[Not Feeling Distressed] 2Q 2012 Miami Sales Report

Posted by Jonathan Miller - Thursday, July 12, 2012, 5:16 PM

We published our report on the Miami sales market for 2Q 2012 this morning.   This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

-Distressed sale market share has fallen to 40.6% of all sales from 2/3 in early 2011. Fewer lower priced distressed sales are skewing prices higher.
-Non-distressed sales showed stable to modest price appreciation.
-Listing inventory continues to fall sharply.
-Days on market had second fastest rate in more than six years.

Here’s an excerpt from the report:

…The housing market in Miami’s coastal communities continued to show increases in nondistressed sales, falling inventory, and demand from foreign buyers from Europe and South America.

The median sales price jumped 20.9% to $196,500 from $162,500 in the prior year quarter. The $399,440 average sales price and $257 price per square foot both showed the same pattern, with respective gains of 17.7% and 14.2% over the same period. The 28.5% year-over-year gain in median condo prices largely outpaced the 4.4% gain in median single-family home prices. This was largely due to the drop in lower priced distressed sales activity over the past year, related to the “robo-signing” scandal at the end of 2010. In addition to the court-related foreclosure backlog, servicers slowed the volume of property entering the market during most of 2011 and early 2012. Condo sales saw more of a decline related to this matter; distressed condo sales fell 31.9% over the past year, while distressed single family sales fell only 11.7% over the same period…

You can build your own custom data tables on the Miami sales market – now updated with 2Q 12 data. I’ll have the latest charts on the Miami sales market uploaded this evening.

The Elliman Report: 2Q 2012 Miami Sales [Miller Samuel]
The Elliman Report: 2Q 2012 Miami Sales [Prudential Douglas Elliman]