Market Report
Miami Q2 2013
Q2 at a Glance
$
$219,000 Median Price
Median price jumped 25.1% since last year and last quarter. This was the largest year over year median price gain since 2012Q1. Average price increased 13.9% since last year and 22.7% since last quarter.
StreetEasy.com is pleased to present our second Miami Dade Quarterly Market Report with a focus on six major residential markets of the greater metropolitan area. Like our website, this report provides an unbiased view of today’s real estate market. This report is based solely on recorded sales that closed during the second quarter of 2013. We are always working to improve this report and provide data that will be meaningful and useful to you, so please feel free to send us feedback at support@streeteasy.com.
Q2 Trends in Miami Dade
-10.6%
Sales Volume
Transaction volume decreased by 10.6% since a year ago but increased 13.6% since last quarter. While there was a 3.0% increase for single family homes since last year, there were 11.1% fewer condo closings and 65.0% fewer new development closings.
!
+15.5%
Distressed Sales Price
Median price for distressed sales rose by 15.5% since last year to $94,350. This is the fifth consecutive quarter that distressed sales have had year over year median price gains. This quarter, there were 11.3% fewer distressed sales in the county compared to the prior year. There were 16.1% fewer condo distressed sales since last year and 3.1% fewer than last quarter in Miami Dade. There were also 3.9% fewer distressed sales of houses since last year and 2.8% fewer than last quarter.
+11.4%
Momentum Continues and What’s Ahead This spring selling season continued the momentum built from the first quarter of the year. Buyers have continued to enter the market enticed by the low mortgage rates and driven by the persistent fear that they would be forever priced out of the market. Adding to the frenetic energy of this current market is the low supply and the low level of new development product. With the dramatic double-digit price gains seen this quarter, sellers may finally be enticed to list their homes on their market thereby easing the increasing demand. While mortgage rates have begun to steadily climb, they are still relatively low compared to historical rates. In the short term, the rise in interest rates may spur more buyers to enter the market and act now.
Luxury Sales
The price of luxury got higher. The 90th percentile price for the market this quarter was $1.025M, a 22.0% increase from last year. Sales of units priced above the 90th percentile increased by 11.4% since last year and by a dramatic 52.3% since last quarter. 44.2% of all luxury sales occured in South Beach and Fisher Island.
StreetEasy.com is a real estate website that provides in-depth information, offering you the power to search, sort, and manage that information effectively, as well as the tools to keep you on top of the market.
1