2016 MID-YEAR UPDATE SINGL E-FAMILY H OMES I N M I A M I-DA D E ’S MOST PROMINENT NEIGHBORHOODS
MIAMI-DADE
COUNTYWIDE STATISTICS | SINGLE-FAMILY HOMES
A shift in the Miami-Dade residential real estate market notes a sort of
TOTAL MARKET
transition that allows buyers a greater selection of inventory and, at times, increased negotiating power over sellers. The transition is due, in large part, to a stabilization in the market where prices are not increasing at the rates many neighborhoods were experiencing in the past few years. This stabilization is often times called a correction and is a sign of a strong and sustainable market.
WATERFRONT HOMES
NON-WATERFRONT HOMES
# FOR SALE
# SOLD
AVG. $/SF
# FOR SALE
# SOLD
AVG. $/SF
5,376
471
$452
30,830
6,207
$195
However, as prices adjust, there will always be certain pockets that tend to withstand the changes of the average trend lines. Waterfront neighborhoods throughout the county faired extremely well in the first six months of this
LUXURY MARKET
(THE TOP 50% BY AVERAGE HOME PRICE)
year, compared to the same period last year. # FOR SALE
# SOLD
AVG. $/SF
$1M – $5M
8,440
433
$449
$5M – $10M
1,033
31
$890
Waterfront, single-family homes in Coconut Grove experienced a 22% increase in average price per square foot and Aventura sales drew a 49% increase in pricing. Miami-Dade’s luxury segment, defined as the top 50% of each market, also experienced substantial increases in average sales prices. Of particular
PRICING A LUXURY HOME An increase in $/SF of 50% between $1M – $5M homes and $5M – $10M homes and of 41% between $5M – $10M homes and $10M+ homes proves that, beyond the expected price increase paid for a larger home, each one of said home’s
note were the single-family, waterfront homes in Aventura and Snapper Creek.
square feet goes up in value due to a variety of
$10M+
748
6
$1,502
factors, such as quality of construction, highend finishes, a superior lot or a prime location.
FOR MORE GUIDES AND REPORTS, PLEASE VISIT ONESOTHEBYSREALTY.COM/REPORTS. ©MMXVI ONE Sotheby’s International Realty, licensed real estate broker. Sotheby’s International Realty® is a licensed trademark to Sotheby’s International Realty Affiliates LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Office is Independently Owned and Operated. Statistics provided by Integra Realty Resources – Miami\Palm Beach. The information contained herein is deemed accurate but not guaranteed.
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MIAMI / SOUTH END
All % changes reflect a comparison of current numbers vs. numbers during the same time period last year (January through June).
WATERFRONT HOMES
NON-WATERFRONT HOMES
AVG. $/SF
AVG. LUX PRICE
AVG. $/SF
AVG. LUX PRICE
$1,064/SF
$14.89M
$429/SF
$1.82M
g 22%
g 50%
g 3%
g 20%
CORAL GABLES
$726/SF
$6.94M
$387/SF
$1.6M
g 2%
g 13%
g 3%
g 1%
PALMETTO BAY
$275/SF
$1.13M
$202/SF
$704K
g 45%
g 74%
g 7%
g 7%
$573/SF
$3.77M
$430/SF
$3.23M
h 3%
g 8%
h 9%
g 7%
GABLES ESTATES
$918/SF
$12.93M
h 4%
0%
No non-waterfront single-family home market available
No non-waterfront single-family home market available
OLD CUTLER BAY
$926/SF
$6M
Insufficient data: 1 sale at $421/SF
Insufficient data: 1 sale at $1.94M
COCONUT GROVE
COCOPLUM
PINECREST
SNAPPER CREEK LAKES P.-DAVIS & H. PINES
g 12%
g 13%
No waterfront single-family home market available
No waterfront single-family home market available
$311/SF
$1.5M
g 4%
h 3%
Insufficient data: 1 sale at $714/SF
Insufficient data: 1 sale at $8.4M
$604/SF
$5.76M
g 17%
g 47%
No waterfront single-family home market available
No waterfront single-family home market available
$456/SF
$4.4M
0%
h 11%
MIAMI BEACH
9550 JOURNEY’S END, CORAL GABLES
MIAMI / NORTH END
WATERFRONT HOMES
NON-WATERFRONT HOMES
WATERFRONT HOMES
NON-WATERFRONT HOMES
AVG. $/SF
AVG. LUX PRICE
AVG. $/SF
AVG. LUX PRICE
AVG. $/SF
AVG. LUX PRICE
AVG. $/SF
AVG. LUX PRICE
MID BEACH
$1,005/SF
$7.95M
$538/SF
$2.32M
$503/SF
$2.89M
$263/SF
$974K
h 40%
h 46%
g 13%
g 38%
g 49%
g 216%
h 31%
h 11%
NORTH BAY ROAD
$1,446/SF
$12.9M
$648/SF
$3.15M
$1,044/SF
$5.78M
$491/SF
$2.4M
h 31%
h 50%
g 32%
g 72%
g 18%
g 4%
g 10%
g 8%
Insufficient data: 1 sale at $708/SF
Insufficient data: 1 sale at $8.5M
Insufficient data: 1 sale at $713/SF
Insufficient data: 1 sale at $4.28M
$779/SF
$5.49M
$371/SF
$813K
g 27%
g 55%
g 11%
g 24%
$1,174/SF
$7.7M
$419/SF
$1.9M
g 28%
g 60%
h 2%
g 25%
ALTON ROAD (LGS)
No waterfront single-family home market available
No waterfront single-family home market available
$403/SF
$1.02M
h 16%
h 46%
LA GORCE DR. (LGS)
No waterfront single-family home market available
No waterfront single-family home market available
$702/SF
$2.3M
g 58%
0%
PINE TREE DRIVE
AVENTURA
GOLDEN BEACH BAL HARBOUR
SURFSIDE
LGS: La Gorce Subdivision
WATERFRONT vs. NON-WATERFRONT MIAMI / SOUTH END 9%
MARKET SIZES BY NUMBER OF SINGLE-FAMILY HOME TRANSACTIONS
THE ISLANDS
MIAMI BEACH
91%
23%
77%
42%
MIAMI / NORTH END 58%
32%
68%
THE ISLANDS WATERFRONT HOMES
NON-WATERFRONT HOMES
AVG. $/SF
AVG. LUX PRICE
AVG. $/SF
AVG. LUX PRICE
KEY BISCAYNE
$1,135/SF
$7.75M
$837/SF
$3.55M
h 1%
g 6%
h 6%
g 8%
PALM / STAR / HIBISCUS
$1,259/SF
$12.55M
$426/SF
$1.8M
h 10%
g 63%
h 36%
h 13%
VENETIAN ISLANDS
$1,185/SF
$6.88M
$667/SF
$2.1M
h 6%
h 4%
g 2%
h 15% Insufficient data: 1 sale at $1.68M
SUNSET ISLANDS
Insufficient data: No sales
Insufficient data: No sales
Insufficient data: 1 sale at $914K
LA GORCE ISLAND
Insufficient data: 1 sale at $1,422/SF
Insufficient data: 1 sale at $8.8M
Insufficient data: No sales
Insufficient data: No sales
BAY HARBOR ISLANDS
Insufficient data: 1 sale at $1,156/SF
Insufficient data: 1 sale at $8.28M
$556/SF
$3.67M
g 2%
g 101%
$648/SF
$2.92M
$318/SF
$691K
h 14%
g 23%
g 20%
g 12%
Insufficient data: No sales
Insufficient data: No sales
No non-waterfront single-family home market available
No non-waterfront single-family home market available
NORMANDY ISLE INDIAN CREEK
30 PALM AVENUE, PALM ISLAND To access our full 2016 TRENDS report, please visit onesothebysrealty.com/trends. Detailed methodology is found on page 5.
Avg. Lux Price = The top 50% of each market by average home price