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Elliman Report: Miami Sales 4Q 2011

The price indicators for the overall market continued to show double-digit price gains, as the market share of lower priced distressed sales, comprised of foreclosures and short sales, continued to decline. The overall median sales price was $165,000, up 10% from $150,000 in the same period last year, and unchanged from the prior year quarter. The “robo-signer” scandal at the end of 2010 gave the housing market a reprieve throughout 2011, as lenders sharply reduced the pace of foreclosures brought into the market. The market share for lower priced distressed sales fell sharply to 51.1% all sales, from 60.4% in the same quarter last year. Despite the decline in distressed sale market share over the year, the market share of cash purchases increased from 61.4% to 64.1%…

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