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2014 YEAR IN FOCUS


Venetian Islands


TABLE OF CONTENTS 2 Welcome From Avatar 4 Why Avatar? 5 2014 Year In Focus 6 Avatar's Proven Success 8 Coconut Grove 10 Coral Gables 14 Pinecrest 16 Miami Beach 18 South Miami & Ponce Davis 20 Greater Miami


WELCOME FROM AVATAR Welcome to the 2014 edition of Year in Focus. This special publication from Avatar Real Estate Services puts into perspective another big year in Miami Real Estate, area by area, combining in-depth market analysis with a look at just a few of the exceptional luxury homes available today from Avatar. Each unique, prestigious property in this report is exclusively listed by Avatar Real Estate Services. If you are ready to buy, sell or rent — or if you’re just starting your Real Estate market search — please contact any one of our Realtor Associates, who will be pleased to assist you. Our team has the expertise and experience to guide you to your property goals. From all of us at Avatar, enjoy this look back at the exciting and eventful year that was, as well as how it compared to 2013, and enjoy selections from our unparalleled portfolio of luxury properties. We look forward to serving your real estate needs throughout 2015 and beyond. For additional information on properties featured in this report or a complete portfolio of available properties, or to arrange a meeting with one of our associates, visit us at AvatarFlorida.com/exclusive-listings or call 305-666-1800.

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Brickell Key

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WHY AVATAR? Recognized as the No. 1 luxury boutique brokerage firm in South Florida, Avatar Real Estate Services was founded in 2002 by a group of the area’s most successful Real Estate professionals. Today, we continue to provide the highest level of personalized service and our sales associates are among the most accomplished, knowledgeable and highly regarded real estate professionals in the industry. Unlike our competitors' mass market approach, our luxury boutique customizes individual marketing plans crafted to best suit each individual listing. Avatar associates offer extensive market knowledge, sophisticated sales strategies, and innovative and customized advertising plans to help clients exceed their expectations.

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2014 YEAR INÂ FOCUS Compared to 2013, this past year was another one for the books in the Miami area. Waterfront homes priced at less than $1M were nearly impossible to find, while luxury single-family houses continued to set record-breaking prices in many prominent communities. In many areas, available inventory showed a slight decrease while sales remained steady, an indication that the market demand remained strong even while supply decreased. Prices were at a premium for waterfront homes in Coral Gables and Miami Beach, with both showing noticeable gains year-over-year. For luxury single-family, non-waterfront homes, gains were seen across the board in average prices per square foot, always a strong indicator of market strength. We hope you enjoy our neighborhood-by-neighborhood analysis of 2014 (with side-by-side comparisons to 2013), along with exclusive listings in these key markets. Scan the QR codes in this piece with your mobile device to access up-to-date market information, and visit the Facts & Trends section of AvatarFlorida.com to see our latest custom reports and search properties in every market segment.

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AVATAR'S PROVEN SUCCESS Outperforming the Competition An impressive number of our Associates consistently rank among Miami-Dade and South Florida’s “Top Producers” year after year, and outperform both luxury boutiques and major brokerages with hundreds of Realtors®. Avatar Real Estate Services’ track record speaks volumes about our expertise in selling South Florida’s luxury Real Estate. It will be our pleasure to customize an innovative and effective marketing plan to sell your home, while making the entire experience enjoyable from start to finish. We invite you to experience the Avatar difference.

Our Numbers Speak Volumes*

#1 Luxury Boutique Brokerage Firm in 2014 23% Increase in Sales Volume 39% Increase in Units

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1

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Highest Agent Productivity3 Shortest Average Days on the Market3

*Among top brokerages focusing on sales over $1,000,000 1Increase in Sales Volume and Units from 2013 vs 2014 2Sales over $1 Million in Miami-Dade County and 3Among the Top 6 Firms

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Gables Estates

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COCONUT GROVE Always a premium in Coconut Grove, waterfront homes and condos set the pace for the community, with sales averaging $3.8M and $2.1M, respectively. Available inventory showed a slight downturn for condos compared with 2013, although the number of sales per segment remained strong, with increasing demand outpacing supply.

WATERFRONT

Grovenor House, Unit #1404 | $2,595,000 3 BD | 3 BA | 1 HB | 2,640 SF

WATERFRONT

8

1840 South Bayshore Lane | $8,900,000

3925 Park Drive | $3,250,000

6 BD | 5 BA | 3 HB | 9,947 SF | 11,851 SF Lot

6 BD | 6 BA | 1 HB | 6,354 SF | 15,000 SF Lot


Single-Family Homes, Waterfront, $1M+ Single-family, luxury waterfront homes in Coconut Grove are somewhat of a rarity. During 2014, only 6 homes sold, with an average sales price well north of $3.8M.

2014

2013

Number of listings

19

17

Listings Sold

6

Avg. Active Price $

Single-Family Homes, Non-Waterfront, $1M+ The number of listings was nearly identical in both 2013 and 2014, and the number of sales was exactly the same (52). Prices for homes that sold in 2014 was slightly higher than during the previous year.

2014

2013

Number of listings

122

121

3

Listings Sold

52

8.7M

9.4M

Avg. Active Price $

Avg. Sold Price $

3.8M

5.34M

Avg. Sq. Ft. Price $

696

Sold/List Diff. % Avg. Days on Market

Condos, Waterfront, $1M+ The number of actual sales (15) exceeded last year’s total (13), even though there was approximately 40% less inventory to choose from. There was also a substantial reduction from the average time spent on the market from listing to close.

2014

2013

Number of listings

32

58

Listings Sold

15

Avg. Active Price $

Single-Family Homes, Non-Waterfront, <$1M The ratio of closed sales to number of listings was higher in 2014 (65%) than in 2013 (56%). Homes sold in this area after an average of only 61 days on the market, down 16 days from the previous year.

2014

2013

Number of listings

108

145

52

Listings Sold

70

82

2.34M

2.31M

Avg. Active Price $

632K

621K

Avg. Sold Price $

1.61M

1.33M

Avg. Sold Price $

641K

587K

452

Avg. Sq. Ft. Price $

420

358

Avg. Sq. Ft. Price $

356

286

85.7

82.3

Sold/List Diff. %

89

84

Sold/List Diff. %

94

94

253

182

Avg. Days on Market

93

81

Avg. Days on Market

61

77

Condos, Waterfront, <$1M Compared with 2013, the sub-$1M market for condos in Coconut Grove showed a slight reduction in the number of new listings, although prices per square foot showed an increase of roughly 20% and a differential of 97% when comparing list price with the sold price.

2014

2013

Number of listings

51

64

13

Listings Sold

30

2.93M

3.04M

Avg. Active Price $

Avg. Sold Price $

2.1M

2.07M

Avg. Sq. Ft. Price $

674

Sold/List Diff. % Avg. Days on Market

Condos, Non-Waterfront, $1M+ Non-waterfront condos in the luxury market in Coconut Grove doubled in sales (6) compared to 2013 (3), although the number of new listings was less than half of the available inventory in 2013, as demand was quite high even while facing a short supply.

2014

2013

Number of listings

10

21

39

Listings Sold

6

576K

544K

Avg. Active Price $

Avg. Sold Price $

522K

531K

633

Avg. Sq. Ft. Price $

432

82

94

Sold/List Diff. %

101

189

Avg. Days on Market

Condos, Non-Waterfront, <$1M The non-waterfront, sub-$1M market showed increases in sales, average prices per square foot and an increase in sold/ list price, combined with a decrease in inventory, which means the market strengthened across the board in almost every area in this market.

2014

2013

Number of listings

216

223

3

Listings Sold

149

125

1.62M

2.03M

Avg. Active Price $

473K

459K

Avg. Sold Price $

1.6M

1.68M

Avg. Sold Price $

437K

360K

358

Avg. Sq. Ft. Price $

513

515

Avg. Sq. Ft. Price $

290

257

97

91

Sold/List Diff. %

87

88

Sold/List Diff. %

94

90

111

98

Avg. Days on Market

145

86

Avg. Days on Market

79

74


CORAL GABLES The luxury waterfront segments set the mark for Coral Gables in 2014: Available inventory decreased for both single-family homes and condos while the percentage of sales increased. Prices for single-family homes on the water jumped nearly $660,000 while average condo sales increased by $100,000. 12601 Old Cutler Road | $1,499,000 4 BD | 3 BA | 1 HB | 4,758 SF | 37,000 SF Lot

NEW CONSTRUCTION

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6001 Riviera Drive | $2,199,000

10101 Lakeside Drive | $8,450,000

5 BD | 5 BA | 1 HB | 4,004 SF | 12,000 SF Lot

6 BD | 7 BA | 1 HB | 11,976 SF | 55,321 SF Lot


WATERFRONT

85 Solano Prado | $3,950,000

821 Sorolla Avenue | $2,599,000

4 BD | 3 BA | 3,573 SF | 21,420 SF Lot

7 BD | 6 BA | 1 HB | 7,921 SF | 29,402 SF Lot

WATERFRONT

13050 Mar Street | $3,295,000

Deering Bay, Unit #801 | $1,799,000

6 BD | 5 BA | 5,533 SF | 19,100 SF Lot

3 BD | 3 BA | 3,100 SF

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CORAL GABLES continued

5225 Fairchild Way | $10,900,000 7 BD | 10 BA | 1 HB | 14,121 SF | 56,117 SF Lot

WATERFRONT

9320 Gallardo Street | $9,900,000 8 BD | 8 BA | 2 HB | 9,365 SF | 25,693 SF Lot

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Single-Family Homes, Waterfront, $1M+ Available inventory in the single-family, luxury waterfront market decreased by 69 listings from 2013, although sales were nearly identical. The price per square foot raised nearly $100 year-over-year.

2014

2013

Number of listings

127

196

Listings Sold

69

Avg. Active Price $

Single-Family Homes, Waterfront, <$1M Sales remained constant from 2013 to 2014 for single-family homes priced at less than $1M, although the number of listings was cut nearly in half. Average prices also increased dramatically by 39% year-over-year.

2014

2013

Number of listings

6

11

72

Listings Sold

4

6.37M

6.01M

Avg. Active Price $

Avg. Sold Price $

3.85M

3.19M

Avg. Sq. Ft. Price $

660

Sold/List Diff. % Avg. Days on Market

Single-Family Homes, Non-Waterfront, $1M+ The number of homes sold in the luxury non-waterfront market jumped from 118 to 138 while the available inventory remained nearly identical. Further, prices remained steady, indicating that the market has remained consistent in this arena from 2013 through the end of 2014. 2014

2013

Number of listings

330

334

4

Listings Sold

138

947K

806K

Avg. Active Price $

Avg. Sold Price $

849K

610K

569

Avg. Sq. Ft. Price $

290

90

90

Sold/List Diff. %

152

162

Avg. Days on Market

Condos, Waterfront, $1M+ The luxury, waterfront market for condos showed signs of improvement from 2013. Although available inventory decreased, sales increased by over 30% while average sale prices increased by approximately $90,000.

2014

2013

Number of listings

43

52

Listings Sold

21

Avg. Active Price $

Single-Family Homes, Non-Waterfront, <$1M Compared with 2013, the single-family market for non-waterfront homes showed less activity this past year, with more than 100 fewer total listings and sales. The time spent on the market was nearly identical, although prices per square foot increased by approximately 7%.

2014

2013

Number of listings

519

675

118

Listings Sold

315

430

2.52M

2.31M

Avg. Active Price $

631K

655K

Avg. Sold Price $

1.60M

1.65M

Avg. Sold Price $

611K

590K

264

Avg. Sq. Ft. Price $

387

375

Avg. Sq. Ft. Price $

303

284

109

96

Sold/List Diff. %

93

93

Sold/List Diff. %

96

96

56

72

Avg. Days on Market

93

115

Avg. Days on Market

62

61

Condos, Waterfront, <$1M The market for condos offered at less than $1M remained fairly consistent yearover-year. There were 20 sales in 2014, down one from the previous year, while average prices per square foot showed an increase of only $8 in 2014.

2014

2013

Number of listings

34

39

16

Listings Sold

20

2.88M

2.73M

Avg. Active Price $

Avg. Sold Price $

1.77M

1.67M

Avg. Sq. Ft. Price $

509

Sold/List Diff. % Avg. Days on Market

Condos, Non-Waterfront, $1M+ Sales in the luxury market for nonwaterfront condos in Coral Gables made a dramatic jump, with an increase in sales from 4 to 19, nearly 5 times the number of sales in 2013. Although prices per square foot increased slightly, the sold/listing price dropped to under 90%, indicating that buyers were on the hunt and sellers were motivated. 2014

2013

Number of listings

36

30

21

Listings Sold

19

345K

429K

Avg. Active Price $

Avg. Sold Price $

331K

383K

462

Avg. Sq. Ft. Price $

270

94

92

Sold/List Diff. %

98

122

Avg. Days on Market

Condos, Non-Waterfront, <$1M As in other market areas for nonwaterfront residences in the sub-$1M market of Coral Gables, there was one less listing when compared to 2013, and 15 fewer sales (251 vs. 236). Average prices per square foot showed an increase of just over 14% when compared to 2013. 2014

2013

Number of listings

450

451

4

Listings Sold

236

251

1.49M

1.52M

Avg. Active Price $

386K

406K

Avg. Sold Price $

1.27M

1.26M

Avg. Sold Price $

361K

303K

262

Avg. Sq. Ft. Price $

382

354

Avg. Sq. Ft. Price $

311

272

94

96

Sold/List Diff. %

87

92

Sold/List Diff. %

97

95

62

97

Avg. Days on Market

165

159

Avg. Days on Market

74

74


PINECREST Pinecrest is known almost exclusively for its luxury single-family homes. For homes priced at more than $1M, the number of sales increased by 18% while average prices increased by $230,000. For homes priced at less than $1M, sales and listings showed slight decreases while average sales increased by approximately $50,000. 5701 SW 94 Street | $3,850,000 5 BD | 5 BA | 2 HB | 7,628 SF | 42,253 SF Lot

Condos, Waterfr As was the case for sale in Pinecr market.

Number of listing Listings Sold

Avg. Active Price

7479 SW 124 Street | $2,550,000 6 BD | 5 BA | 1 HB | 7,277 SF | 41,817 SF Lot

10100 SW 92nd Avenue | $1,550,000Avg. Sold Price $

5 BD | 4 BA | 1 HB | 5,876 SF | 40,075 SFAvg. LotSq. Ft. Price Sold/List Diff. %

14

Avg. Days on Mar


Single-Family Homes, Waterfront, $1M+ Pinecrest homes on the water rarely come onto the market, and 2014 was no exception with only 14 listings and 3 sales. Average prices per square foot was $300, a decline of $21.

2014

2013

Number of listings

14

5

Listings Sold

3

Avg. Active Price $

Single-Family Homes, Waterfront, <$1M Sales for Pinecrest homes on the water offered at less than $1M decreased year-over-year, with only 5 sales closing in 2014. Although the number of sales slowed, the average sales price increased by an average of $44,000 per listing.

2014

2013

Number of listings

17

16

2

Listings Sold

5

2M

2.04M

Avg. Active Price $

Avg. Sold Price $

1.3M

2M

Avg. Sq. Ft. Price $

300

Sold/List Diff. % Avg. Days on Market

ront, $1M+ e in 2013, there were no condos rest on the water in the luxury

2014

2013

0

0

0

e$

2014

2013

Number of listings

240

237

14

Listings Sold

104

814K

749K

Avg. Active Price $

Avg. Sold Price $

743K

699K

321

Avg. Sq. Ft. Price $

253

93

89

Sold/List Diff. %

79

205

Avg. Days on Market

Condos, Waterfront, <$1M Only a few sub-$1M waterfront condos sold, because so little inventory even exists. There were three sales in 2014 and none in 2013, as the only two contracts have yet to close.

2014

2013

Number of listings

4

2

0

Listings Sold

3

0

0

Avg. Active Price $

$

0

0

e$

0

gs

rket

Single-Family Homes, Non-Waterfront, $1M+ Sales in the luxury market for nonwaterfront homes jumped by nearly 20% compared to 2013, while sales closed for more than $2M, up from $1.78M in 2013.

Single-Family Homes, Non-Waterfront, <$1M Compared with 2013, the non-waterfront market showed a slight downturn this past year, with a 12% decrease in sales and 7% less available inventory. Prices, however, rose by roughly $22 per square foot for sales.

2014

2013

Number of listings

186

201

88

Listings Sold

113

129

2.39M

2.3M

Avg. Active Price $

790K

766K

Avg. Sold Price $

2.01M

1.78M

Avg. Sold Price $

740K

690K

227

Avg. Sq. Ft. Price $

340

292

Avg. Sq. Ft. Price $

247

225

96

95

Sold/List Diff. %

93

93

Sold/List Diff. %

96

94

113

71

Avg. Days on Market

105

125

Avg. Days on Market

70

80

Condos, Non-Waterfront, $1M+ Comprised mainly of single-family homes, there were only 3 condos for sale at more than $1M, none of which sold. Only 1 unit sold in 2013 at more than $1M, closing at $1.02M.

2014

2013

Number of listings

3

1

0

Listings Sold

0

206

212K

Avg. Active Price $

Avg. Sold Price $

370K

0

0

Avg. Sq. Ft. Price $

229

0

0

Sold/List Diff. %

0

0

Avg. Days on Market

Condos, Non-Waterfront, <$1M The market seemed to soften for non-waterfront condos in Pinecrest, with more than 26% available inventory compared to 2013, while sales decreased from 41 to 36. Consistent with other areas of Pinecrest, the average price per square foot increased by approximately $23 year-over-year. 2014

2013

Number of listings

67

53

1

Listings Sold

36

41

2.45M

0

Avg. Active Price $

363K

329K

Avg. Sold Price $

0

1.02M

Avg. Sold Price $

296K

203K

0

Avg. Sq. Ft. Price $

0

301

Avg. Sq. Ft. Price $

208

185

96

0

Sold/List Diff. %

0

93

Sold/List Diff. %

97

96

92

0

Avg. Days on Market

0

38

Avg. Days on Market

77

54


MIAMI BEACH One of the more active neighborhoods, the number of sales vs. inventory for luxury waterfront homes and condos showed strong gains, while other segments showed a slight downturn in available inventory as well as sales. Nearly 50% of the available inventory for luxury waterfront single-family homes sold in 2014, up from 26% in 2013, with sales averaging nearly $5.6M.

JUST SOLD

16

Nine Island, Unit #T3 | $2,250,000

900 4th Street | $980,000

3 BD | 3 BA | 2,079 SF

2 BD | 2 BA | 1,251 SF


Single-Family Homes, Waterfront, $1M+ The number of single-family homes decreased from 349 in 2013 to only 218; however, sales jumped from 91 to 106, signaling that the market was quite strong in 2014. The average price per square foot in Miami Beach reached $1.09M, a 26% increase compared to last year. 2014

2013

Number of listings

218

349

Listings Sold

106

Avg. Active Price $

Single-Family Homes, Waterfront, <$1M Waterfront properties in Miami Beach are becoming increasingly scarce in a market dominated by high-rise condos. In 2013, there were 65 new listings to hit the market compared to 28 in 2014. Homes that did sell received approximately 96% of the list price, a 2% increase over 2013.

2014

2013

Number of listings

28

65

91

Listings Sold

18

8.45M

8.36M

Avg. Active Price $

Avg. Sold Price $

5.59M

4.93M

Avg. Sq. Ft. Price $

1,090

Sold/List Diff. % Avg. Days on Market

Single-Family Homes, Non-Waterfront, $1M+ Generally speaking, there were increases in the market all across the board for non-waterfront homes in Miami Beach. Average sales prices increased by $120,000 with a corresponding price per square foot increase of $92, indicating that the market grew stronger over 2014. 2014

2013

Number of listings

265

244

28

Listings Sold

102

906K

817K

Avg. Active Price $

Avg. Sold Price $

834K

766K

861

Avg. Sq. Ft. Price $

370

89

91

Sold/List Diff. %

170

192

Avg. Days on Market

Condos, Waterfront, $1M+ Compared to 2013, the number of sales was nearly identical in 2014 (309 vs. 311, respectively), while there were 175 fewer new luxury condos to choose from. Prices increased by nearly $200/sq. ft., a sure sign of increasing market strength.

2014

2013

Number of listings

782

957

Listings Sold

309

Avg. Active Price $

Single-Family Homes, Non-Waterfront, <$1M Unlike its luxury counterpart, nonwaterfront homes selling for less than $1M showed slight decreases in new listings and sales (150 and 84, respectively), while prices per square foot increased by 16%.

2014

2013

Number of listings

150

183

94

Listings Sold

84

117

2.14M

2.64M

Avg. Active Price $

682K

676K

Avg. Sold Price $

1.74M

1.62M

Avg. Sold Price $

666K

647K

358

Avg. Sq. Ft. Price $

540

448

Avg. Sq. Ft. Price $

329

283

96

94

Sold/List Diff. %

96

90

Sold/List Diff. %

93

93

161

83

Avg. Days on Market

111

113

Avg. Days on Market

79

107

Condos, Waterfront, <$1M Waterfront condos on Miami Beach listed at less than $1M showed slight increases in the average price per square foot (by $35) for sold listings, while average sales prices increased by $36,000 year-over-year.

2014

2013

Number of listings

2,456

3,176

311

Listings Sold

1,143

3.81M

3.98M

Avg. Active Price $

Avg. Sold Price $

2.66M

2.29M

Avg. Sq. Ft. Price $

1,297

Sold/List Diff. % Avg. Days on Market

Condos, Non-Waterfront, $1M+ With most luxury condos in Miami Beach on the water, there is a relatively low number of units to choose from selling for more than $1M. 2014 showed an increase of 38% even though the average prices per square foot dropped by nearly $200.

2014

2013

Number of listings

61

64

1,460

Listings Sold

18

466K

461K

Avg. Active Price $

Avg. Sold Price $

424K

388K

1,109

Avg. Sq. Ft. Price $

443

93

92

Sold/List Diff. %

140

125

Avg. Days on Market

Condos, Non-Waterfront, <$1M Non-waterfront condos on Miami Beach were second in overall sales for any section, with only waterfront listings seeing higher numbers of sales. Compared to 2013, average prices per square foot showed an increase of $37, while the number of listings and sales showed a slight decrease. 2014

2013

Number of listings

2,099

2,138

13

Listings Sold

929

1,014

2.44M

2.29M

Avg. Active Price $

314K

302K

Avg. Sold Price $

1.18M

2.09M

Avg. Sold Price $

257K

226K

408

Avg. Sq. Ft. Price $

597

787

Avg. Sq. Ft. Price $

344

307

95

95

Sold/List Diff. %

93

99

Sold/List Diff. %

95

96

95

95

Avg. Days on Market

118

137

Avg. Days on Market

86

78


SOUTH MIAMI &Â PONCE DAVIS As with nearby Pinecrest, the market for South Miami/Ponce Davis is comprised mostly of single-family, non-waterfront homes, which also happened to be the strongest segment in this neighborhood. Available inventory decreased from 146 in 2013 to 124 in 2014, while the number of sales climbed from 76 to 80. Prices per square foot also increased from $212 to $240, all strong indicators that the market continued to strengthen here.

7524 SW 54 Court | $2,690,000 6 BD | 6 BA | 1 HB | 5,231 SF | 10,375 SF Lot

Condos, Waterfront, <$1M Like Pinecrest, most of the residences in South Miami are single-family homes. In 2014, only one condo came to the market at less than $1M, selling for $110k but not closing.

18

2014

2013

Number of listings

0

2

Listings Sold

0

1

Avg. Active Price $

110

0

4770 SW 80 Street | $7,200,000

Avg. Sold |Price $ 0 4900 SW 74 Terrace $3,150,000

95K

7 BD | 7 BA | 1 HB | 9,941 SF | 78,278 SF Lot

4 BD | 4 BA | 1 HB Avg. | 4,415 SFPrice | 31,058 SF Sq. Ft. $ 0 Lot

186

Sold/List Diff. %

0

95

Avg. Days on Market

0

23


Single-Family Homes, Waterfront, $1M+ Waterfront homes are a rarity in South Miami, especially in the luxury arena. 2014 only brought one listing to market for $1.95M, which did not close. Only one such listing closedin 2013.

2014

2013

Number of listings

1

2

Listings Sold

0

Avg. Active Price $

Single-Family Homes, Waterfront, <$1M Homes on the water in the sub-$1M market resulted in 6 closed sales in 2014 at anaverage of $291/sq. ft., roughly a 12% increase year-over-year in price and a 200% increase in closed sales.

2014

2013

Number of listings

9

7

1

Listings Sold

6

1.95M

1.73M

Avg. Active Price $

Avg. Sold Price $

0

1.39M

Avg. Sq. Ft. Price $

0

Sold/List Diff. % Avg. Days on Market

Single-Family Homes, Non-Waterfront, $1M+ Five sales closed in 2014 in the luxury, non-waterfront market, down from the 6 sales in 2013, while available inventory increased by nearly 50%. Prices per square foot increased by $79, although homes took substantially longer to close this past year. 2014

2013

Number of listings

25

17

2

Listings Sold

5

553K

672K

Avg. Active Price $

Avg. Sold Price $

540K

459K

244

Avg. Sq. Ft. Price $

291

0

88

Sold/List Diff. %

0

95

Avg. Days on Market

Condos, Non-Waterfront, <$1M Non-waterfront condo sales increased by 40% year-over-year, while new inventory increased by 16%. Average prices per sq. ft. was nearly identical, down $4 compared with 2013.

2014

2013

Number of listings

50

43

Listings Sold

35

Avg. Active Price $

Single-Family Homes, Non-Waterfront, <$1M As the busiest segment in South Miami, non-waterfront homes in the sub-$1M market saw sales increase from 76 to 80, while new inventory decreased by just over 10%. Average prices per sq. ft. increased by $28, all indicating that the market continues to strengthen here.

2014

2013

Number of listings

124

146

6

Listings Sold

80

76

2.22M

1.93M

Avg. Active Price $

519K

462K

Avg. Sold Price $

1.35M

1.64M

Avg. Sold Price $

452K

396K

260

Avg. Sq. Ft. Price $

398

318

Avg. Sq. Ft. Price $

240

212

94

101

Sold/List Diff. %

95

96

Sold/List Diff. %

96

95

71

8

Avg. Days on Market

116

60

Avg. Days on Market

67

58

PONCE/DAVIS MARKET STATISTICS

PONCE/DAVIS MARKET STATISTICS

Single-Family Homes, $1M+ 2014 was a strong year for sales in Ponce/Davis. Sales increased while inventory decreased, while the average price per square foot for homes sold in this area more than doubled from $410 to $884, all signs of a very strong market.

Single-Family Homes, <$1M Homes offered at less than $1M are hard to find in Ponce/Davis. Further, though average sales prices increased in 2014, the average price per square foot showed a slight decline from $423 in 2013 to $385 in 2014.

2014

2013

2014

2013

Number of listings

41

47

Number of listings

4

3

25

Listings Sold

24

17

Listings Sold

3

1

278K

253K

Avg. Active Price $

4.23M

2.92M

Avg. Active Price $

821K

690K

Avg. Sold Price $

158K

187K

Avg. Sold Price $

5.09M

2.33M

Avg. Sold Price $

748K

675K

Avg. Sq. Ft. Price $

189

192

Avg. Sq. Ft. Price $

884

410

Avg. Sq. Ft. Price $

385

423

Sold/List Diff. %

97

98

Avg. Sold/List Diff. %

1.20

80

Avg. Sold/List Diff. %

91

98

Avg. Days on Market

68

73

Avg. Days on Market

217

74

Avg. Days on Market

25

5


GREATER MIAMI Market activity in Greater Miami, which includes a wide mix of communities, easily comprises the largest segment analyzed herein. Inventory across the board showed slight decreases in all segments but one, while the proportion of sales to inventory ratio improved in six of the eight segments, strong signs that demand for homes in Greater Miami has increased even with available inventory slightly waning.

8961 SW 108 Street | $3,295,000 5 BD | 6 BA | 2 HB | 6,083 SF | 83,200 SF Lot

7929 SW 63 Terrace | $2,185,000 5 BD | 5 BA | 1 HB | 5,859 SF | 26,789 SF Lot

20


Single-Family Homes, Waterfront, $1M+ 2014 saw a 33% reduction in homes for sale while actual sales jumped by 67%, demand has increased while supply decreased, one indicator that the waterfront market has grown stronger.

2014

2013

Number of listings

81

125

Listings Sold

40

Avg. Active Price $

Single-Family Homes, Waterfront, <$1M Compared with 2013, numbers were slightly down in terms of available homes and actual sales, while prices jumped $20/sq. ft. and homes went from listing to close in an average of 8 less days.

2014

2013

Number of listings

701

781

24

Listings Sold

387

4.15M

3.68M

Avg. Active Price $

Avg. Sold Price $

2.23M

2.9M

Avg. Sq. Ft. Price $

556

Sold/List Diff. % Avg. Days on Market

Single-Family Homes, Non-Waterfront, $1M+ Like its luxury waterfront counterpart, non-waterfront homes saw a jump in sales by 15% while new listings showed a corresponding 12% decrease. Prices here also increased by $33/ sq. ft., demonstrating that the market performed more strongly than the year before.

2014

2013

Number of listings

432

489

449

Listings Sold

155

440K

438K

Avg. Active Price $

Avg. Sold Price $

348K

318K

526

Avg. Sq. Ft. Price $

157

92

85

Sold/List Diff. %

117

186

Avg. Days on Market

Condos, Waterfront, $1M+ While sales remained nearly identical compared to 2013, inventory showed a marked reduction by 160 fewer new listings on the market. Average sales prices showed an increase of $280,000 compared with the previous year.

2014

2013

Number of listings

540

700

Listings Sold

169

Avg. Active Price $

Single-Family Homes, Non-Waterfront, <$1M Easily the most active area in Greater Miami, non-luxury single-family homes accounted for 6,670 sales this past year, an increase of 227 homes. Average prices per sq. ft. jumped by $13 as well.

2014

2013

Number of listings

11,704

12,182

132

Listings Sold

6,670

6,443

2.07M

2.13M

Avg. Active Price $

331K

309K

Avg. Sold Price $

1.75M

1.66M

Avg. Sold Price $

254K

235K

137

Avg. Sq. Ft. Price $

364

330

Avg. Sq. Ft. Price $

135

122

96

96

Sold/List Diff. %

94

92

Sold/List Diff. %

96

96

71

79

Avg. Days on Market

123

118

Avg. Days on Market

74

72

Condos, Waterfront, <$1M When compared with 2013, there were less units available for sale and fewer sales; however, average prices jumped by $22 per square foot, and average overall sales prices were $45,000 higher than in 2013.

2014

2013

Number of listings

4,305

4,878

164

Listings Sold

1,909

2.57M

2.64M

Avg. Active Price $

Avg. Sold Price $

1.84M

1.56M

Avg. Sq. Ft. Price $

732

Sold/List Diff. % Avg. Days on Market

Condos, Non-Waterfront, $1M+ Non-waterfront luxury condos in Greater Miami comprise a much smaller portion of the available market, with only 29 sales closing at $1M+ (a 61% increase year-overyear). Interestingly, sales prices tended to close at more than asking price, strongly indicating that buyers are motivated in this segment of the market. 2014

2013

Number of listings

87

80

2,116

Listings Sold

29

435K

441K

Avg. Active Price $

Avg. Sold Price $

356K

311K

649

Avg. Sq. Ft. Price $

306

92

93

Sold/List Diff. %

128

153

Avg. Days on Market

Condos, Non-Waterfront, <$1M The most active area for Greater Miami condos, non-waterfront listings in the sub$1M arena closed at an average of 448 units per month. Average prices per sq. ft. increased by $15 while average overall prices raised by approximately $16,000 per listing.

2014

2013

Number of listings

9,979

10,069

18

Listings Sold

5,377

5,447

1.68M

1.67M

Avg. Active Price $

258K

240K

Avg. Sold Price $

1.46M

1.31M

Avg. Sold Price $

170K

154K

284

Avg. Sq. Ft. Price $

563

472

Avg. Sq. Ft. Price $

156

141

96

96

Sold/List Diff. %

107

94

Sold/List Diff. %

97

98

116

88

Avg. Days on Market

100

114

Avg. Days on Market

919

73


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