Secure Link" through the MLS. Only classes that are generated through us at MIAAOR will be on that portal. I have highlighted those below. The association that scheduled the course will be responsible for reporting attendance if it is for CEs. Feel free to reach out to me if you have any questions. Caroline's Email 8-April 2021 Spring CIPS Institute & Individual Class Registration 8-April CIPS Local Markets 9-April CIPS - The Americas 9-April You Gotta Go! Tenant Eviction Webinar Registration for Partner Association (3CE) 12-April CIPS Transaction Tools 12-April Unlisted Distressed Properties, iBuyers & Listings 12-April Marketing to First-Time Homebuyers 12-April Analyzing Residential Investment Properties (Fix & Flip) - 3hr CE credits 13-April Success Series Registration Partner Association Pricing for Bundles & Individual Sessions 13-April CIPS - Europe 14-April CIPS – Asia 14-April Be the Change: Fair Housing and You 2 CEs 15-April Land Plus, 2nd Level, 04/15 15-April ABR 15-April GRI201 16-April Understanding Fair Housing and Implicit Bias Registration (FREE) 19-April GRI202 21-April CRB: Recruiting for Success (7CE), 04/21 21-April International Marketing Session 22-April FR/BAR As-Is Contract, 04/22 27-April GETTING STARTED W/FLEX - WEBINAR 27-April Green 04/27-28 27-April Real Restate Professional Assistant Certificate Program 29-April Foundations of Form Simplicity, Optimizing Overflow on Form Simplicity, e Sign & Close 29-April Clarifying Service Animals 3CEs 29-April RSPS (7CE), 04/29 30-April CRETS-Designing & Sustaining Successful Teams Don't forget, if you need CEs NOW you can always log into our CEShop link here and use the promo code below REPAIRERS OF THE BREACH America's history of racist housing policies inflicted staggering losses on Black Americans. Today, REALTORS® are playing a vital role in community efforts to acknowledge and repair the harm. by Alexia Smokler Key Takeaways: • More than 50 years after the passage of the federal Fair Housing Act, there remains a 30-percentage-point homeownership gap between white and Black Americans—the same as in 1968, the year the historic law was adopted. While it outlawed discrimination, the act provided little remedy for the harm that preceded it. • More than 60% of Black-owned land nationwide is estimated to be “heirs’ property,” meaning owners lack clear title even if families have lived there for generations. Predatory practices have pushed Black Americans off of millions of acres of such land. • Local efforts to make reparations to Black Americans are growing. In July 2020 Asheville, N.C., became the first Southern U.S. city to call for repair of the harms resulting from slavery, Jim Crow laws, and twentieth-century city policies that destroyed Black-owned homes and businesses. Evanston, Ill. has authorized a restorative housing grants program for Black residents who show they have suffered discrimination in housing due to city policy, or are direct descendants of those who did. Homeownership is the largest single contributor to intergenerational wealth for American families. But it has not been accessible to all Americans on equal terms. More than a half-century after passage of the federal Fair Housing Act, there remains a 30-percentage-point homeownership gap between white and Black Americans— the same as in 1968, the year the act was adopted. Black Americans own one-tenth the wealth of white Americans, despite earning, on average, about 60% of white Americans’ income. There is a clear line from the overtly racist policies of the past to today’s inequities. While the 1968 Fair Housing Act outlawed discrimination, it provided little remedy for the decades of harm that preceded it. Industry efforts are curtailing present-day discrimination, but they don’t reverse the effects of historic practices that denied Blacks homeownership, destroyed Black wealth, and prevented the transfer of wealth through generations. With awareness of this history growing, cities and states are exploring ways to repair past harm and protect against future loss. As community leaders, advocates for homeownership, and protectors of property rights, REALTORS® are engaged in efforts to reckon with the past and build a more equitable future. Here are three stories of progress. Black Lands Matter: Preserving Heirs' Property In January 1865, during the last months of the Civil War, the Union army implemented Field Order 15, confiscating a strip of coastline stretching along the “rice coast” from Charleston, S.C., to the St. Johns River in Florida. The order redistributed roughly 400,000 acres of land to newly freed Black families in 40-acre settlements. For formerly enslaved families, the land represented an opportunity to begin a new life. Later that year, after the war’s end, President Andrew Johnson overturned Field Order 15 and returned most of the land along the rice coast to its former owners. The federal government never honored its promise to make restitution for slavery. Despite this failure, by 1910 around 200,000 Black farmers owned an estimated 20 million acres of land nationwide, mostly in the South. A century later, 90% of that land has been lost. The reasons for Black land loss are many, including government programs that boosted white farmers while withholding assistance from Black-owned farms, private banks’ discriminatory denial of loans to Black farmers, swindles by speculators, and acts of violence that forcibly removed Blacks from their land. The value of the lost land is around $350 billion, says Thomas Mitchell, law professor at Texas A&M University. Lost opportunities to use the land as collateral to send children to college, invest in businesses, or engage in other wealth- generating activity may bring the total up to $1 trillion in lost wealth, according to Mitchell, who is assessing the scope of the losses with a group of economists. While some of the practices that caused Black land loss are artifacts of history, one—heirs’ property, a colloquial term for inheriting land as a “tenancy in common” after the owner dies without a will—remains a threat to Blacks and others who lack access to estate planning. Owning land as tenants in common means individual descendants lack clear title—owning a fractional interest in the entire property rather than a specific piece. After generations of inheritance, ownership may be fragmented among tens or hundreds of heirs. Any of these owners, even one with a 1% interest, can force a court-ordered partition sale, even if the other owners oppose it.