Marisa Chisena TRENDS 2013 Mid-Year update Miami-Dade, Coral Gables & High Pines

TRENDS CORAL GABLES I HIGH PINES

2013

M I D -Y E A R

UPDATE

M I D -Y E A R U P DAT E

2013

And the Beat goes on The beat goes on as the Miami real estate market continues to be on the upswing. Inventory continues to drop and the number of sales continue to increase, resulting in price increases.

The shadow inventory finally came onto the market in the first six months of 2013, with an increase in inventory of 30% over the same six months in 2012. These foreclosures primarily impact the under $300,000 market segment.

Short sales moved in the opposite direction, with a dramatic 77% reduction in inventory. Overall, these distressed properties only represent 16% of what is available for sale.

New construction is coming on line with new projects being introduced each month, but the question remains: will there be enough resale inventory to keep pace with the demand? In the meantime, expect prices to continue to rise through the rest of 2013.

Presented by

Marisa Mion Chisena Estate Agent

305.807.6845 marisa@marisachisena.com

Average Sales Price

4

Miami-Dade County

Single Family Homes

Condos

$600,000

$500,000

$400,000

$300,000

HOW LOW CAN YOU GO?

$200,000

$100,000

$0

Jan

Feb

Mar

Apr

May

Jun

As the inventory of single family homes dips to a scarce 4 month supply, the chances of finding a house are down about 25% from the same time last year. Keep on looking as about 2000 new homes come on the market each month.

Source: Trendgraphix

The overall Average Sales Price for all sold properties in Miami Dade County is $358,000 for the first six months of 2013, up 13.6% from the same time period in 2012.

Source: Trendgraphix

IN DEPTH COMMUNITY PROFILE

Coral Gables The substantial increase in number of transactions and the decrease of days on the market (78 days in 2013 compared to 112 days in the same period of 2012) confirm the Coral Gables non-waterfront homes lack of inventory, with only 4 months supply during the month of June.

Average sales price per square foot peaked at $324 in the same month. Non-waterfront condos, however, have not seen a similar trend, with a moderate drop in number of transactions and a relative increase in both median and average sales price. On the other hand, while the inventory of non-waterfront condos is about the same as the first 6 months in 2012, there is a 57% decrease of days on the market compared to the same period of last year. All in all, well-priced properties are selling faster, and closer to asking price.

Non-Waterfront Properties # of Transactions Single Family Homes

Average Sales Price

Median Sales Price

Average $ / Sq Ft

Mid-Year 2012

241

$716,376

$569,000

$264

Mid-Year 2013

281

$776,345

$620,000

$278

Change

17%

8%

9%

5%

Non-Waterfront Properties

Condos

# of Transactions

Average Sales Price

Median Sales Price

Average $ / Sq Ft

Mid-Year 2012

144

$283,910

$240,000

$231

Mid-Year 2013

140

$296,191

$260,000

$261

Change

-3%

4%

8%

13%

1225 Asturia Avenue, Coral Gables Offered at $634,900

High Pines While there is a slight decrease in activity, single family homes enjoyed an 18% increase in median price and a moderate 2% increase in price per square foot. However, the days on the market almost halved compared to the first six months of 2012. The average sales price of townhouses increased 14% and the price per square foot increased 25%, with a dramatic decrease of days on the market, from an average of 402 to 18 days. High Pines has about 4 months of inventory for both single family homes and townhouses. Single family homes are a good value, considering the proximity to South Miami’s shopping and entertainment and to first class schools.

Non-Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

Average $ / Sq Ft

Mid-Year 2012

10

$711,300

$515,000

$293

Mid-Year 2013

9

$644,555

$610,000

$299

-10%

-9%

18%

2%

Change

Non-Waterfront Properties

Townhouses

# of Transactions

Average Sales Price

Median Sales Price

Average $ / Sq Ft

Mid-Year 2012

6

$818,666

$835,000

$278

Mid-Year 2013

5

$938,400

$900,000

$346

-17%

14%

7%

25%

Change

As Pritzker Prize-Winning architect Zaha Hadid’s first residential tower in the Western Hemisphere, One Thousand Museum is destined to redefine Miami’s skyline.

SALES REPRESENTATION EXCLUSIVELY BY

ONE Sotheby’s International Realty

TRENDS IS PROVIDED BY: Marisa Mion Chisena Estate Agent 305.807.6845 marisa@marisachisena.com

onesothebysrealty.com

Source: Trendgraphix.com and Southeast Florida Regional MLS This material is based upon information that we consider reliable, but because it has been supplied by third parties, we cannot represent that it is accurate or complete, and it should not be relied upon as such. This offering is subject to errors, omissions, changes, including price, or withdrawal without notice. ©MMXIII Sotheby’s International Realty Affiliates LLC. All Rights Reserved. An Equal Opportunity Company. Equal Housing Opportunity.