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TRENDS STAR, PALM, HIBISCUS ISLANDS MIAMI BEACH

2013

M I D -Y E A R

UPDATE


M I D -Y E A R U P DAT E

2013

And the Beat goes on The beat goes on as the Miami real estate market continues to be on the upswing. Inventory continues to drop and the number of sales continue to increase, resulting in price increases. The shadow inventory finally came onto the market in the first six months of 2013, with an increase in inventory of 30% over the same six months in 2012. These foreclosures primarily impact the under $300,000 market segment. Short sales moved in the opposite direction, with a dramatic 77% reduction in inventory. Overall, these distressed properties only represent 16% of what is available for sale. New construction is coming on line with new projects being introduced each month, but the question remains: will there be enough resale inventory to keep pace with the demand? In the meantime, expect prices to continue to rise through the rest of 2013.

Presented by

Miriam Poggio Estate Agent

786.356.2610 mpoggio@onesothebysrealty.com

Average Sales Price

4

Miami-Dade County

Single Family Homes

Condos

$600,000

$500,000

$400,000

$300,000

HOW LOW CAN YOU GO?

$200,000

$100,000

$0

Jan

Feb

Mar

Apr

May

Jun

As the inventory of single family homes dips to a scarce 4 month supply, the chances of finding a house are down about 25% from the same time last year. Keep on looking as about 2000 new homes come on the market each month. Source: Trendgraphix

The overall Average Sales Price for all sold properties in Miami Dade County is $358,000 for the first six months of 2013, up 13.6% from the same time period in 2012. Source: Trendgraphix


IN DEPTH COMMUNITY PROFILE

Star, Palm, Hibiscus Islands There was one more waterfront sale on these prestigious islands off the MacArthur Causeway during the first half of 2013 compared to the same time last year. The highest waterfront transaction closed on Star Island for $16.5 million in June. Despite a handful of large transactions, lower priced homes brought the overall average sales price down by 16% for waterfront homes. Non-waterfront homes also saw some decreases across the board compared to the first six months of 2012.

Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

Average $ / Sq Ft

Mid-Year 2012

6

$6,800,833

$5,525,000

$1,188

Mid-Year 2013

7

$5,685,393

$5,141,000

$980

17%

-16%

-7%

-17%

Change

Non-Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

Average $ / Sq Ft

Mid-Year 2012

3

$1,696,000

$1,312,000

$425

Mid-Year 2013

2

$1,055,000

$1,055,000

$378

-33%

-38%

-20%

-11%

Change

OVERVIEW

Miami Beach Miami Beach has shown strong signs of an upward-trending market. Celebrity home sales on Star Island and North Bay Road, and the ever desirable Miami Beach lifestyle reflect on the 23% increase in sales price of waterfront home and 16% increase in waterfront sales compared to the same time last year. Most impressive - average price per square foot jumped by nearly one third. The considerable surge in demand and shortage of inventory has contributed to a relatively long run of increasing prices. Non-waterfront homes saw similar trends for the first half of this year, with increases across the board.

60 W Rivo Alto Drive, Miami Beach Offered at $5,890,000

Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

Average $ / Sq Ft

Mid-Year 2012

57

$3,900,493

$2,700,000

$733

Mid-Year 2013

66

$4,795,866

$2,962,500

$951

Change

16%

23%

10%

30%

Non-Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

Average $ / Sq Ft

Mid-Year 2012

101

$793,847

$725,000

$300

Mid-Year 2013

117

$964,049

$850,000

$355

Change

16%

21%

17%

18%


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SALES REPRESENTATION EXCLUSIVELY BY

ONE Sotheby’s International Realty

TRENDS IS PROVIDED BY: Miriam Poggio Estate Agent 786.356.2610 mpoggio@onesothebysrealty.com

onesothebysrealty.com

Source: Trendgraphix.com and Southeast Florida Regional MLS This material is based upon information that we consider reliable, but because it has been supplied by third parties, we cannot represent that it is accurate or complete, and it should not be relied upon as such. This offering is subject to errors, omissions, changes, including price, or withdrawal without notice. ©MMXIII Sotheby’s International Realty Affiliates LLC. All Rights Reserved. An Equal Opportunity Company. Equal Housing Opportunity.


Miriam Poggio TRENDS Mid-Year 2013: Star, Palm, Hibiscus Islands & Miami Beach Homes