M I D - Y E A R
U P D A T E
2014 CORAL GABLES COCONUT GROVE PINECREST
MIAMI-DADE: RESIDENTIAL MARKET PERFORMANCE After a few years of strong growth, the Miami-Dade real estate market is now on a slower, more steady rise, characterized greatly by a high number of all-cash transactions. As an isolated case, waterfront properties overall dropped 25% in price per square foot, from $405 to $305. However, Miami-Dade’s biggest highlight is its median home price, increasing by 34% over two years.
PERCENTAGE CHANGE: From 1 st Half 2013 to 1 st Half 2014 NUMBER OF TRANSACTIONS
AVERAGE SALES PRICE
AVERAGE PRICE PER SQUARE FOOT
SINGLE-FAMILY HOMES
2013
W
CONDOMINIUMS
2014
$406,727
W
8%
$178
$450,328
2013
X
2014
$323,341
2014
X
11%
8,348
$193
2013
W
4%
8,706
2014
11%
6,361
2013
2013
W
2%
6,213
2014
26%
$371,509
$225
$165
CONDOMINIUMS
58+42+F 47++F53 51+49+F 48+52+F 47+53+F 49+51+F 2014
SINGLE-FAMILY HOMES
2013
SPOTLIGHT: THE $500K+ MARKET
% CHANGE: From 1 st Half 2013 to 1 st Half 2014
High-end real estate in Miami-Dade experienced nothing but growth when compared to the same period last year. Overall, average prices are at $1,352,000 so far this year, with prices per square foot averaging $478 (a 6% increase from last year).
number of transactions average sales price average $/sf
single-family homes: W19% condominiums: W11% single-family homes: W5% condominiums: W8% single-family homes: W53% condominiums: W15%
COCONUT GROVE Coconut Grove residences are selling quicker, remaining on the market for 131 days on average (a 13% decrease from last year’s 151). The area’s condo market has taken off, with 164 transactions this year compared to 34 transactions in the same period 3 years ago. Single-family homes are also on the rise (PPSF 2013: $314 / PPSF 2014: $390).
3310 Devon Court, Hughes Cove
NUMBER OF TRANSACTIONS
1st Half 2013
276
1st Half 2013
135
84+86
AVERAGE SALES PRICE
AVERAGE PRICE PER SQUARE FOOT
ALL RESIDENCES
1st Half 2014
283
1st Half 2013
$658,422
82+97
1st Half 2014
$779,053
W3%
W18%
79+97
THE $500K+ MARKET
1st Half 2014
165
W22%
1st Half 2013
$1,070,554
83+87
W5%
1st Half 2014
$1,128,856
1st Half 2013
$319
80+93
1st Half 2014
81+90
1st Half 2014
$371
W16%
1st Half 2013
$364
$403
W11%
CORAL GABLES As one of the best markets for single-family homes, Coral Gables is one of Miami’s most sought-after neighborhoods. With 433 closed transactions so far this year, Coral Gables is at its highest prices overall and its lowest days on market (137) in over six years. Its luxury waterfront homes, a distinctive Coral Gables market, remain stable.
1st Half 2013
1st Half 2014
$852,896
1st Half 2013
$966,803
$336
AVERAGE $/SF
AVG. SALES PRICE
426 TOTAL CLOSED SALES | X12%*
1st Half 2014
$373
W13%
W11%
1st Half 2013
1st Half 2014
$3,262,111
1st Half 2013
$3,242,716
$567
1st Half 2014
AVERAGE $/SF
AVG. SALES PRICE
45 CLOSED SALES FOR WATERFRONT, SINGLE-FAMILY HOMES | W5%*
$645
X1%
W14%
SPOTLIGHT: GATED COMMUNITIES
PERCENTAGE CHANGE: From 1 st Half 2013 to 1 st Half 2014 COCOPLUM
GABLES ESTATES
GABLES BY THE SEA
AVERAGE SALES PRICE
46+54+F 43++F57 51++F49 46+54+F 49+51+F 57+43+F
2013
2014
2013
X
2013
W
25%
$3,206,818
2014
W
3%
$2,415,300
$6,600,000
2014
14%
$6,787,500
$1,437,500
$1,642,944
AVERAGE PRICE PER SQUARE FOOT
2013
2014
2013
X
2013
W
3%
$512
2014
W
23%
$496
$752
2014
18%
$922
*Compared to first half of 2013
$366
$431
PINECREST The average days on market in Pinecrest has dropped by 22%, from 187 days in the first half of 2013 to 145 days in 2014. Predominantly a single-family home market, these residences are closing at an average price per square foot of $285 (a 9% increase from the same period last year), their highest in four years.
9601 SW 60 Court, Pinecrest
NUMBER OF TRANSACTIONS
1st Half 2013
157
87+80
AVERAGE SALES PRICE
ALL RESIDENCES
1st Half 2014
144
1st Half 2013
$908,458
76+95
1st Half 2014
$1,136,110
X8%
W25%
87+88
THE $500K+ MARKET
1st Half 2013
110
W2%
AVERAGE PRICE PER SQUARE FOOT
1st Half 2014
111
1st Half 2013
$1,170,374
73+88
1st Half 2014
$1,396,311
W19%
1st Half 2013
$257
86+93
1st Half 2014
89+96
1st Half 2014
$280
W9%
1st Half 2013
$267
W8%
$288
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