TRENDS MIAMI-DADE COUNTY
M I D -Y E A R
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.
86 HERE TODAY, GONE TOMORROW The average days on market for 2013 is 86 days in Miami-Dade, which is 11 days fewer than in 2012. Source: Trendgraphix.com
77% 860 SHORTAGE OF SHORTS
The inventory of short sales available in Miami-Dade is down 77% from this time last year.
Thatâ€™s the number of waterfront properties sold in April 2013, the highest number closed in a single month since 2005.
Luxury Sales Volume Miami-Dade & Broward Counties Single Family Homes
# OF TRANSACTIONS
Sales Over $1 Million
Sales Over $5 Million
Sales Over $10 Million
The super luxury market continued its rise during the first half of 2013. Residential properties in Miami-Dade and Broward closing over $1,000,000 or higher saw an increase of 36% in number of transactions. Those selling over $5,000,000 increased by 24%. The real standout player was the ultra-prime properties over $10,000,000, which saw an impressive 50% increase in transactions with 15 properties over $10,000,000 closing in the first six months of this year, compared to 10 during the same time in 2012.
Average Sales Price
Single Family Homes
HOW LOW CAN YOU GO?
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.com
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
As Pritzker Prize-Winning architect Zaha Hadid’s first residential tower in the Western Hemisphere, One Thousand Museum is destined to redefine Miami’s skyline.
SALES REPRESENTATION EXCLUSIVELY BY
ONE Sotheby’s International Realty
onesothebysrealty.com Cover Property: 161 Cape Florida Drive, Key Biscayne Offered at $13,800,000 Source: SEF Regional MLS and Trendgraphix.com. This material is based upon information we consider reliable, but because it has been supplied by third parties, we cannot represent 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.