Posted by Jonathan J. Miller -Thursday, July 21, 2011, 9:52 AM
The “The Douglas Elliman Florida Report: Miami Sales 2Q 2011” was just published. It is part of a report series that we have authored for Douglas Elliman since 1994…and now Douglas Elliman Florida, who covers the Miami market.
It’s the first detailed market analysis of its kind on the Miami market, one that has been widely mis-reported by many who simply lumped everything into the same pool of data…when in fact, it is a complex market. We’ve broken the market out by condo, 1 family, distressed, non-distressed and by regions. More breakouts to come.
You can build your own custom data tables with the new data, which will also be expanded.
Here’s an excerpt from the report:
…Overall housing prices were mixed in comparison with the same period last year. Median sales price fell 6.6% to $162,500 from $174,000 in the same period last year. Over the same period average price per square foot showed no change at $225 and average sales price increased 2% to $339,261. However, the Miami housing market over the past year was best characterized by a widening gap in the performance of non-distressed and distressed sales. The market share of distressed sales, comprised of foreclosures and short sales, rose over the past year reaching 64.7% in the first quarter, but fell to 53.9% in the second quarter as prices weakened. Foreclosure sales across the country temporarily cooled, due to the “robo-signer” servicers scandal last fall, which continues to restrain the release of foreclosed homes to the market. Year-over-year median sales price for distressed condo and 1 family sales fell 7.8% and 13.8% respectively…
Other reports we prepare can be found here.