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