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Elliman Report: Miami Sales 3Q 2011

…All three housing price indicators posted yearover- year double-digit gains as last year’s “robo-signing” scandal continued to keep banks from releasing their foreclosure inventory to the market until they become more comfortable that their process is not flawed for fear of legal exposure. The median sales price of a Miami property was $165,000, 10% above $150,000 in the prior year quarter and 1.5% above $162,500 in the second quarter. The average price per square foot and average sales price followed the same year-overyear pattern. The third quarter average price per square foot jumped 14.2% to $209 and the average sales price jumped 18.7% to $322,072 compared to the prior year quarter…

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