[Not Distressing] 1Q 2012 Miami Sales Report

Posted by Jonathan J. Miller -Friday, April 13, 2012, 11:30 AM
1 Comment

We published our report on the Miami sales market for 1Q 2012 this morning.   I’ve been authoring this report series for Douglas Elliman since 1994 and added this regional report last year (but have historical data back to 2006).

The reprieve from foreclosures a la robo-signing mortgage services/49 state AG agreement is probably over and we expect a ramp in market share. Currently non-distressed and distressed sales have a 50/50 share but should go back to 2/3, 1/3 over the next year. Still, the housing stock for typical distressed sales are much smaller on average so its not appropriate to rely on a “throw it all in one bucket” view of the market because of the shift in the mix. Non-distressed price indicators are are showing modest increases.

Here’s an excerpt from the report:

The Miami housing market continued to be largely two different market segments: distressed sales, defined as short sales and foreclosures, and non-distressed sales. The “robo-signing” scandal in late 2010 and the recent settlement agreement between the major loan servicers and the government has kept a large supply of distressed properties from entering the market over the past year-and-a-half. However, we anticipate an increase in distressed sales activity over the next few years. While distressed and non-distressed sales are not separate types of housing, distressed condos and 1-family property sales averaged 26.3% and 31.1% more square feet, respectively than their distressed sale counterparts in the first quarter.

I’ve got a tool to build custom data tables on the Manhattan rental market. I will be updating the chart section shortly. In the meantime you can see other market areas and some other generally cool housing market charts (IMHO).

• The Elliman Report: 1Q 2012 Miami Sales [Miller Samuel]
  
• The Elliman Report: 1Q 2012 Miami Sales [Prudential Douglas Elliman]
  
• The Elliman Report: 1Q 2012 Miami Sales [Douglas Elliman Florida]

[Sand State] 4Q 2011 Miami Sales Report

Posted by Jonathan J. Miller -Thursday, January 12, 2012, 7:51 AM
2 Comments

We released our report on the Manhattan rental market for 4Q 2011 this morning. I’ve been authoring this series for Douglas Elliman since 1994. Douglas Elliman Florida is making waves in Miami. This report is the first of it’s kind, providing neutral insight for both the distressed and non-distressed housing markets (hint: they are different).

Overall prices increased largely because lower priced distressed sales continued to lose market share as the “robo-signing” scandal of late 2010 caused foreclosure volume to drop sharply as lenders and servicers got their paperwork act together to show they actually had the right to foreclose. It’s a temporary situation as volumes are expected to rise over the next several years. The US Dollar continues to drive demand for new development.

Here’s an excerpt from the report:

The lack of differentiation between the distressed and non-distressed markets continued, despite the significant difference in housing stock. In the fourth quarter, the average size of a non-distressed condo sale was 24.7% larger than a distressed condo sale, and the average size of a non-distressed single family sale was 34.1% larger than a distressed single family sale. There were 4,568 sales in the fourth quarter, the second highest fourth quarter total since the mid-decade market peak, and 6.1% less than last year’s fourth quarter. The average seasonal decline from third to fourth quarter has averaged 5.7%, yet the prior year quarter showed a 2.2% increase. This was likely due to the rush to close at the then end of 2010 out of concern that the Bush tax cuts might be eliminated.

The data tables will be updated shortly, if not by the time you read this. The chart section on the new site remains a work in progress.

The Elliman Report: 4Q 2011 Miami Sales [Douglas Elliman Florida]
The Elliman Report: 4Q 2011 Miami Sales [Miller Samuel]