MIAMI, Florida
4Q-2011
quarterly survey of coastal community sales
Miami
• Overall price indicators edged higher as distressed market share slipped. Median sales price for the fourth quarter was up 10% from the same period last year, but has been stable for past several quarters. The rise in price indicators was largely due to the decline in distressed sales market share, now at 51.1% of all sales, from 60.4% in the same quarter last year.
• Number of sales fell below prior year levels. There were 4,568 sales in the
fourth quarter, the second highest fourth quarter total since the mid-decade market peak. The number of sales was second only to the same period last year, which had experienced an unusual surge in sales due to concerns about the potential expiration of the Bush tax cuts.
• Days on market remained stable as listing discount declined. The average time
Miami Market Matrix
4Q-2011 % Chg (qrt)
3Q-2011
% Chg (yr)
4Q-2010
Average Sales Price
$314,995
-2.2%
$322,072
11.1%
$283,418
Average Price per Sq Ft Median Sales Price
$214
2.4%
$209
13.2%
$189
$165,000
0.0%
$165,000
10.0%
$150,000
4,568
-8.3%
4,979
-6.1%
4,865
72
0.0%
72
1.4%
71
10.1%
10.1%
-7.1%
15,239
N/A
9.2
N/A
Number of Sales (Closed) Days on Market (From Last List Date) Listing Discount (From Last List Price) Listing Inventory (active)
8.7% 14,153
Absorption Rate (mos)
9.3
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
to sell a listing was essentially unchanged from the same period last year with 72 days on market. The gap between asking price and sales price declined to 8.7% from 10.1% in the same period last year.
reprieve throughout 2011, as lenders sharply reduced the pace of foreclosures brought into the market. The market share for lower priced Median Sales No. of distressed sales fellPrice sharply to 51.1% of Sales all sales, 5,000 $180,000 CONDOS from 60.4% in the same quarter last year. Despite 4,000 $160,000 the decline in distressed sale market share over 3,000 $140,000 the$120,000 year, the market share of cash purchases 2,000 increased 1,000 $100,000from 61.4% to 64.1%.
The price indicators for the overall market continued to show double-digit price gains, as the market share of lower priced distressed sales, comprised of foreclosures and short sales, continued to decline. The overall median sales price was $165,000, up 10% from $150,000 in the same period last year, and unchanged from the prior year quarter. The “robo-signer” scandal at the end of 2010 gave the housing market a
10 1Q 11 2Q 11between 3Q 11 4Q the 11 0disThe $80,000 lack of4Qdifferentiation tressed and non-distressed markets continued, despite the significant difference in housing Sales Price stock.Median In the fourth quarter, the average size of No. of Sales 2,100 $250,000 a non-distressed condo sale was 24.7% larger 1 FAMILY 2,000 $230,000 than a distressed condo sale, and the average $210,000 1,900 size of a non-distressed single family sale was $190,000 1,800 34.1% larger than a distressed single family $170,000 1,700 sale. $150,000 1,600 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11
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 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 0
Median Sales Price $120,000 $110,000
DISTRESSED
No. of Sales
CONDOS
2,500 2,000
09
10
11
2,000 1,000 0
There were 4,568 sales in the fourth quarter, the second highest fourth quarter total since the mid-decade market peak, and 6.1% less than last year’s fourth quarter. The average seasonal decline from third to fourth quarter has averaged 5.7%, yet the prior year quarter showed a 2.2% increase. This was likely due to the rush to close at the then end of 2010 out of concern that the Bush tax cuts might be eliminated. The average number of days on market, the days between the last price change, if any, and the contract date, was 72 days, essentially unchanged from the same quarter last year. The listing discount, the percentage difference from the listing price at time of contract, fell from 10.1% to 8.7%, part of a continuing trend over the past two years.
Median Sales Price
No. of Sales
$350,000 NON-DISTRESSED 1-FAMILY $330,000 $310,000 $290,000 $270,000 $250,000 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11
1,000 800 600
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 $170,000 1,200
4Q-2011
The Elliman Report • Quarterly Survey of Miami Coastal Community Sales
MIA
Quarterly Average Sales Price
Condos • Price indicators continued to post double-digit gains. The combination of
a rising number of larger non-distressed sales and falling smaller distressed sales resulted in double-digit, year-over-year quarterly price gains. This shift in the mix resulted in a 16.8% increase in median sales price to $146,000 from $125,000 over the same period.
• Days on market edged higher, yet listing discount fell. The average condo sale took 73 days to sell from the last price change, up a modest 3 days from the 70 days in the same period last year.
1 Family
• Price indicators edged above last year’s results due to high-end increases. Median sales price was
up 2.6% to $200,000 from the same period last year. Five or more bedroom properties increased 15.2% in median sales price over the same period.
• Number of sales fell as FHA financing market declined. There were 1,652 sales
in the fourth quarter, 8.2% less than 1,799 in the prior year quarter. Sales financed through FHA fell to 22.5% from 25% in the same period last year, as cash sales expanded to 42.4% from 41.1% over the same period.
Luxury • Overall condo prices edged higher, as size slipped. Average sales price and
price per square foot posted 14.7% and 19.1% gains respectively from the same period last year. The 1.1% decline in median sales price was more than offset by the 3.7% decline in average size of a sale.
• Single family prices increased, as sales decreased. The overall price
indicators showed year-over-year gains, as the number of sales fell 8.3% over the same period.
$700,000 $600,000
Condo Market Matrix
4Q-2011 % Chg (qrt)
Average Sales Price
$287,383
Average Price Per Sq Ft
$241
Median Sales Price
$146,000
Number of Sales
2,916
Days on Market (From Last List Date)
73
Listing Discount (From Last List Price)
8.0%
Listing Inventory (active)
8,595
Absorption Rate (mos)
Quintiles
$500,000 5.9% $400,000 6.6% $300,000 4.3% $200,000 -5.6% $100,000 -1.4% $0
Med. Sales Price
% Chg (yr)
$91,000
13.8%
1-bedroom
$125,000
37.2%
2-bedroom
$160,250
15.7%
3-bedroom
$185,000
6.9%
4-bedroom
$220,000
4.8%
5-bedroom
$2,345,000
41.9%
1-Family Market Matrix
$271,329
16.3%
4Q-2010
$247,084
$226
17.0%
$206
$140,000
16.8%
$125,000
3,089
-4.9%
3,066
74
4.3%
0610.3%
70 08 9.0%
07
N/A
9.0
$500,000 Median Sales Price
N/A
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 4Q 10061Q 11 2Q 11 07 3Q 11 4Q 11
5,000 4,000 3,000 2,000 1,000 008
4Q-2011 % Chg (qrt) 3Q-2011 % Chg (yr) 4Q-2010 Median Sales Price No. of Sales $363,733 -10.2% $405,006 5.3% $345,341 Median Sales Price 2,100 $250,000 1 FAMILY No. of Sales
Average Sales Price
Average Price Per Sq Ft
$167
Median Sales Price
$200,000
Number of Sales
1,652
Days on Market (From Last List Date)
70
Listing Discount (From Last List Price)
9.8%
Listing Inventory (active)
5,558
Absorption Rate (mos)
-7.7% $181 3.7% $161 5,000 2,000 $180,000 $230,000 CONDOS 0.0% $200,000 2.6% $195,000 4,000 $160,000 $210,000 1,900 -12.6% 1,890 -8.2% 1,799 3,000 $140,000 $190,000 1,800 1.4% 69 -5.4% 74 2,000 $120,000 $170,000 1,700 1,000 $100,000 4Q 10 1Q9.9% $150,000 12.0% 1,600 11 2Q 11 3Q 11 4Q 11 $80,000 -6.6%4Q 10 1Q 5,949 11 2Q 11 3Q 11 4Q 11 0 N/A
10.1
9.4
Median Sales Price Quintiles
% Chg (yr)
-7.5% 9,290 Sales Price Quarterly Average
8.8 $700,000 $600,000
Studio
3Q-2011
Med. Sales Price
% Chg (yr)
1-bedroom
$85,000
174.2%
2-bedroom
$84,750
21.1%
3-bedroom
$165,000
0.0%
4-bedroom
$245,000
-0.8%
5-bedroom
$575,000
15.2%
Luxury Market Matrix - Condos Average Sales Price
Average Price Per Square Foot Median Sales Price Number of Sales
Median Price 4Q-2011 % Chg (qrt) Sales 3Q-2011 Median Sales Price
$1,338,246 $585 $890,000 292 51
Listing Discount (From Last List Price)
10.8%
Average Sales Price
No. of Sales
$310,000 CONDOS Median NON-DISTRESSED Sales Price No. of Sales2,000 1,600 2,100 $250,000 $290,000 1 FAMILY 2,000 $230,000 1,200 $270,000 $210,000 1,900 800 $250,000 $190,000 1,800 $230,000 400 $170,000 1,700 $210,000 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 0 $150,000 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 1,600
Days on Market (From Last List Date)
Luxury Market Matrix - 1-Family
N/A
4Q-2011 % Chg (qrt)
$1,723,393
% ChgNo. (yr)of 4Q-2010 No. of Sales Sales
$120,000 2,500 DISTRESSED CONDOS 4.4% NON-DISTRESSED $1,281,754 14.7% $1,167,069 2,000 $310,000 CONDOS $110,000 2,000 5.0% $557 19.1% $491 1,600 $290,000 $100,000 1,500 7.2% $830,000 -1.1% $900,000 1,200 $270,000 1,000 $90,000 800 -5.5% 309 -4.9% 307 $250,000 500 $80,000 -20.3% 64 -7.3% $230,000 40055 0 $70,000 10 1Q 11 2Q 11 3Q 11 4Q 11 12.2% 15.5% $210,000 4Q 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 0
3Q-2011
-14.6% $2,018,221
% Chg (yr)
4Q-2010
6.9% $1,611,583
Median No. -10.8% Sales Price $435 5.1%of Sales$369 $120,000 2,500 DISTRESSED CONDOS Median Sales Price $1,200,000 -12.4% $1,370,000 9.1% $1,100,000 $110,000 2,000 Number of Sales 165 -12.7% 189 -8.3% 180 $100,000 1,500 Days on Market (From Last List Date) 51 -7.3% 55 -15.0% 60 1,000 $90,000 Listing Discount (From Last List Price) 13.3% 13.3% 18.4% 500 $80,000 Note: This sub-category is the analysis of the top ten percent of all sales.$70,000 The data is also contained within the other markets presented. 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 0 Average Price Per Square Foot
$388
Ellimanflorida.com Visit our website to browse listings and learn more about market trends
MIA
The Elliman Report • Quarterly Survey of Miami Coastal Community Sales
North
• Condo price indicators rose, as sales slipped. Median sales price increased
7.9% to $205,000, and the number of sales slipped 2.3% to 630 from the 645 sales in the same quarter last year.
• Price indicators of 1-family homes declined, as sales edged higher. There were 36 sales in the quarter, 2.9% more than in the same quarter last year.
Miami Beach
• Condo prices and sales jumped. Median
sales price was $240,000, up 15.7% over the prior year quarter. Sales were up 15.6% over the same period last year.
• Fewer 1-family sales, as prices increased. The number of sales fell 19% to 47 sales, as the median sales price increased 15.3% to $1,000,000 from the prior year quarter.
4Q-2011
North Market Matrix - Condos
4Q-2011 % Chg (qrt)
3Q-2011
% Chg (yr)
North Market Matrix- 1 Family
4Q-2011 % Chg (qrt)
3Q-2011
% Chg (yr)
Average Sales Price Average Price per Sq Ft Median Sales Price Number of Sales (Closed) Average Sales Price Average Price per Sq Ft Median Sales Price Number of Sales (Closed)
$341,700 $250 $205,000 630
5.6% 6.8% -1.0% -3.1%
$801,472 $329 $520,000 36
-9.0% 0.6% 13.8% -7.7%
$323,503 $234 $207,000 650 $880,730 $327 $456,856 39
4Q-2010
5.1% 9.2% 7.9% -2.3%
$325,187 $229 $190,000 645
-12.8% -5.5% -2.1% 2.9%
$919,622 $348 $531,000 35
4Q-2010
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 Market Matrix - Condos Average Sales Price Average Price per Sq Ft Median Sales Price Number of Sales (Closed)
Miami Beach Market Matrix- 1 Family Average Sales Price Average Price per Sq Ft Median Sales Price Number of Sales (Closed)
4Q-2011 % Chg (qrt) $439,030 $353 $240,000 311
-19.6% -12.4% -14.3% 5.4%
$1,417,846 $436 $1,000,000 47
-24.4% -22.1% 10.5% -33.8%
4Q-2011 % Chg (qrt)
3Q-2011
% Chg (yr)
3Q-2011
% Chg (yr)
$546,280 $403 $280,000 295
$1,876,470 $560 $905,000 71
9.9% 7.0% 15.7% 15.6%
4Q-2010
$399,528 $330 $207,500 269
4Q-2010
1.0% $1,404,498 -5.2% $460 15.3% $867,500 -19.0% 58
Note: This region includes Miami Beach, Fisher Island and Key Biscayne. The data is also contained within the other markets presented.
South Beach
• Condo sales and price up over last year’s quarter. There were 320 sales this quarter, 11.1% more than in the same period last year. All price indicators posted year-overyear increases.
• Price indicators jumped in 1-family niche market. All price indicators posted significant increases, largely due to the skew from the small data set.
South Beach Market Matrix - Condos Average Sales Price Average Price per Sq Ft Median Sales Price Number of Sales (Closed)
South Beach Market Matrix- 1 Family Average Sales Price Average Price per Sq Ft Median Sales Price Number of Sales (Closed)
4Q-2011 % Chg (qrt)
3Q-2011
% Chg (yr)
4Q-2011 % Chg (qrt)
3Q-2011
% Chg (yr)
$583,214 $576 $255,000 320
$2,178,231 $663 $925,000 13
15.5% 11.8% 7.0% 11.1%
$504,863 $515 $238,250 288
-22.9% $2,826,154 3.8% $639 -51.3% $1,900,000 0.0% 13
9.7% 19.0% 2.0% 11.1%
4Q-2010
$531,520 $484 $250,000 288
4Q-2010
95.3% $1,115,400 50.7% $440 29.8% $712,500 30.0% 10
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
• Price indicators continued to rise, as sales fell. Median sales price increased
12.4% to $100,000 and sales fell 11.3% from the same quarter last year.
• 1-family prices edged higher, as sales declined. The number of sales fell 7.3% and median sales price increased 3% over the same period.
Downtown Beach Market Matrix - Condos
4Q-2011 % Chg (qrt)
3Q-2011
% Chg (yr) 4Q-2010
Downtown Beach Market Matrix- 1 Family
4Q-2011 % Chg (qrt)
3Q-2011
% Chg (yr) 4Q-2010
Average Sales Price Average Price per Sq Ft Median Sales Price Number of Sales (Closed)
Average Sales Price Average Price per Sq Ft Median Sales Price Number of Sales (Closed)
$175,530 $153 $100,000 1,566
6.2% 5.5% 9.9% -9.3%
$220,132 $111 $170,000 1,347
8.9% 6.7% 1.8% -8.4%
$165,325 $145 $91,000 1,726
$202,209 $104 $167,000 1,471
18.8% $147,755 16.8% $131 12.4% $89,000 -11.3% 1,765
2.8% $214,178 0.9% $110 3.0% $165,000 -7.3% 1,453
Note: This region includes area defined by Miami MLS as “Miami”. The data is also contained within the other markets presented.
South
• Condo sales fell as price indicators rose. The number of sales fell 10.1%, as median sales price increased 7.7% from the same quarter last year.
• Price indicators of 1-family homes up sharply, as sales declined. Median sales
price jumped 18.5% to $545,000, as sales fell 14% from the prior year quarter.
South Market Matrix - Condos
4Q-2011 % Chg (qrt)
3Q-2011
% Chg (yr)
South Market Matrix- 1 Family
4Q-2011 % Chg (qrt)
3Q-2011
% Chg (yr)
Average Sales Price Average Price per Sq Ft Median Sales Price Number of Sales (Closed) Average Sales Price Average Price per Sq Ft Median Sales Price Number of Sales (Closed)
$277,423 $215 $210,000 89
0.3% -2.3% -6.1% -31.5%
$863,923 $275 $545,000 209
-3.0% 0.4% -1.8% -29.4%
$276,565 $220 $223,750 130
$890,859 $274 $555,000 296
4Q-2010
3.7% 6.4% 7.7% -10.1%
$267,449 $202 $195,000 99
13.3% 8.7% 18.5% -14.0%
$762,413 $253 $460,000 243
4Q-2010
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
4Q-2011
06
07
07
08
08
09
09
10
10
11
11
The Elliman Report • Quarterly Survey of Miami Coastal Community Sales Median Sales Median Price Sales Price No. of Sales No. of Sales
5,000 5,000 $180,000$180,000 CONDOS Quarterly AverageAverage SalesCONDOS Price NumberNumber of Salesof Sales MIAMI MIAMI Quarterly Sales Price 4,000 4,000 $160,000$160,000 $700,000 7,000 7,000 $700,000 3,000 3,000 $140,000 $140,000 $600,000 $600,000 yr) 6,000 2,000 4Q-2011 2,000 Non-Distressed - Condos % Chg (qrt) 3Q-2011 % Chg (6,000 4Q-2010 $120,000 $120,000 $500,000 5,000 $432,904 1,000 $443,801 1,000 $500,000 Average Sales Price 2.0% $434,995 2.5% $100,000 $100,000 5,000 • Condo price indicators rose and sales Average Sq 4.4% $320 10.2% $303 $80,000 $80,000 $400,000 4,000 4,000 $400,000 4Q 10 Price 1Q4Q 11Per 102Q 1Q 11Ft 113Q2Q 11114Q3Q 11110 4Q 11 0 $334 were up sharply. Median sales price Median Sales Price $243,139 3.5% $235,000 5.1% $300,000$300,000 3,000 $231,360 3,000 increased 5.1% to $243,139 from the Number of Sales 1,426 1.6% 1,404 22.6% 1,163 $200,000$200,000 2,000 2,000 same quarter last year. Average sales $100,000 Days on Market (From Last List Date) 47 -4.1% 49 -9.6% 1,000 1,00052 $100,000 Median Sales Median Price Sales Price No. ofPrice) Sales No. of Sales 9.6% price and price per square foot also Listing Discount (From Last List 13.1% 11.1% 0 $0 0 $0 2,100 2,100 $250,000$250,000 06 1 FAMILY 08 09 % Chg 11% Chg11(yr) 107FAMILY 06 07 08 09 (qrt)10 3Q-2011 10 Non-Distressed - 1 Family 4Q-2011 4Q-2010 showed gains over the same period. 2,000 2,000 $230,000$230,000 Average Sales Price $559,827 -12.8% $641,788 0.8% $555,336 There were 1,426 sales in the fourth $210,000$210,000 1,900 1,900 Average Price Per Sq Ft $223 -9.3% $246 0.5% $222 quarter, 22.6% more than the same $190,000$190,000 1,800 1,800 Median Sales Price $281,000 -13.4% $324,500 -3.1% $290,000 period last year. Market share for non- $170,000$170,000 1,700 1,700 Number of Sales 806 -12.0% 916 4.5% 771 distressed sales increased to 48.9% $150,000 $150,000 1,600 Median Sales Price No. of Sales Median Sales Price No. 4Q 10 1Q 4Q 11 10 2Q 1Q 11 11 3Q 2Q 11 11 4Q 3Q 11 11 4QSales 11 1,600 53 Days on Market (From Last List Date) of 0.0% 53 -7.0% 57 from 37.9% in the prior year quarter. $180,000Listing $180,000 CONDOS CONDOS Discount (From Last List Price) 5,000 5,000 11.0% 11.4% 14.6% 4,000 4,000 $160,000$160,000 • Price indicators were mixed, as 3,000 3,000 $140,000$140,000 Median Sales Median Price Sales Price No. of Sales Median Sales Median Price Sales Price No. of Sales No. of Sales No. of Sales 1-family sales increased. The median $120,000 2,000 2,000 $120,000 1,000 1,000 2,000 2,000 $350,000$350,000 $310,000$310,000 NON-DISTRESSED NON-DISTRESSED NON-DISTRESSED NON-DISTRESSED CONDOS CONDOS 1-FAMILY 1-FAMILY sales price slipped 3.1% to $281,000, $100,000$100,000 1,000 1,000 800 800 1,600 1,600 $330,000$330,000 $290,000$290,000 as the number of sales increased 4.5% $80,000 $80,000 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 0 4Q 11 0 600 600 1,200 $310,000$310,000 $270,000$270,000 4Q 10 1Q 11 2Q 11 3Q 11 1,200 to 806 sales compared to the same 800 800 $290,000$290,000 400 400 $250,000$250,000
Non–Distressed
quarter last year. Non-distressed sale $230,000$230,000 400 400 market share rose to 48.9% from 39.8% Median Sales Price No. of Sales Median Sales Price No. of Sales $210,000 0 $210,000 4Q 10 1Q4Q 11102Q1Q 11113Q2Q 11114Q3Q 1111 4Q 11 0 in the prior year quarter. 2,100 2,100 $250,000$250,000 1 FAMILY
$270,000$270,000
200 $250,000$250,000 4Q 10 1Q4Q 11102Q1Q 11113Q2Q 11114Q3Q 1111 04Q 11
200 0
1 FAMILY
foreclosure2,000 and short sales. The data is also contained within the other markets presented. $230,000$230,000 Note: This category excludes all2,000 $210,000$210,000 1,900 1,900 $190,000 Median Sales Median Price Sales Price No. of Sales Median Sales Median Price Sales Price No. of Sales No.1,800 of Sales No. of Sales $190,000 1,800 Distressed - Condos Chg (qrt ) DISTRESSED 3Q-2011 % Chg (yr ) 4Q-2010 $170,000 1,700 $120,000 $120,000 2,500 4Q-2011 2,500 %$180,000 $170,000 DISTRESSED DISTRESSED DISTRESSED 1,700 1,500 1,500 $180,000 CONDOS CONDOS 1-FAMILY 1-FAMILY Sales Price $137,683 1.9% $135,135 2.9% $133,813 $150,000Average $150,000 $110,000 $110,000 2,000 2,000 $170,000$170,000 1,200 1,200 4Q 10 1Q4Q 11102Q1Q 11113Q2Q 11114Q3Q 11111,600 4Q 11 1,600 • Condo sales fell sharply, as price $129 2.4% $126 2.4% $126 $100,000Average $100,000Price Per Sq Ft 1,500 1,500 $160,000$160,000 900 900 indicators increased. Median sales Median Sales Price $99,000 8.3% $91,402 10.0% $90,000 1,000 1,000 $150,000$150,000 600 600 $90,000 $90,000 price increased 10% to $99,000 Number of Sales 1,490 -11.4% 1,681 -22.0% 1,911 500 500 300 300 $140,000 $140,000 $80,000 $80,000 Median Sales Price Median Sales Price No. of Sales No. of Sales Median Sales Price Median Sales Price No. of Sales No. of Sales Days on Market (From Last List Date) 95 3.3% 92 18.8% 80 over the same period last year. The 0 0 1,000 2,000 $130,000 $130,000 0 0 $70,000 $70,000 $310,000Listing NON-DISTRESSED NON-DISTRESSED CONDOS 4Q 10Discount 1Q4Q 1110(From 2Q1Q 1111Last 3Q 2Q 11 114Q 3Q 1111 4Q 11 2,000 4Q 10 1Q4Q 11102Q1Q 11111-FAMILY 3Q2Q 11114Q 3Q 1111 4.7% 4Q 11 1,000 $310,000 NON-DISTRESSED NON-DISTRESSED CONDOS 1-FAMILY List Price) 3.4% $350,000$350,000 2.6% number of sales fell 22% to 1,490 sales 800 1,600 $290,000Distressed 800 1,600 $330,000 $290,000 - 1 Family 4Q-2011 %$330,000 Chg (qrt ) 3Q-2011 % Chg (yr) 4Q-2010 over the same period, as last year’s 600 1,200 $176,910 $310,000 $270,000Average 600 1,200 $310,000 $270,000Sales Price -3.0% $182,324 -5.8% $187,845 “robo-signing” scandal continued to 800 400 $250,000Average 800 $95 $290,000 -2.1% -5.0% $100 $290,000 $97 400 $250,000Price Per Sq Ft hold back new foreclosure inventory. $270,000 Sales Price -6.4% $149,500 -3.4% $145,000 200 $230,000Median 400 $140,000 $270,000 200 $230,000 400 Foreclosures fell 47.1%, as short sales Sales -13.1% 974 -17.7% 04Q 11 0 $210,000Number $250,000 $210,000 $250,000 4Q 10 of1Q 1110 2Q1Q 1111 3Q2Q 1111 4Q3Q 1111 04Q 11 0 846 4Q 10 1Q4Q 11 1111 3Q 1111 4Q3Q 1111 1,028 4Q 10 2Q1Q 2Q increased 22.3% over the same period. Days on Market (From Last List Date) 87 3.6% 84 1.2% 86 Listing Discount (From Last List Price) 6.2% 5.1% 6.3% • All 1-family price indicators fell, as
Distressed
sales dropped. Median sales price Median Median Sales Price Sales Price No. of Sales No. of Sales slipped 3.4% to $140,000 from the $120,000$120,000 2,500 2,500 DISTRESSED CONDOS DISTRESSED CONDOS same quarter last year. There were $110,000$110,000 2,000 2,000 17.7% fewer sales over the same $100,000$100,000 1,500 1,500 period, as the number of sales declined $90,000 $90,000 1,000 1,000 consistently throughout the year. 500 $80,000 $80,000 500 $70,000 $70,000 4Q 10 1Q4Q 1110 2Q1Q 1111 3Q2Q 1111 4Q3Q 1111 04Q 11 0
Median Median Sales Price Sales Price No. of Sales No. of Sales DISTRESSED 1,500 $180,000$180,000 1-FAMILY DISTRESSED 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 4Q 10 1Q4Q 1110 2Q1Q 1111 3Q2Q 1111 4Q3Q 1111 04Q 11
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