2013 Year In Focus by Virsocom

2013 YEAR IN FOCUS

THE CHOICE IN LUXURY REAL ESTATE

2013 YEAR IN FOCUS TABLE OF CONTENTS A LETTER FROM AVATAR

WHY AVATAR REAL ESTATE SERVICES?

2013 YEAR IN FOCUS

COCONUT GROVE

CORAL GABLES

PINECREST

MIAMI BEACH

SOUTH MIAMI & PONCE DAVIS

GREATER MIAMI

THE AVATAR ADVANTAGE

I A LETTER FROM AVATAR Welcome to our 2013 edition of Year in Focus. This special publication from Avatar Real Estate Services puts into perspective another big year in Miami real estate, neighborhood by neighborhood, combining in-depth market analysis with a look at just a few of the exceptional luxury homes available today from Avatar. Each unique, prestigious property in this report is exclusively listed by Avatar Real Estate Services. If you are ready to buy, sell or rent — or if you’re just starting your real estate market search — please contact any one of our Realtor Associates, who will be pleased to assist you. Our team has the expertise and experience to guide you to your property goals. From all of us at Avatar, enjoy this look back at the exciting and eventful year that was, as well as how it compared to 2012, and enjoy selections from our unparalleled portfolio of luxury properties. We look forward to serving your real estate needs throughout 2014 and beyond. For additional information on properties featured in this report or a complete portfolio of available properties, or to arrange a meeting with one of our associates, visit us at AvatarFlorida.com/exclusive-listings or call 305-666-1800.

Avatar Real Estate Services

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II WHY AVATAR REAL ESTATE SERVICES? Recognized as the No. 1 luxury boutique brokerage firm in South Florida, Avatar Real Estate Services was founded in 2002 by a group of the areaâ&#x20AC;&#x2122;s most successful real estate professionals. Today, we continue to provide the highest level of personalized service and are among the most accomplished, knowledgeable and highly regarded real estate professionals in the industry. Avatar associates offer extensive market knowledge, sophisticated sales strategies and innovative custom marketing to help clients reach their real estate goals. Capitalizing on a diverse marketing mix to maximize listing visibility and optimize sales potential, Avatar utilizes a wealth of media choices, including print advertising, direct mail, online media strategies and social media platforms, to reach the highest number of potential buyers. We continue to lead the luxury home sales market in South Florida through our proven marketing resources and award-winning real estate professionals.

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III 2013 YEAR IN FOCUS The last year of real estate activity across South Floridaâ&#x20AC;&#x2122;s luxury market was exceptionally strong, bringing us nearly back to pre-recession numbers. Waterfront homes under $1M were nearly impossible to find, with luxury single-family houses going for record high prices in many prominent communities. In fact, on and off the water, both homes and condos set price per square foot records and spent less and less time on the market as the year progressed. Demand for South Florida real estate was so high in 2013 that in many areas it outpaced inventory, which proved a boon to sellers. In most cases, listings were going under contract in just 2-3 months, and the only market where waterfront homes and condos took longer to sell was Miami Beach. There, luxury properties averaged six months from listing to close. Enjoy our neighborhood-by-neighborhood analysis of 2013 (and comparisons to 2012), along with exclusive listings in these key markets. Scan the QR codes in this piece with your mobile device to access up-to-date market information, and visit the Facts & Trends section of AvatarFlorida.com to see our latest custom reports and search properties in every market segment.

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IV COCONUT GROVE Coconut Grove saw strong market activity and year-over-year price gains in 2013, reinforcing the Groveâ&#x20AC;&#x2122;s reputation as home to some of Miamiâ&#x20AC;&#x2122;s most valuable and desirable real estate. Activity off the water was very strong, as well, for both homes and condos. In fact, luxury condos off the water were selling for $300,000 more in 2013 than the year before.

The Grove at Grand Bay | Offered at $5,583,900 5 BD | 6 BA | 1 HB | 5,100 SF

WATERFRONT

Majestic Moorings Estate | Offered at $8,900,000

Coconut Grove Treasure w/ Guest Home | $2,199,000

7 BD | 7 BA | 2 HB | 12,702 SF | 21,786 SF Lot

7 BD | 6 BA | 1 HB | 4,909 SF | 14,500 SF Lot

Single-Family Homes, Waterfront, $1M+ Single-family, waterfront luxury homes in Coconut Grove are a niche market, with anywhere from 6-10 homes available for sale during any single month. Of those available, the average listing price ranged from $6.1M to $7.5M.

2013

2012

Number of listings

Listings Sold

Avg. Active Price $

Single-Family Homes, Waterfront, <$1M With waterfront at such a premium in Coconut Grove, only 1 home sold in 2013 for less than $1M, selling in February for $230,000 after spending 105 days on the market. This highly atypical price, though, was for a small canal-front home from the 1950s.

2013

2012

Number of listings

Listings Sold

9.4M

6.96M

Avg. Active Price $

Avg. Sold Price $

5.34M

4.24M

Avg. Sq. Ft. Price $

452

Sold/List Diff. % Avg. Days on Market

Single-Family Homes, Non-Waterfront, $1M+ The non-waterfront single-family home market was much more active than luxury waterfront, with average listing prices peaking in December at $2.69M. This segment saw healthy year-over-year increases from 2012, and sales happened about twice as fast.

2013

2012

Number of listings

121

110

Listings Sold

245K

Avg. Active Price $

Avg. Sold Price $

230K

629

Avg. Sq. Ft. Price $

160

82.3

Sold/List Diff. %

182

342

Avg. Days on Market

Condos, Waterfront, $1M+ Luxury waterfront condo activity saw modest activity gains last year, but units that did sell went for an average of $630,000 more than they did in 2012. Price per square foot also increased by about $90 and deals were closing on average 40 days sooner.

2013

2012

Number of listings

Listings Sold

Avg. Active Price $

Single-Family Homes, Non-Waterfront, <$1M The sub-$1M non-waterfront homes market was busier in 2013. Sale prices were nearly $50,000 higher than 2012, and homes were selling in about 45 days by year’s end. Price per square foot hit its highest point at $349, but averaged $286 – still $39/sf higher than 2012.

2013

2012

Number of listings

145

118

Listings Sold

2.31M

2.28M

Avg. Active Price $

621K

588K

Avg. Sold Price $

1.33M

1.55M

Avg. Sold Price $

587K

540K

Avg. Sq. Ft. Price $

358

336

Avg. Sq. Ft. Price $

286

247

Sold/List Diff. %

105

Avg. Days on Market

154

Avg. Days on Market

Condos, Waterfront, <$1M The sub-$1M waterfront condo market saw a slight rise in year-over-year activity, which stayed fairly consistent through 2013. The busiest month of the year in this sector was in June, when all available units sold or were under contract for sale. Closing prices also rose by $44,000.

Condos, Non-Waterfront, $1M+ The non-waterfront luxury condo market in the Grove is niche, but it saw almost double the number of listings in 2013. No more than 10 were for sale in a given month, and only 3 sold in 2013. Of those, the average sales price was $1.68M – up by more than $300,000 from 2012.

Condos, Non-Waterfront, <$1M The non-waterfront, non-luxury condo market grew from 2012, and throughout 2013 it remained the Grove’s strongest sector. Units spent less than 11 weeks on the market from listing to sale and closed for $77,000 more than in 2012.

2013

2012

Number of listings

223

195

Listings Sold

125

102

2.03M

2.1M

Avg. Active Price $

459K

383K

Avg. Sold Price $

1.68M

1.37M

Avg. Sold Price $

360K

283K

317

Avg. Sq. Ft. Price $

515

587

Avg. Sq. Ft. Price $

257

208

Sold/List Diff. %

113

Avg. Days on Market

252

Avg. Days on Market

110

2013

2012

Number of listings

Listings Sold

3.04M

2.82M

Avg. Active Price $

Avg. Sold Price $

2.07M

1.44M

Avg. Sq. Ft. Price $

633

Sold/List Diff. % Avg. Days on Market

2013

2012

Number of listings

Listings Sold

544K

461K

Avg. Active Price $

Avg. Sold Price $

531K

486K

546

Avg. Sq. Ft. Price $

358

Sold/List Diff. %

189

232

Avg. Days on Market

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V CORAL GABLES High-end waterfront home prices in Coral Gables rose 84% throughout 2013, while condos went up 50%. Off the water, luxury home activity saw significant year-over-year increases. Across Coral Gables, buyers snapped up whatever inventory was available after only a month or two on the market, and in most cases for nearly full asking price.

Hollub Homes New Construction in Snapp

6 BD | 7 BA | 1 HB | 11,9

WATERFRONT

Old Cutler Bay Mediterranean | Offered at $4,950,000 5 BD | 6 BA | 1 HB | 6,699 SF | 22,400 SF Lot

per Creek Lakes | Offered at $7,999,000

,976 SF | 55,321 SF Lot

Newly Built Custom Home | Offered at $1,199,000 4 BD | 4 BA | 1 HB | 3,533 SF | 7,895 SF Lot

Extraordinary Storybook Estate | Offered at $6,950,000 6 BD | 5 BA | 1 HB | 6,734 SF | 41,485 SF Lot

WATERFRONT

South Gables Waterway Residence | Offered at $5,575,000 6 BD | 7 BA | 1 HB | 7,219 SF | 25,772 SF Lot

FEATURED ON COVER

Exquisite Plantation-Style Estate In Snapper Creek Lakes | Offered at $5,950,000 8 BD | 7 BA | 1 HB | 9,100 SF | 58,370 SF Lot

Single-Family Homes, Waterfront, $1M+ Listing prices increased by approximately $1.2M throughout 2013 and closing prices shot up almost 84%, but overall, 2012 posted stronger results in this category. Sale prices were nearly 20% higher, and price per square foot averaged $50 more.

2013

2012

Number of listings

196

220

Listings Sold

Avg. Active Price $

Single-Family Homes, Waterfront, <$1M With waterfront at a premium in Coral Gables, homes for sale at less than $1M are hard to find. If a home does come to market, it moves fast – in as little as 26 days on the market, in one case. Price per square foot and average sale prices for this category also fared better in 2012 than 2013, but they still held strong and outperformed comparable properties in other areas.

2013

2012

Number of listings

Listings Sold

6.01M

5.15M

Avg. Active Price $

Avg. Sold Price $

3.19M

3.74M

Avg. Sq. Ft. Price $

569

Sold/List Diff. % Avg. Days on Market

Single-Family Homes, Non-Waterfront, $1M+ Year-over-year gains in this market sector were tremendous – 30% more sold in 2013, with sales rates and prices increasing steadily through the year. Homes also sold the quickest in October, averaging only 79 days on the market.

2013

2012

Number of listings

334

261

Listings Sold

118

806K

810K

Avg. Active Price $

Avg. Sold Price $

610K

826K

617

Avg. Sq. Ft. Price $

264

Sold/List Diff. %

162

179

Avg. Days on Market

Condos, Waterfront, $1M+ With waterfront at a premium, luxury condos are scarce in Coral Gables. Only about 14 to 21 condos were available at a given time in 2013. Average sales prices increased by $150,000 from 2012 to 2013, and the inventory that did make it to market was bought up within four months.

2013

2012

Number of listings

Listings Sold

Avg. Active Price $

Single-Family Homes, Non-Waterfront, <$1M With a fairly steady turnover, single-family non-waterfront homes under $1M moved quickly. The average home spent just two months on the market from listing to sale. Solid gains were also made in price per square foot and sale price from the year prior.

2013

2012

Number of listings

675

614

Listings Sold

430

363

2.31M

2.39M

Avg. Active Price $

655K

632K

Avg. Sold Price $

1.65M

1.52M

Avg. Sold Price $

590K

558K

291

Avg. Sq. Ft. Price $

375

332

Avg. Sq. Ft. Price $

284

246

Sold/List Diff. %

161

Avg. Days on Market

115

118

Avg. Days on Market

Condos, Waterfront, <$1M With most of the waterfront in Coral Gables dedicated to single-family homes, non-luxury condominiums are rare. Over the past year, no more than 10 were available at once. Listing and sale prices were down slightly from the year before, but price per square foot did see an uptick.

2013

2012

Number of listings

Listings Sold

2.73M

2.71M

Avg. Active Price $

Avg. Sold Price $

1.67M

1.52M

Avg. Sq. Ft. Price $

462

Sold/List Diff. % Avg. Days on Market

Condos, Non-Waterfront, $1M+ Sale prices appear to have cooled from 2012 to 2013, but it’s difficult to generalize about this market segment with only four sales to analyze. With that said, 2013 was still a good year to buy a luxury condo in Coral Gables, with units available at $354 per square foot.

2013

2012

Number of listings

Listings Sold

429K

600K

Avg. Active Price $

Avg. Sold Price $

383K

448K

438

Avg. Sq. Ft. Price $

262

Sold/List Diff. %

122

187

Avg. Days on Market

Condos, Non-Waterfront, <$1M Non-waterfront condos in Coral Gables remained fairly consistent throughout 2013, with average sale prices of around $303,000 – up from $269,000 in 2012. Condos in this area generally sell quickly and for near what they list, with units fetching anywhere from 93-99% of asking price.

2013

2012

Number of listings

451

436

Listings Sold

251

266

1.52M

2.71M

Avg. Active Price $

406K

378K

Avg. Sold Price $

1.26M

1.52M

Avg. Sold Price $

303K

269K

254

Avg. Sq. Ft. Price $

354

438

Avg. Sq. Ft. Price $

272

229

Sold/List Diff. %

1,032

Avg. Days on Market

159

187

Avg. Days on Market

109

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VI PINECREST Pinecrest is a high-value community with low turnover, and buyers tend to become long-term residents. Unlike other areas with wild value fluctuations, this area enjoys steady gains and year-over-year consistency. The most active market segments were single-family homes over and under $1M, where values ranged from stable to higher than 2012.

New Construction | Offered at $3,675,000 5 BD | 5 BA | 1 HB | 6,816 SF | 41,410 SF Lot

N. Pinecrest Estate On One Acre | Offered at $2,999,000

Gated Mediterranean | Offered at $2,499,000

Home Of Distinction | Offered at $3,595,000

5 BD | 6 BA | 1 HB | 7,048 SF | 43,124 SF Lot

7 BD | 9 BA | 1 HB | 9,101 SF | 48,351 SF Lot

7 BD | 6 BA | 1 HB | 7,455 SF | 40,075 SF Lot

Single-Family Homes, Waterfront, $1M+ With most of the neighborhood landlocked, luxury waterfront homes in Pinecrest are extremely hard to come by. There were twice as many listings in 2012 as 2013, but almost the same number of sales. Prices were up this past year, but just slightly.

2013

2012

Number of listings

Listings Sold

Avg. Active Price $

Single-Family Homes, Waterfront, <$1M As with their luxury counterparts, Pinecrest waterfront homes under $1M were hard to come by. In fact, every house in this category that went under contract in 2013 closed, and most listings sold â&#x20AC;&#x201C; quickly, too. Prices showed steady year-over-year gains.

2013

2012

Number of listings

Listings Sold

2.04M

1.77M

Avg. Active Price $

Avg. Sold Price $

1.57M

Avg. Sq. Ft. Price $

321

Sold/List Diff. % Avg. Days on Market

Single-Family Homes, Non-Waterfront, $1M+ The luxury market for non-waterfront homes is the most active in Pinecrest, and listings increased slightly from 2012. Sales, closing prices and price per square foot were all up, too, with listings spending slightly less time on the market as they did in 2012.

2013

2012

Number of listings

237

220

Listings Sold

749K

790K

Avg. Active Price $

Avg. Sold Price $

699K

641K

314

Avg. Sq. Ft. Price $

227

Sold/List Diff. %

205

163

Avg. Days on Market

Condos, Waterfront, $1M+ There are no available waterfront condos in the luxury market in Pinecrest.

2013

2012

Number of listings

Listings Sold

Avg. Active Price $

Single-Family Homes, Non-Waterfront, <$1M The non-luxury homes market in Pinecrest is very steady, with a comparable activity level across the last two years. The average price per square foot was up slightly, but year-overyear this segment posted consistent numbers, indicating stability.

2013

2012

Number of listings

201

206

Listings Sold

129

125

2.3M

2.28M

Avg. Active Price $

766K

741K

Avg. Sold Price $

1.78M

1.77M

Avg. Sold Price $

690K

626K

206

Avg. Sq. Ft. Price $

292

293

Avg. Sq. Ft. Price $

225

203

Sold/List Diff. %

107

Avg. Days on Market

125

147

Avg. Days on Market

Condos, Waterfront, <$1M Only a few sub-$1M waterfront condos sold, because so little inventory even exists. There were three sales in 2012 and none in 2013, as the only two contracts have yet to close.

2013

2012

Number of listings

Listings Sold

Avg. Active Price $

Avg. Sold Price $

Avg. Sq. Ft. Price $

Sold/List Diff. % Avg. Days on Market

Condos, Non-Waterfront, $1M+ In an area dominated mostly by single-family homes, only one new listing in this segment appeared for sale in the last two years, selling in December 2013 for $1.02M, after just 38 days on the market.

2013

2012

Number of listings

Listings Sold

212K

463K

Avg. Active Price $

Avg. Sold Price $

522K

Avg. Sq. Ft. Price $

Sold/List Diff. %

Avg. Days on Market

Condos, Non-Waterfront, <$1M The non-waterfront market for non-luxury condos in Pinecrest is small but active. There were about the same number of listings in 2012 and 2013, but twice as many sales this past year. Closing prices were up 33% and price per square foot ticked up $40, to $185.

2013

2012

Number of listings

Listings Sold

Avg. Active Price $

329K

201K

Avg. Sold Price $

1.02M

Avg. Sold Price $

203K

151K

203

Avg. Sq. Ft. Price $

301

Avg. Sq. Ft. Price $

185

145

Sold/List Diff. %

172

Avg. Days on Market

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VII MIAMI BEACH Miami Beach real estate saw significant value gains from 2012 to 2013. Waterfront luxury home prices were up almost half a million dollars, and nearly twice as many houses on the water under $1M came to market. Prices per square foot also increased at every price point in each segment.

Gorgeous 2-Story On Corner Lot | Offered at $1,999,000

Private Waterfront Townhouse | Offered at $1,999,000

4 BD | 3 BA | 1 HB | 2,859 SF | 13,031 SF Lot

4 BD | 5 BA | 1 HB | 3,775 SF

WATERFRONT

Single-Family Homes, Waterfront, $1M+ There was actually little activity change in the Miami Beach luxury waterfront homes category, but sale prices shot up by $400,000 year-over-year (listing prices increased $1M). The price per square foot average was the highest in the county.

2013

2012

Number of listings

349

Listings Sold

Avg. Active Price $

Single-Family Homes, Waterfront, <$1M Compared with 2012, nearly twice as many non-luxury waterfront homes hit the market in 2013, and sales were up 50%. Even as closing prices rose 14% and square foot prices hit $360, inventory was still off the market in less than 90 days.

2013

2012

Number of listings

Listings Sold

8.36M

7.32M

Avg. Active Price $

Avg. Sold Price $

4.93M

4.53M

Avg. Sq. Ft. Price $

861

Sold/List Diff. % Avg. Days on Market

Single-Family Homes, Non-Waterfront, $1M+ Significantly more luxury homes hit the non-waterfront market in 2013, with more than twice as many sales as 2012. While this segment didnâ&#x20AC;&#x2122;t see significant year-overyear appreciation, it did remain steady, with average closing prices up $10,000.

2013

2012

Number of listings

244

195

Listings Sold

817K

772K

Avg. Active Price $

Avg. Sold Price $

766K

673K

803

Avg. Sq. Ft. Price $

358

Sold/List Diff. %

192

202

Avg. Days on Market

Condos, Waterfront, $1M+ There was a noticeable uptick in the very active Miami Beach waterfront luxury condo market from 2012 to 2013. Asking prices rose a half million dollars, and while actual sales closed, on average, for less than the year before, they still commanded a price per square foot of $1,109.

2013

2012

Number of listings

957

844

Listings Sold

311

Avg. Active Price $

Single-Family Homes, Non-Waterfront, <$1M The non-waterfront, non-luxury market on Miami Beach remained fairly steady throughout 2013, with anywhere from 35-44 homes available each month, but overall inventory was down 43% from 2012. The good news: sale prices were up 11.5%, to nearly $650,000.

2013

2012

Number of listings

183

262

Listings Sold

117

132

2.64M

2.29M

Avg. Active Price $

676K

677K

Avg. Sold Price $

1.62M

1.61M

Avg. Sold Price $

647K

581K

286

Avg. Sq. Ft. Price $

448

443

Avg. Sq. Ft. Price $

283

255

Sold/List Diff. %

Avg. Days on Market

113

176

Avg. Days on Market

107

125

Condos, Waterfront, <$1M There were a few hundred less waterfront condos available in Miami Beach in 2013 as 2012, but sales were roughly equal, and 2013 closing prices were up over $40,000, or $58/sf. And despite the desirability of waterfront real estate, less than half of listings sold in either year.

2013

2012

Number of listings

3,176

3,401

294

Listings Sold

1,460

3.98M

3.42M

Avg. Active Price $

Avg. Sold Price $

2.29M

2.3M

Avg. Sq. Ft. Price $

1,109

Sold/List Diff. % Avg. Days on Market

Condos, Non-Waterfront, $1M+ There are only a small number of non-waterfront luxury condominiums for sale in Miami Beach. Year-over-year inventory ticked up slightly, but while closing prices were down by $300,000, price per square foot was up and properties sold for an average of 99% of their listing price, indicating that they were well priced for the marketplace.

2013

2012

Number of listings

1,491

Listings Sold

461K

435K

Avg. Active Price $

Avg. Sold Price $

388K

344K

1,103

Avg. Sq. Ft. Price $

408

Sold/List Diff. %

125

146

Avg. Days on Market

Condos, Non-Waterfront, <$1M More sub-$1M condos came to market, and while more went under contract in 2012, 2013 saw more actual sales. Units off the water closed at an average of $307/sf, pushing sales prices up by about $20,000 across the island.

2013

2012

Number of listings

2,138

1,937

Listings Sold

1,014

923

2.29M

2.62M

Avg. Active Price $

302K

271K

Avg. Sold Price $

2.09M

2.3M

Avg. Sold Price $

226K

204K

350

Avg. Sq. Ft. Price $

787

776

Avg. Sq. Ft. Price $

307

262

Sold/List Diff. %

109

Avg. Days on Market

137

Avg. Days on Market

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VIII SOUTH MIAMI & PONCE DAVIS Like Pinecrest, South Miami is less transitory and very stable. Prices in the luxury segment held steady, and most market activity was focused on homes under $1M, where the city enjoyed solid gains from 2012 to 2013. The small but highly desirable area of Ponce Davis, set between Coral Gables and Pinecrest, offers lush, wide-open acreage for luxurious single-family homes. Value increased in Ponce Davis last year, where one sub-$1M house sold in just five days at a price per square foot up 64% from 2012.

PONCE DAVIS

New Contemporary Acre Estate | Offered at $6,950,000 7 BD | 8 BA | 10,000 SF | 37,897 SF Lot

PONCE DAVIS

Spacious Key-West Style Home | Offered at $2,789,000

Modern 1.3 Acre Gated Estate | Offered at $2,450,000

5 BD | 5 BA | 1 HB | 6,723 SF | 37,897 SF Lot

5 BD | 6 BA | 1 HB | 7,498 SF | 56,628 SF Lot

Single-Family Homes, Waterfront, $1M+ After no market activity in 2012, one waterfront home listed in 2013 for $1.73M and sold for $1.39M, after 95 days on the market.

2013

2012

Number of listings

Listings Sold

Avg. Active Price $

Single-Family Homes, Waterfront, <$1M There was no year-over-year change in waterfront availability, as South Miami has so little inventory. Just as in 2012, there were seven listings in 2013, and the two properties that closed by the end of the year averaged $81 per square foot more than the 2012 sales.

2013

2012

Number of listings

Listings Sold

1.73M

Avg. Active Price $

Avg. Sold Price $

1.39M

Avg. Sq. Ft. Price $

244

Sold/List Diff. % Avg. Days on Market

Single-Family Homes, Non-Waterfront, $1M+ There were about 50% more non-waterfront luxury listings in 2013 than the year prior. Despite selling in one-third the time and for an average of $300,000 more, they closed for well over $100 per square foot less than the 2012 sales.

2013

2012

Number of listings

Listings Sold

672K

617K

Avg. Active Price $

Avg. Sold Price $

459K

375K

Avg. Sq. Ft. Price $

260

Sold/List Diff. %

Avg. Days on Market

Condos, Waterfront, <$1M The waterfront marketplace at less than $1M is very small, with only three sales in two years. Price per square foot nearly doubled year-over-year, though.

2013

2012

Number of listings

Listings Sold

Avg. Active Price $

Single-Family Homes, Non-Waterfront, <$1M As the busiest segment in South Miami, this market enjoyed about 50% more year-overyear activity. Closings were up 25%, and on average properties sold for $20 more per square foot in 2013 and after slightly less time on the market.

2013

2012

Number of listings

146

Listings Sold

1.93M

1.9M

Avg. Active Price $

462K

444K

Avg. Sold Price $

1.64M

1.3M

Avg. Sold Price $

396K

382K

179

Avg. Sq. Ft. Price $

318

433

Avg. Sq. Ft. Price $

212

192

101

100

Sold/List Diff. %

Avg. Days on Market

Condos, Non-Waterfront, <$1M Non-waterfront condos under $1M is a much more active market segment than luxury. Both years produced about the same number of listings, and while sales in 2013 slipped by 22%, average price per square foot was up 44%, to $192.

2013

2012

Number of listings

Listings Sold

189K

Avg. Active Price $

Avg. Sold Price $

95K

90K

Avg. Sq. Ft. Price $

186

Sold/List Diff. % Avg. Days on Market

PONCE/DAVIS MARKET STATISTICS

Single-Family Homes, $1M+ The luxury home price per square foot in Ponce Davis went up $22 year-over-year â&#x20AC;&#x201C; despite average sale prices being down, indicating that 2013 inventory simply consisted of smaller houses. Properties also sold this past year in less than half the time.

Single-Family Homes, <$1M Being such a high-value area, there were only a handful of single-family homes under $1M for sale in Ponce Davis over the past two years. Price per square foot was up 64% year-overyear and the one house that sold in 2013 was on the market for just five days.

2013

2012

2013

2012

Number of listings

Listings Sold

253K

337K

Avg. Active Price $

2.92M

3.58M

Avg. Active Price $

690K

735K

Avg. Sold Price $

187K

147K

Avg. Sold Price $

2.33M

2.76M

Avg. Sold Price $

675K

626K

100

Avg. Sq. Ft. Price $

192

134

Avg. Sq. Ft. Price $

410

388

Avg. Sq. Ft. Price $

423

271

Sold/List Diff. %

91%

92%

Sold/List Diff. %

98%

99%

292

Avg. Days on Market

171

Avg. Days on Market

www.AvatarFlorida.com â&#x20AC;˘ 305-666-1800 | 17

IX GREATER MIAMI Market activity in Greater Miami, which includes a wide mix of communities at various price points, was strong in almost every segment. Luxury home sales increased by 60-75% and brought closing price increases of $30-40K. The condo market was extremely busy, too, with over 15,000 listings across the city. Nearly every category enjoyed year-over-year gains.

Custom Built Home | Offered at $1,199,000 5 BD | 4 BA | 4,678 SF | 39,204 SF Lot

Breathtaking Estate Near Baptist Hospital | Offered at $2,490,000

Corner Penthouse On Miami River | Offered at $899,000

6 BD | 5 BA | 2 HB | 8,612 SF | 79,714 SF Lot

3 BD | 3 BA | 1 HB | 2,394 SF

Single-Family Homes, Waterfront, $1M+ Luxury waterfront listing prices in Greater Miami came down from 2012 to 2013 as sellers tried to move inventory. Soon, sales increased by over 60% while closing prices stayed fairly consistent with the prior year.

2013

2012

Number of listings

125

100

Listings Sold

Avg. Active Price $

Single-Family Homes, Waterfront, <$1M The single-family waterfront homes market performed strongly in 2013, with 25% more sales than the year prior. The average sale price went up by more than $30,000 and price per square foot increased by around $17.

2013

2012

Number of listings

781

701

Listings Sold

449

3.68M

4.29M

Avg. Active Price $

Avg. Sold Price $

2.9M

2.99M

Avg. Sq. Ft. Price $

526

Sold/List Diff. % Avg. Days on Market

Single-Family Homes, Non-Waterfront, $1M+ From 2012 to 2013, there was a 75% increase in non-waterfront luxury home sales and a 35% increase in inventory, but sale prices and price per square foot were more modest but still positive, with average increases of $40,000 and $33, respectively.

2013

2012

Number of listings

489

364

357

Listings Sold

132

438K

407K

Avg. Active Price $

Avg. Sold Price $

318K

279K

516

Avg. Sq. Ft. Price $

137

Sold/List Diff. %

186

171

Avg. Days on Market

Condos, Waterfront, $1M+ Most of Miami’s waterfront condos are nonluxury, but in the $1M+ segment, 2013 saw 20% more sales. Price per square foot moved up $20 to $649 year-over-year.

2013

2012

Number of listings

700

562

Listings Sold

164

Avg. Active Price $

Single-Family Homes, Non-Waterfront, <$1M Non-luxury single-family homes off the water is Greater Miami’s largest market, with more than 12,000 listings last year and 500 more closings than in 2012. Sale prices went up $30,000 (15%) and price per square foot saw an uptick as well.

2013

2012

Number of listings

12,182

11,501

Listings Sold

6,443

5,948

2.13M

1.93M

Avg. Active Price $

309K

284K

Avg. Sold Price $

1.66M

1.62M

Avg. Sold Price $

235K

204K

120

Avg. Sq. Ft. Price $

330

297

Avg. Sq. Ft. Price $

122

106

Sold/List Diff. %

Avg. Days on Market

118

125

Avg. Days on Market

Condos, Waterfront, <$1M The sub-$1M waterfront condo market is one of the most active in Greater Miami, and 2013 saw big gains for this segment over 2012. There was 16% more inventory on the market, closing prices rose 11% and the average price per square foot went from $240 to $284.

2013

2012

Number of listings

4,878

4,190

137

Listings Sold

2,116

2.64M

2.38M

Avg. Active Price $

Avg. Sold Price $

1.56M

1.71M

Avg. Sq. Ft. Price $

649

Sold/List Diff. % Avg. Days on Market

Condos, Non-Waterfront, $1M+ Non-waterfront luxury condos are a smaller market in Miami, and while listings went up 65% year-over-year, 2013 saw sale prices off $285,000 from the year prior and average price per square foot down $98. These units also took longer to sell in 2013 than in 2012.

2013

2012

Number of listings

2,056

Listings Sold

441K

423K

Avg. Active Price $

Avg. Sold Price $

311K

280K

629

Avg. Sq. Ft. Price $

284

Sold/List Diff. %

153

156

Avg. Days on Market

Condos, Non-Waterfront, <$1M By far the city’s densest market, non-luxury condos off the water saw increased inventory of nearly 1,100 units (with over 300 more sales). Sale prices went up $25,000 to an average of $154,000, and the price per square foot saw a $23 gain from 2012 to 2013.

2013

2012

Number of listings

10,069

8,993

Listings Sold

5,447

5,112

1.67M

2.03M

Avg. Active Price $

240K

219K

Avg. Sold Price $

1.31M

1.6M

Avg. Sold Price $

154K

129K

240

Avg. Sq. Ft. Price $

472

570

Avg. Sq. Ft. Price $

141

118

Sold/List Diff. %

103

Avg. Days on Market

114

Avg. Days on Market

www.AvatarFlorida.com • 305-666-1800 | 19

THE AVATAR ADVANTAGE For another year in a row, Avatar Real Estate Services is the top-performing boutique real estate firm in Miami-Dade County.*

Among the $1 Million+ Properties Sold in 2013: • Avatar was the Top Boutique Brokerage in Total Sales throughout South Florida. • Avatar represented the highest Average Listing Price Sold among the Top 10 Brokerages. • Avatar boasts the highest per agent productivity among the Top 6 Brokerages. *Among top brokerages focusing on sales over $1,000,000.

20 | www.AvatarFlorida.com • 305-666-1800

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For Real Estate Assistance Throughout South Florida, Contact Avatar Real Estate Services Today. 305.666.1800 | info@AvatarFlorida.com VISIT AVATARFLORIDA.COM

ÂŠ 2014 Avatar Real Estate Services. All data presented herein is intended for information purposes only. The information is deemed reliable but is not guaranteed accurate by Avatar Real Estate Services. All information regarding a property for sale, rental, taxes or financing is from sources deemed reliable. No representation is made as to the accuracy thereof, and such information is subject to errors, omission, change of price, rental, commission, prior sale, lease or financing, or withdrawal without notice. All square footage and dimensions are approximate. Exact dimensions can be obtained by retaining the services of a professional architect or engineer. The number of bedrooms listed is not a legal conclusion. Each person should consult with his/her own attorney, architect or zoning expert to make a determination as to the number of rooms in the unit that may be legally used as a bedroom.

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