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Elliman Report: Miami Sales 3Q 2012

…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. However non-distressed also showed year-over-year gains, albeit more modest increases. The nondistressed median sales price was 10.6% higher than prior year levels…

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