MIAMI, Florida
1Q-2012
Quarterly Survey of Miami Coastal Community Sales
Miami • Limited distressed properties entering the market drove price indicators higher All price indicators
posted double-digit year-over-year gains due to the shift in the mix towards non-distressed sales. The market share of distressed sales dropped to 48.2% from 64.7% in the prior year quarter.
• Listing inventory drop outpaced the decline in the number of sales Listing
inventory fell 20% to 12,553 from 15,698 in the prior year quarter. The decline in inventory outpaced the 9.6% decline in sales to 4,610 from 5,101 over the same period. As a result, the monthly absorption rate fell to 8.2 months, the fastest market pace in the past year.
• Days on market edged higher despite the drop in listing inventory
Miami Market Matrix
1Q-2012 % Chg (qrt)
Average Sales Price
4Q-2011
% Chg (yr)
1Q-2011
$323,181
2.6%
$314,995
23.9%
$260,918
$220
2.8%
$214
18.9%
$185
$176,000
6.7%
$165,000
25.7%
$140,000
4,610
0.9%
4,568
-9.6%
5,101
72
0.0%
72
9.1%
Average Price per Sq Ft Median Sales Price Number of Sales (Closed) Days on Market (From Last List Date)
English Listing Inventory (active)
Listing Discount (From Last List Price)
8.1%
66
8.7%
8.3%
12,553
-11.3%
14,153
-20.0%
15,698
8.2
-11.8%
9.3
-10.9%
9.2
Absorption Rate (mos)
MIAMI
Quarterly Average Sales Price
Number of Sales
$700,000 $600,000
7,000
$500,000
5,000
$400,000 $300,000 $200,000 $100,000 $0
4,000
6,000
3,000
06
07
08
09
10
11
12
2,000 1,000 0
over the past year-and-a-half. However, we
same quarter last year. As a result of the larger
anticipate an increase in distressed sales activity
decline in inventory over sales, the monthly
over the next Sales few years. Median Price While distressed No. of Salesand 5,000 non-distressed sales CONDOS are not separate types $180,000
absorption rate declined to 8.2 months from 9.2
4,000 of $160,000 housing, distressed condos and 1-family
rate measures market health by analyzing the number of months to sell all active inventory at
The Miami housing market continued to be
3,000 $140,000 property sales averaged 26.3% and 31.1% more 2,000 $120,000 square feet, respectively than their distressed 1,000 $100,000 sale $80,000 counterparts in the first quarter. 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 0
largely two different market segments: distressed
The market share of distressed sales fell to 48.2%
indicators to jump over the past year. Median
sales, defined as short sales and foreclosures,
sales price was $176,000 in the first quarter,
and non-distressed sales. The “robo-signing”
of all sales in the first quarter from 64.7% in the Median Sales Price No. of declined Sales same period last year. Overall sales
scandal in late 2010 and the recent settlement
Both price per square foot and average sales 9.6% to 4,610 from 5,101 over the same period. 2,000
The average number of days to sell a property measured from the last price change, if any, was 72 days in the first quarter, nearly a week slower than 66 days in the prior year quarter.
agreement between the major loan servicers and the government has kept a large supply of distressed properties from entering the market
2,500 $250,000 1 FAMILY $230,000 The$210,000 shift in mix away from distressed sales 1,500 has 1,000 been more evident with listing inventory, with a $190,000 20%$170,000 decline to 12,553 listings from 15,698 in500 the $150,000 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 0
The Douglas Elliman Report series is recognized as the industry standard for Median Sales Price No. of Sales providing the state of the residential real$310,000 estate market. The report includes 2,000 NON-DISTRESSED CONDOS 1,600 $290,000 an extensive suite of tools to help readers objectively identify and measure 1,200 market trends, provide historical context$270,000 to current information and provide 800 $250,000 comprehensive analysis of the results. $230,000 400 $210,000 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 0
Median Sales Price $120,000 $110,000
DISTRESSED
No. of Sales
CONDOS
2,500
months in the prior year quarter. The absorption
the current pace of sales. The shift in the mix also caused all price
25.7% higher than the prior year quarter results. price also realized double-digit gains.
Median Sales Price
No. of Sales
$350,000 NON-DISTRESSED 1-FAMILY $330,000 $310,000 $290,000 $270,000 $250,000 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12
1,00 800 600
400 200 0
Prepared by Miller Samuel Inc. Appraisal and Consulting Services Median Sales Price No. of Sales DISTRESSED 1-FAMILY $180,000 1,500
1Q-2012
English The Elliman Report • Quarterly Survey of Miami Coastal Community Sales
MIA
Quarterly Average Sales Price
Condos • Price indicators posted doubledigit gains with a drop in distressed inventory The median sales price was
$161,500, up 35.7% from $119,000 in the prior year quarter. Price per square foot and average sales price jumped 20.5% and 27.2%, respectively.
• Inventory declined faster than the number of sales Listing inventory fell
17.1% to 7,627 from 9,198 in the prior year quarter, while the number of sales declined 9.7% to 2,997 from 3,318 over the same period. The temporary reprieve of fewer distressed sales was the driving force behind both of these metrics’ changes.
1-Family
• Listing inventory fell sharply, as number of sales declined There were 4,926 listings at the end of the first quarter, down 24.2% from 6,500 in the prior year quarter. The drop outpaced the 9.5% decline in the number of sales. There were 1,613 sales in the first quarter, down from 1,783 in the prior year quarter.
•P rice indicators increased and more purchases were made with conventional financing Median sales price increased 14.3% to $200,000 from $175,000 in the prior year quarter. Conventional mortgage financing expanded to 29.7% of all sales, up from 28.6% over the same period.
Luxury • Condo price indicators saw doubledigit gains as average size expanded Median sales price increased 20.3% to $985,000 from $818,600 in the prior year quarter. The average square footage increased 5.8% to 2,310 over the same period.
• 1-family days on market dropped as prices increased The average number
of days on market was 52 days, nearly a week faster than 58 days in the prior year quarter. Median sales price edged up 4.4% to $1,075,000 from $1,030,000 over the same period.
Ellimanflorida.com
$700,000 $600,000
Condo Market Matrix
1Q-2012 % Chg (qrt)
Average Sales Price
$298,751
Average Price Per Sq Ft
$247
Median Sales Price
$161,500
Number of Sales
2,997
Days on Market (From Last List Date)
72
Listing Discount (From Last List Price)
7.3%
Listing Inventory (active)
Med. Sales Price
% Chg (yr)
$113,000
4.9%
1-bedroom
$125,000
28.8%
2-bedroom
$196,463
46.5%
3-bedroom
$210,000
16.5%
4-bedroom
$345,000
2.9%
5-bedroom
$2,700,000
0.4%
1-Family Market Matrix
4Q-2011
% Chg (yr)
$241
20.5%
$205
$146,000
35.7%
$119,000
2,916
-9.7%
3,318
73
10.8%
$287,383
06 8.0%
27.2%
1Q-2011
$234,944
65 087.5%
07
Quarterly Average -11.3% 8,595 Sales Price -17.1%
7.6 $700,000 -13.6% $600,000
Studio
8.8
$500,000 Median Sales Price
9,198
-8.4%
Average Price Per Sq Ft
No. of Sales
$400,000 $180,000 CONDOS $300,000 $160,000 $140,000 $200,000 $120,000 $100,000 $100,000 $0 $80,000 1Q 11062Q 11 3Q 11 074Q 11 1Q 12
$169
Median Sales Price
$200,000
Number of Sales
1,613
Days on Market (From Last List Date)
72
Listing Discount (From Last List Price)
9.5%
Listing Inventory (active)
4,926
Absorption Rate (mos)
1.2% $180,000 $230,000 0.0% $160,000 $210,000
$200,000
14.3%
5,000 4,000 3,000 2,000 1,000 08 0
$148 5,000 2,000 $175,000 1,500 4,000 1,000 3,000 $140,000 -2.4% 1,652 -9.5% 1,783 $190,000 2,000 $120,000 500 $170,000 2.9% 70 7.5% 67 1,000 $100,000 1Q 11 2Q9.8% $150,000 0 11 3Q 11 4Q 11 1Q 12 9.7% $80,000 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 0 -11.4% 5,558 -24.2% 6,500 -8.9%
10.1
-15.6%
9.2
Med. Sales Price $28,250
0.4%
2-bedroom
$110,000
9.1%
3-bedroom
$161,000
47.5%
4-bedroom
$240,000
32.9%
5-bedroom
$762,500
10.1%
Luxury Market Matrix - Condos Average Sales Price
Average Price Per Square Foot Median Sales Price Number of Sales
$1,325,779
$574 $985,000 300 50 9.1%
Average Price Per Square Foot
1,600 2,500 2,000 1,200 1,500 800 1,000 400 500 0 0
Median Sales Price of Sales Median Price % ChgNo. No. 1Q-2012 % Chg (qrt) Sales 4Q-2011 (yr)of Sales 1Q-2011
Listing Discount (From Last List Price)
Average Sales Price
10.9
$290,000 $250,000 1 FAMILY $230,000 $270,000 $210,000 $250,000 $190,000 $230,000 $170,000 $210,000 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 $150,000 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12
Days on Market (From Last List Date)
Luxury Market Matrix - 1-Family
$167 CONDOS14.2%
Median Sales Price No. of Sales $310,000 CONDOS Median NON-DISTRESSED Sales Price No. of Sales2,000
% Chg (yr)
1-bedroom
$120,000 DISTRESSED CONDOS 2,500 2,000 $310,000 CONDOS -0.9% NON-DISTRESSED $1,338,246 20.5% $1,100,477 $110,000 2,000 1,600 $290,000 -1.9% $585 13.9% $504 $100,000 1,500 1,200 $270,000 10.7% $890,000 20.3% $818,600 $90,000 1,000 800 $250,000 2.7% 292 -9.6% 332 $80,000 500 $230,000 400 -2.0% 51 -2.0% 51 $70,000 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 00 $210,000 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 9.7% 10.8%
1Q-2012 % Chg (qrt)
$1,754,972 $404
4Q-2011
1.8% $1,723,393
Median Sales Price
% Chg (yr)
1Q-2011
22.1% $1,437,562
No. of Sales
4.1% $388 19.5% $338 $120,000 DISTRESSED CONDOS 2,500 Median Sales Price $1,075,000 -10.4% $1,200,000 4.4% $1,030,000 $110,000 2,000 Number of Sales 161 -2.4% 165 -9.6% 178 $100,000 1,500 Days on Market (From Last List Date) 52 2.0% 51 -10.3% 58 $90,000 1,000 Listing Discount (From Last List Price) 12.9% 13.3% 13.8% $80,000 500 0 Note: This sub-category is the analysis of the top ten percent of all sales.$70,000 The data is1Q also11contained other 2Q 11 within 3Q 11the 4Q 11markets 1Q 12presented.
Visit our website to browse listings and learn more about market trends
09
MIA
8.3
1Q-2012 % Chg (qrt) 4Q-2011 % Chg (yr) 1Q-2011 Median Sales Price No. of Sales $368,573 1.3% $363,733 19.2% $309,252 Median Sales Price $250,000 1 FAMILY No. of Sales2,500
Average Sales Price
Quintiles
English
7,627
Absorption Rate (mos)
Quintiles
$500,000 4.0% $400,000 2.5% $300,000 10.6% $200,000 2.8% $100,000 -1.4% $0
09
The Elliman Report • Quarterly Survey of Miami Coastal Community Sales
North
North Market Matrix - Condos
• Condo price indicators trended higher over the year Median sales
Average Sales Price Average Price per Sq Ft Median Sales Price Number of Sales (Closed)
price was $225,000, 21.6% above $185,000 in the prior year quarter.
North Market Matrix- 1 Family
• 1-family sales were up sharply from the same quarter last year There were
Average Sales Price Average Price per Sq Ft Median Sales Price Number of Sales (Closed)
42 sales, nearly double the 23 sale total in the prior year quarter.
1Q-2012 % Chg (qrt)
4Q-2011
% Chg (yr)
1Q-2012 % Chg (qrt)
4Q-2011
% Chg (yr)
$370,104 $260 $225,000 635
8.3% 4.0% 9.8% 0.8%
$1,018,344 $346 $800,000 42
27.1% 5.2% 53.8% 16.7%
$341,700 $250 $205,000 630
8.6% 5.7% 21.6% -2.2%
$801,472 $329 $520,000 36
1Q-2011
$340,776 $246 $185,000 649
1Q-2011
-7.1% $1,096,754 -3.9% $360 45.2% $550,800 82.6% 23
Note: This region includes Aventura, Bal Harbour, Bay Harbor Islands, Golden Beach, Indian Creek, North Bay Village, Sunny Isles and Surfside. The data is also contained within the other markets presented.
Miami Beach
Miami Beach Market Matrix - Condos
• Condo price indicators up from prior year quarter Median sales price was
Average Sales Price Average Price per Sq Ft Median Sales Price Number of Sales (Closed)
$290,000, 33% above $218,000 in the prior year quarter.
Miami Beach Market Matrix- 1 Family
• 1-family sales declined from prior year quarter Number of sales declined
Average Sales Price Average Price per Sq Ft Median Sales Price Number of Sales (Closed)
19% to 51 from 63 in the same quarter last year.
1Q-2012 % Chg (qrt)
4Q-2011
% Chg (yr)
1Q-2012 % Chg (qrt)
4Q-2011
% Chg (yr)
$515,534 $408 $290,000 318
$1,263,471 $411 $867,000 51
17.4% 15.6% 20.8% 2.3%
$439,030 $353 $240,000 311
36.4% 27.1% 33.0% -5.6%
-10.9% $1,417,846 -5.7% $436 -13.3% $1,000,000 8.5% 47
1Q-2011
$377,843 $321 $218,000 337
1Q-2011
-5.4% $1,335,397 -8.3% $448 0.8% $860,000 -19.0% 63
Note: This region includes Miami Beach, Fisher Island and Key Biscayne. The data is also contained within the other markets presented.
South Beach
South Beach Market Matrix - Condos
• Condo sales slipped from the prior year quarter There were 344 sales in the
Average Sales Price Average Price per Sq Ft Median Sales Price Number of Sales (Closed)
first quarter, 1.7 below prior year quarter.
• 1-family price indicators were mixed
South Beach Market Matrix- 1 Family
The small data set resulted in volatile price changes. Median sales price declined by 31.7%, yet price per square foot increased by 16.9%.
Average Sales Price Average Price per Sq Ft Median Sales Price Number of Sales (Closed)
1Q-2012 % Chg (qrt) $507,662 $529 $250,000 344
-13.0% -8.2% -2.0% 7.5%
$1,637,863 $491 $1,025,000 13
-24.8% -25.9% 10.8% 0.0%
1Q-2012 % Chg (qrt)
4Q-2011
% Chg (yr)
4Q-2011
% Chg (yr)
$583,214 $576 $255,000 320
22.5% 20.2% 28.2% -1.7%
$2,178,231 $663 $925,000 13
1Q-2011
$414,464 $440 $195,000 350
1Q-2011
-2.5% $1,679,471 16.9% $420 -31.7% $1,500,000 -23.5% 17
Note: This region includes area within the 33139 zip code and the 33140 zip code with northern boundary of 30th Street. The data is also contained within the other markets presented.
Downtown
Downtown Beach Market Matrix - Condos
1Q-2012 % Chg (qrt)
4Q-2011
% Chg (yr) 1Q-2011
Downtown Beach Market Matrix- 1 Family
1Q-2012 % Chg (qrt)
4Q-2011
% Chg (yr) 1Q-2011
Average Sales Price Average Price per Sq Ft Median Sales Price Number of Sales (Closed)
• Condo sales declined There were 1,568
sales in the first quarter, down 16.5% from 1,878 in the prior year quarter.
• 1-family price indicators were higher
The median sales price jumped 13.3% to $170,000 from $150,000 due to the decline in distressed sales brought to market.
Average Sales Price Average Price per Sq Ft Median Sales Price Number of Sales (Closed)
$174,511 $152 $108,500 1,568
-0.6% -0.7% 8.5% 0.1%
$204,514 $105 $170,000 1,290
-7.1% -5.4% 0.0% -4.2%
$175,530 $153 $100,000 1,566
$220,132 $111 $170,000 1,347
25.4% $139,129 19.7% $127 35.6% $80,000 -16.5% 1,878
11.0% $184,179 8.2% $97 13.3% $150,000 -12.7% 1,477
Note: This region includes area defined by Miami MLS as “Miami”. The data is also contained within the other markets presented.
South • Condo price indicators and sales jumped The drop in distressed sales
South Market Matrix - Condos
1Q-2012 % Chg (qrt)
4Q-2011
% Chg (yr)
South Market Matrix- 1 Family
1Q-2012 % Chg (qrt)
4Q-2011
% Chg (yr)
Average Sales Price Average Price per Sq Ft Median Sales Price Number of Sales (Closed)
skewed prices higher. The drop in mortgage rates pushed sales activity up.
• 1-family shift in mix caused jump in indicators Median sales price was up
1Q-2012
15.6% to $545,000 from the prior year quarter, as distressed sales share dropped.
Average Sales Price Average Price per Sq Ft Median Sales Price Number of Sales (Closed)
$364,630 $259 $239,000 132
31.4% 20.5% 13.8% 48.3%
$931,727 $302 $545,000 217
7.8% 9.8% 0.0% 3.8%
$277,423 $215 $210,000 89
$863,923 $275 $545,000 209
1Q-2011
53.5% 29.5% 44.8% 26.9%
$237,502 $200 $165,000 104
33.7% 31.9% 15.6% 6.9%
$696,832 $229 $471,500 203
1Q-2011
Note: This region includes Coconut Grove, Coral Gables, Palmetto Bay, Pinecrest and South Miami. The data is also contained within the other markets presented.
Visit our website to browse listings and learn more about market trends
Ellimanflorida.com
06
1Q-2012
06
07
07
08
08
09
09
10
10
11
11 12
12
English English The Elliman Report • Quarterly Survey of Miami Coastal Community Sales Median Median Sales Price Sales Price No. of Sales No. of Sales
Quarterly Quarterly Average Average SalesCONDOS Price Sales Price5,000 5,000 NumberNumber of Salesof Sales MIAMI MIAMI $180,000 $180,000 CONDOS 4,000 4,000 $160,000 $160,000 $700,000 $700,000 7,000 7,000 3,000 3,000 $140,000 $140,000 $600,000 $600,000 6,000 6,000 2,000 1Q-2012 2,000 yr) $120,000 $120,000 Non-Distressed - Condos % Chg (qrt) 4Q-2011 % Chg (5,000 1Q-2011 $500,000 $500,000 5,000 1,000 $438,345 1,000 $100,000 $100,000 Average Sales Price -1.2% $443,801 0.0% $438,500 $400,000 $400,000 • Number of sales jumped as non4,000 4,000 $80,000 $80,000 Average Per Sq Ft -1.8% $334 2.8% $319 1Q 11 Price 2Q 1Q11 11 3Q 2Q11 11 4Q 3Q1111 1Q 4Q1211 0 1Q 12 0 $328 3,000 3,000 distressed market share exceeded $300,000$300,000 Median Sales Price $256,000 5.3% $243,139 4.5% $245,000 2,000 2,000 50% Market share of non-distressed $200,000$200,000 Number of Sales 1,623 13.8% 1,426 38.8% 1,169 $100,000 $100,000 1,000 1,000 accounted for 51.8% of total sales, Days on Market (From Last List Date) 46 -2.1% 47 -2.1% 47 Median Median Sales Sales Price No. of Sales $0 $0 Price No. of Sales 0 0 11.3% the highest share in several years, but Listing Discount (From Last Price) 08 06 06 07 List 07 08 8.3% 09 09 10 10 9.6% 11 11 12 12 2,500 2,500 $250,000$250,000 1 FAMILY 1 FAMILY Non-Distressed - 1 Family 1Q-2012 % Chg (qrt) 4Q-2011 % Chg (yr) 1Q-2011 the trend is expected to reverse over 2,000 2,000 $230,000$230,000 Average Sales Price $569,673 1.8% $559,827 4.5% $545,263 the next year. The number of condo 1,500 1,500 $210,000$210,000 Average Price Per Sq Ft $229 2.7% $223 4.1% $220 and 1-family sales jumped 38.8% and 1,000 1,000 $190,000$190,000 Median Sales Price $300,000 6.8% $281,000 7.5% $279,000 21.2%, respectively. 500 500 $170,000$170,000 Median Median Sales Sales Price No. of Sales No. of Sales 767 Number of Price Sales -4.8% 806 21.2% 633 $150,000$150,000 0 0 1Qon 11 Market 2Q 1Q1111(From 3Q 2Q1111 4Q 3Q 1111Date) 1Q 4Q1211 5,000 1Q 12 5,000 • Price indicators rose as listing Days Last List 52 -1.9% 53 0.0% 52 $180,000 $180,000 CONDOS CONDOS $160,000 Listing Discount (From Last List Price) 4,000 4,000 10.8% 11.0% 12.2% discount declined Median sales price $160,000 3,000 3,000 $140,000$140,000 for condo and 1-family properties 2,000 2,000 $120,000 $120,000 Median Median Sales Price Sales Price Median Median Sales Price Sales Price No. of Sales No. of Sales No. of Sales No. of Sales rose 4.5% and 7.5%, respectively, as 1,000 1,000 1,000 2,000 1,000 2,000 $100,000$100,000 $310,000 $310,000 $350,000$350,000 NON-DISTRESSED NON-DISTRESSED NON-DISTRESSED NON-DISTRESSED CONDOS CONDOS 1-FAMILY 1-FAMILY compared to the prior year quarter. 0 0 $80,000 $80,000 800 800 1,600 1,600 $290,000$290,000 $330,000$330,000 1Q 11 2Q 1Q1111 3Q 2Q1111 4Q 3Q1111 1Q 4Q1211 1Q 12 Tighter market conditions compressed 600 600 1,200 1,200 $270,000$270,000 $310,000$310,000
Non–Distressed
the listing discount for condos and 800 800 $250,000$250,000 1-family properties to their lowest levels $230,000 $230,000 Median Median Sales Price Sales Price No. of Sales No.400 of Sales400 in several years.
400 200 $250,000$250,000 1Q 11 2Q 1Q1111 3Q 2Q1111 4Q 3Q1111 1Q 4Q1211 0 1Q 12
400 200 0
$290,000$290,000 $270,000$270,000
$210,000$250,000 $210,000 0 2,500 1Q 11 2Q 1Q11 3Q 2Q1111 3Q1111 1Q 4Q1211 0 1Q 12 2,500 $250,000 111FAMILY 1 4Q FAMILY 2,000 $230,000 $230,000 Note: This category excludes all foreclosure and short sales.2,000 The data is also contained within the other markets presented. 1,500 1,500 $210,000$210,000 1,000 1,000 $190,000$190,000 Distressed -Sales Condos 1Q-2012 % Chg (qrt) Median 4Q-2011 ChgNo. (yr)of Sales 1Q-2011 Median Median Sales Price Price No. of Sales Median Sales Price Sales % Price No.500 of Sales No. of Sales 500 $170,000 $170,000 Average Sales Price $133,858 -2.8% $137,683 7.8% $124,215 $120,000 $120,000 DISTRESSED DISTRESSED DISTRESSED DISTRESSED 2,500 2,500 $180,000 $180,000 1,500 1,500 CONDOS CONDOS 1-FAMILY 1-FAMILY • Price indicators increased as listing $150,000$150,000 1Q 11 Price 2Q 1Q11 11 3Q 2Q11Ft 11 4Q 3Q1111 1Q 4Q1211 01Q 12 0 $127 Average Per Sq -1.6% $129 5.0% $121 $110,000 $110,000 2,000 2,000 $170,000 $170,000 1,200 1,200 discount expanded Median sales price Median Sales Price $95,000 -4.0% $99,000 11.8% $85,000 $100,000$100,000 1,500 1,500 $160,000$160,000 900 900 for distressed condos increased 11.8% Number of Sales 1,374 -7.8% 1,490 -36.1% 2,149 $90,000 $90,000 1,000 1,000 $150,000 $150,000 600 600 to $95,000 from the prior year quarter. Days on Market (From LastNo. List of Date) 5.3% Median 95 Price 35.1% Median Median Sales Price Sales Price Median Sales Price Sales Sales No. of Sales 100 No. of Sales No. of 74 Sales $80,000 $80,000 500 500 $140,000$140,000 300 300 The number of sales fell 36.1% to 1,374 $310,000 Listing Discount (From Last List Price) 3.2% $350,000 3.4% 0.3% 1,000 1,000 2,000 2,000 $310,000 $350,000 NON-DISTRESSED NON-DISTRESSED NON-DISTRESSED NON-DISTRESSED CONDOS CONDOS 1-FAMILY 1-FAMILY $70,000 $70,000 01Q 12 0 $130,000 $130,000 0 0 1Q 11 2Q 1Q 11 11 3Q 2Q 11 11 4Q 3Q 11 11 1Q 4Q 12 11 1Q 11 2Q 1Q 11 11 3Q 2Q 11 11 4Q 3Q 11 11 1Q 4Q 12 11 1Q 12 Distressed %$330,000 Chg (qrt ) 4Q-2011 % Chg (yr) 1Q-2011 800 800 1,600 1Q-2012 1,600 over the same period, as last year’s $290,000 $290,000 - 1 Family $330,000 Average 5.3% $176,910 3.9% $179,343 600 600 1,200 $186,251 1,200 “robo-signing” scandal continued to $270,000 $270,000Sales Price $310,000 $310,000 Average Price Per Sq Ft $98 3.2% $95 3.2% $95 800 800 400 400 $250,000 $250,000 $290,000 $290,000 hold back new foreclosure inventory. Median Sales Price $145,000 3.6% $140,000 3.6% $140,000 200 200 $230,000 $230,000 400 400 $270,000 $270,000 Foreclosures fell 47.1% as short sales Number of Sales 846 0.0% 846 -26.4% 1,150 0 $210,000 $210,000 0 0 $250,000 $250,000 increased 22.3% over the same period. 1Q 11 2Q 1Q1111 3Q 2Q1111 4Q 3Q1111 1Q 4Q1211 1Q 12 1Q 11 2Q 1Q1111 3Q 2Q1111 4Q 3Q1111 1Q 4Q1211 1Q 12 0 Days on Market (From Last List Date) 90 3.4% 87 20.0% 75 Listing Discount (From Last List Price) 6.1% 6.2% 5.6% • Number of sales dropped sharply as
Distressed
marketing time expanded The number Median Median Sales Price Sales Price No. of Sales No. of Sales of condo and 1-family sales dropped $120,000$120,000 DISTRESSED DISTRESSED 2,500 2,500 CONDOS CONDOS 36.1% and 26.4% respectively, as $110,000$110,000 2,000 2,000 lenders continued to hold back listings $100,000$100,000 1,500 1,500 from the market. Days on market $90,000$90,000 1,000 1,000 jumped for both property types over $80,000$80,000 500 500 the same period. $70,000$70,000 1Q 11 2Q 1Q1111 3Q 2Q1111 4Q 3Q1111 1Q 4Q1211 01Q 12 0
Median Median Sales Price Sales Price No. of Sales No. of Sales DISTRESSED DISTRESSED 1,500 $180,000$180,000 1-FAMILY 1-FAMILY 1,200 $170,000$170,000 900 $160,000$160,000 600 $150,000$150,000 300 $140,000$140,000 $130,000$130,000 1Q 11 2Q 1Q1111 3Q 2Q1111 4Q 3Q1111 1Q 4Q1211 01Q 12
Note: This category is comprised of foreclosure and short sales. The data is also contained within the other markets presented.
©2012 Douglas Elliman Florida LLC and Miller Samuel Inc. All worldwide rights reserved.
Douglas Elliman Florida Real Estate 1111 Lincoln Road, Suite 805 Miami Beach, FL 33139 305.695.6300 / ellimanflorida.com
Miller Samuel Inc. Real Estate Appraisers & Consultants 21 West 38th Street New York, NY 10018 212.768.8100 / millersamuel.com
For more information or electronic copies of this report please visit ellimanflorida.com. Email report author Jonathan J. Miller at jmiller@millersamuel.com with questions or comments. Methodology: www.millersamuel.com/reports/methodology.php Douglas Elliman Florida LLC. ©2012
The Coastal Communities of Miami, Florida Miami-Dade Aventura, Bal Harbour, Bay Harbor Islands, Coconut Grove, Coral Gables, Downtown, Fisher Island, Golden Beach, Indian Creek, Key Biscayne, Miami Beach, North Bay Village, Palmetto Bay, Pinecrest, South Beach, South Miami, Sunny Isles and Surfside.
Equal Housing Opportunity. All material presented herein is intended for information purposes only. While this information is believed to be correct, it is represented subject to errors, omissions, changes or withdrawal without notice. All property outlines and square footage in property listings are approximate.
1,500 1,200 900 600 300 0