- INVENTORY FALLING – Listing inventory fell 24.7% to 11,468 from 15,239 in the year ago quarter.
- FORECLOSURE SALES (excluding short sales) fell to an 18.6% market share from a recent high of 44.2% in first quarter of 2011.
- NON-DISTRESSED SALES surged year over year. Condos up 33.9% and Single Family up 17.1%.
- CONDO AND SINGLE FAMILY PRICES up 22.6% year-to-date as non-distressed sales now comprise 58.5% of all sales versus 46.6% last year.
- CASH IS STILL THE KEY TERM used for condo purchases. 72.8% of non-distressed and 76.3% of all distressed condo purchases were made with cash.
- DEMAND – International buyers continue to drive the market. Record low mortgage rates continue to bring buyers in to market but demand remains somewhat tempered by very tight lending conditions.
Here’s an excerpt from the report:
…The Miami coastal communities experienced a sharp decline in listing inventory, a decline in distressed sales and rise in non-distressed sales, rising price pressure and continued demand from international buyers. All price indicators posted large gains as distressed sale market share activity continued to fall. Median sales price jumped 18.2% to $195,000 from $165,000 in the prior year quarter. Average sales price and average price per square foot saw similar year-over-year gains of 16.7% and 18.2%. The median sales price year-to date was $190,000 and increased at a similar rate of 22.6%. Distressed sales market share fell to 41.3% from 53.3% over the same period last year helping drive overall prices higher due to their lower price levels…