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Elliman Report: Miami Coastal Mainland Sales 2Q 2014

Housing prices along the coastal mainland market of Miami continued to press higher, bringing inventory into the market. Median sales price increased 11.9% to $235,000 from the same period last year. Average sales price and average price per square foot followed the same pattern, rising 9.9% and 8.3% respectively over the same period. After finding a “bottom” in the prior year quarter, several years of rising prices began to pull more listing inventory into the market. Listing inventory was up 34.5% to 9,082 from the same period last year. Overall sales slipped 2.3% from the prior year quarter, largely from the decline in distressed property sales…

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