2014 YEAR IN FOCUS
Venetian Islands
TABLE OF CONTENTS 2 Welcome From Avatar 4 Why Avatar? 5 2014 Year In Focus 6 Avatar's Proven Success 8 Coconut Grove 10 Coral Gables 14 Pinecrest 16 Miami Beach 18 South Miami & Ponce Davis 20 Greater Miami
WELCOME FROM AVATAR Welcome to the 2014 edition of Year in Focus. This special publication from Avatar Real Estate Services puts into perspective another big year in Miami Real Estate, area by area, 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 2013, and enjoy selections from our unparalleled portfolio of luxury properties. We look forward to serving your real estate needs throughout 2015 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.
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Brickell Key
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WHY AVATAR? 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 area’s most successful Real Estate professionals. Today, we continue to provide the highest level of personalized service and our sales associates are among the most accomplished, knowledgeable and highly regarded real estate professionals in the industry. Unlike our competitors' mass market approach, our luxury boutique customizes individual marketing plans crafted to best suit each individual listing. Avatar associates offer extensive market knowledge, sophisticated sales strategies, and innovative and customized advertising plans to help clients exceed their expectations.
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2014 YEAR INÂ FOCUS Compared to 2013, this past year was another one for the books in the Miami area. Waterfront homes priced at less than $1M were nearly impossible to find, while luxury single-family houses continued to set record-breaking prices in many prominent communities. In many areas, available inventory showed a slight decrease while sales remained steady, an indication that the market demand remained strong even while supply decreased. Prices were at a premium for waterfront homes in Coral Gables and Miami Beach, with both showing noticeable gains year-over-year. For luxury single-family, non-waterfront homes, gains were seen across the board in average prices per square foot, always a strong indicator of market strength. We hope you enjoy our neighborhood-by-neighborhood analysis of 2014 (with side-by-side comparisons to 2013), 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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AVATAR'S PROVEN SUCCESS Outperforming the Competition An impressive number of our Associates consistently rank among Miami-Dade and South Florida’s “Top Producers” year after year, and outperform both luxury boutiques and major brokerages with hundreds of Realtors®. Avatar Real Estate Services’ track record speaks volumes about our expertise in selling South Florida’s luxury Real Estate. It will be our pleasure to customize an innovative and effective marketing plan to sell your home, while making the entire experience enjoyable from start to finish. We invite you to experience the Avatar difference.
Our Numbers Speak Volumes*
#1 Luxury Boutique Brokerage Firm in 2014 23% Increase in Sales Volume 39% Increase in Units
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Highest Agent Productivity3 Shortest Average Days on the Market3
*Among top brokerages focusing on sales over $1,000,000 1Increase in Sales Volume and Units from 2013 vs 2014 2Sales over $1 Million in Miami-Dade County and 3Among the Top 6 Firms
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Gables Estates
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COCONUT GROVE Always a premium in Coconut Grove, waterfront homes and condos set the pace for the community, with sales averaging $3.8M and $2.1M, respectively. Available inventory showed a slight downturn for condos compared with 2013, although the number of sales per segment remained strong, with increasing demand outpacing supply.
WATERFRONT
Grovenor House, Unit #1404 | $2,595,000 3 BD | 3 BA | 1 HB | 2,640 SF
WATERFRONT
8
1840 South Bayshore Lane | $8,900,000
3925 Park Drive | $3,250,000
6 BD | 5 BA | 3 HB | 9,947 SF | 11,851 SF Lot
6 BD | 6 BA | 1 HB | 6,354 SF | 15,000 SF Lot
Single-Family Homes, Waterfront, $1M+ Single-family, luxury waterfront homes in Coconut Grove are somewhat of a rarity. During 2014, only 6 homes sold, with an average sales price well north of $3.8M.
2014
2013
Number of listings
19
17
Listings Sold
6
Avg. Active Price $
Single-Family Homes, Non-Waterfront, $1M+ The number of listings was nearly identical in both 2013 and 2014, and the number of sales was exactly the same (52). Prices for homes that sold in 2014 was slightly higher than during the previous year.
2014
2013
Number of listings
122
121
3
Listings Sold
52
8.7M
9.4M
Avg. Active Price $
Avg. Sold Price $
3.8M
5.34M
Avg. Sq. Ft. Price $
696
Sold/List Diff. % Avg. Days on Market
Condos, Waterfront, $1M+ The number of actual sales (15) exceeded last year’s total (13), even though there was approximately 40% less inventory to choose from. There was also a substantial reduction from the average time spent on the market from listing to close.
2014
2013
Number of listings
32
58
Listings Sold
15
Avg. Active Price $
Single-Family Homes, Non-Waterfront, <$1M The ratio of closed sales to number of listings was higher in 2014 (65%) than in 2013 (56%). Homes sold in this area after an average of only 61 days on the market, down 16 days from the previous year.
2014
2013
Number of listings
108
145
52
Listings Sold
70
82
2.34M
2.31M
Avg. Active Price $
632K
621K
Avg. Sold Price $
1.61M
1.33M
Avg. Sold Price $
641K
587K
452
Avg. Sq. Ft. Price $
420
358
Avg. Sq. Ft. Price $
356
286
85.7
82.3
Sold/List Diff. %
89
84
Sold/List Diff. %
94
94
253
182
Avg. Days on Market
93
81
Avg. Days on Market
61
77
Condos, Waterfront, <$1M Compared with 2013, the sub-$1M market for condos in Coconut Grove showed a slight reduction in the number of new listings, although prices per square foot showed an increase of roughly 20% and a differential of 97% when comparing list price with the sold price.
2014
2013
Number of listings
51
64
13
Listings Sold
30
2.93M
3.04M
Avg. Active Price $
Avg. Sold Price $
2.1M
2.07M
Avg. Sq. Ft. Price $
674
Sold/List Diff. % Avg. Days on Market
Condos, Non-Waterfront, $1M+ Non-waterfront condos in the luxury market in Coconut Grove doubled in sales (6) compared to 2013 (3), although the number of new listings was less than half of the available inventory in 2013, as demand was quite high even while facing a short supply.
2014
2013
Number of listings
10
21
39
Listings Sold
6
576K
544K
Avg. Active Price $
Avg. Sold Price $
522K
531K
633
Avg. Sq. Ft. Price $
432
82
94
Sold/List Diff. %
101
189
Avg. Days on Market
Condos, Non-Waterfront, <$1M The non-waterfront, sub-$1M market showed increases in sales, average prices per square foot and an increase in sold/ list price, combined with a decrease in inventory, which means the market strengthened across the board in almost every area in this market.
2014
2013
Number of listings
216
223
3
Listings Sold
149
125
1.62M
2.03M
Avg. Active Price $
473K
459K
Avg. Sold Price $
1.6M
1.68M
Avg. Sold Price $
437K
360K
358
Avg. Sq. Ft. Price $
513
515
Avg. Sq. Ft. Price $
290
257
97
91
Sold/List Diff. %
87
88
Sold/List Diff. %
94
90
111
98
Avg. Days on Market
145
86
Avg. Days on Market
79
74
CORAL GABLES The luxury waterfront segments set the mark for Coral Gables in 2014: Available inventory decreased for both single-family homes and condos while the percentage of sales increased. Prices for single-family homes on the water jumped nearly $660,000 while average condo sales increased by $100,000. 12601 Old Cutler Road | $1,499,000 4 BD | 3 BA | 1 HB | 4,758 SF | 37,000 SF Lot
NEW CONSTRUCTION
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6001 Riviera Drive | $2,199,000
10101 Lakeside Drive | $8,450,000
5 BD | 5 BA | 1 HB | 4,004 SF | 12,000 SF Lot
6 BD | 7 BA | 1 HB | 11,976 SF | 55,321 SF Lot
WATERFRONT
85 Solano Prado | $3,950,000
821 Sorolla Avenue | $2,599,000
4 BD | 3 BA | 3,573 SF | 21,420 SF Lot
7 BD | 6 BA | 1 HB | 7,921 SF | 29,402 SF Lot
WATERFRONT
13050 Mar Street | $3,295,000
Deering Bay, Unit #801 | $1,799,000
6 BD | 5 BA | 5,533 SF | 19,100 SF Lot
3 BD | 3 BA | 3,100 SF
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CORAL GABLES continued
5225 Fairchild Way | $10,900,000 7 BD | 10 BA | 1 HB | 14,121 SF | 56,117 SF Lot
WATERFRONT
9320 Gallardo Street | $9,900,000 8 BD | 8 BA | 2 HB | 9,365 SF | 25,693 SF Lot
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Single-Family Homes, Waterfront, $1M+ Available inventory in the single-family, luxury waterfront market decreased by 69 listings from 2013, although sales were nearly identical. The price per square foot raised nearly $100 year-over-year.
2014
2013
Number of listings
127
196
Listings Sold
69
Avg. Active Price $
Single-Family Homes, Waterfront, <$1M Sales remained constant from 2013 to 2014 for single-family homes priced at less than $1M, although the number of listings was cut nearly in half. Average prices also increased dramatically by 39% year-over-year.
2014
2013
Number of listings
6
11
72
Listings Sold
4
6.37M
6.01M
Avg. Active Price $
Avg. Sold Price $
3.85M
3.19M
Avg. Sq. Ft. Price $
660
Sold/List Diff. % Avg. Days on Market
Single-Family Homes, Non-Waterfront, $1M+ The number of homes sold in the luxury non-waterfront market jumped from 118 to 138 while the available inventory remained nearly identical. Further, prices remained steady, indicating that the market has remained consistent in this arena from 2013 through the end of 2014. 2014
2013
Number of listings
330
334
4
Listings Sold
138
947K
806K
Avg. Active Price $
Avg. Sold Price $
849K
610K
569
Avg. Sq. Ft. Price $
290
90
90
Sold/List Diff. %
152
162
Avg. Days on Market
Condos, Waterfront, $1M+ The luxury, waterfront market for condos showed signs of improvement from 2013. Although available inventory decreased, sales increased by over 30% while average sale prices increased by approximately $90,000.
2014
2013
Number of listings
43
52
Listings Sold
21
Avg. Active Price $
Single-Family Homes, Non-Waterfront, <$1M Compared with 2013, the single-family market for non-waterfront homes showed less activity this past year, with more than 100 fewer total listings and sales. The time spent on the market was nearly identical, although prices per square foot increased by approximately 7%.
2014
2013
Number of listings
519
675
118
Listings Sold
315
430
2.52M
2.31M
Avg. Active Price $
631K
655K
Avg. Sold Price $
1.60M
1.65M
Avg. Sold Price $
611K
590K
264
Avg. Sq. Ft. Price $
387
375
Avg. Sq. Ft. Price $
303
284
109
96
Sold/List Diff. %
93
93
Sold/List Diff. %
96
96
56
72
Avg. Days on Market
93
115
Avg. Days on Market
62
61
Condos, Waterfront, <$1M The market for condos offered at less than $1M remained fairly consistent yearover-year. There were 20 sales in 2014, down one from the previous year, while average prices per square foot showed an increase of only $8 in 2014.
2014
2013
Number of listings
34
39
16
Listings Sold
20
2.88M
2.73M
Avg. Active Price $
Avg. Sold Price $
1.77M
1.67M
Avg. Sq. Ft. Price $
509
Sold/List Diff. % Avg. Days on Market
Condos, Non-Waterfront, $1M+ Sales in the luxury market for nonwaterfront condos in Coral Gables made a dramatic jump, with an increase in sales from 4 to 19, nearly 5 times the number of sales in 2013. Although prices per square foot increased slightly, the sold/listing price dropped to under 90%, indicating that buyers were on the hunt and sellers were motivated. 2014
2013
Number of listings
36
30
21
Listings Sold
19
345K
429K
Avg. Active Price $
Avg. Sold Price $
331K
383K
462
Avg. Sq. Ft. Price $
270
94
92
Sold/List Diff. %
98
122
Avg. Days on Market
Condos, Non-Waterfront, <$1M As in other market areas for nonwaterfront residences in the sub-$1M market of Coral Gables, there was one less listing when compared to 2013, and 15 fewer sales (251 vs. 236). Average prices per square foot showed an increase of just over 14% when compared to 2013. 2014
2013
Number of listings
450
451
4
Listings Sold
236
251
1.49M
1.52M
Avg. Active Price $
386K
406K
Avg. Sold Price $
1.27M
1.26M
Avg. Sold Price $
361K
303K
262
Avg. Sq. Ft. Price $
382
354
Avg. Sq. Ft. Price $
311
272
94
96
Sold/List Diff. %
87
92
Sold/List Diff. %
97
95
62
97
Avg. Days on Market
165
159
Avg. Days on Market
74
74
PINECREST Pinecrest is known almost exclusively for its luxury single-family homes. For homes priced at more than $1M, the number of sales increased by 18% while average prices increased by $230,000. For homes priced at less than $1M, sales and listings showed slight decreases while average sales increased by approximately $50,000. 5701 SW 94 Street | $3,850,000 5 BD | 5 BA | 2 HB | 7,628 SF | 42,253 SF Lot
Condos, Waterfr As was the case for sale in Pinecr market.
Number of listing Listings Sold
Avg. Active Price
7479 SW 124 Street | $2,550,000 6 BD | 5 BA | 1 HB | 7,277 SF | 41,817 SF Lot
10100 SW 92nd Avenue | $1,550,000Avg. Sold Price $
5 BD | 4 BA | 1 HB | 5,876 SF | 40,075 SFAvg. LotSq. Ft. Price Sold/List Diff. %
14
Avg. Days on Mar
Single-Family Homes, Waterfront, $1M+ Pinecrest homes on the water rarely come onto the market, and 2014 was no exception with only 14 listings and 3 sales. Average prices per square foot was $300, a decline of $21.
2014
2013
Number of listings
14
5
Listings Sold
3
Avg. Active Price $
Single-Family Homes, Waterfront, <$1M Sales for Pinecrest homes on the water offered at less than $1M decreased year-over-year, with only 5 sales closing in 2014. Although the number of sales slowed, the average sales price increased by an average of $44,000 per listing.
2014
2013
Number of listings
17
16
2
Listings Sold
5
2M
2.04M
Avg. Active Price $
Avg. Sold Price $
1.3M
2M
Avg. Sq. Ft. Price $
300
Sold/List Diff. % Avg. Days on Market
ront, $1M+ e in 2013, there were no condos rest on the water in the luxury
2014
2013
0
0
0
e$
2014
2013
Number of listings
240
237
14
Listings Sold
104
814K
749K
Avg. Active Price $
Avg. Sold Price $
743K
699K
321
Avg. Sq. Ft. Price $
253
93
89
Sold/List Diff. %
79
205
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 2014 and none in 2013, as the only two contracts have yet to close.
2014
2013
Number of listings
4
2
0
Listings Sold
3
0
0
Avg. Active Price $
$
0
0
e$
0
gs
rket
Single-Family Homes, Non-Waterfront, $1M+ Sales in the luxury market for nonwaterfront homes jumped by nearly 20% compared to 2013, while sales closed for more than $2M, up from $1.78M in 2013.
Single-Family Homes, Non-Waterfront, <$1M Compared with 2013, the non-waterfront market showed a slight downturn this past year, with a 12% decrease in sales and 7% less available inventory. Prices, however, rose by roughly $22 per square foot for sales.
2014
2013
Number of listings
186
201
88
Listings Sold
113
129
2.39M
2.3M
Avg. Active Price $
790K
766K
Avg. Sold Price $
2.01M
1.78M
Avg. Sold Price $
740K
690K
227
Avg. Sq. Ft. Price $
340
292
Avg. Sq. Ft. Price $
247
225
96
95
Sold/List Diff. %
93
93
Sold/List Diff. %
96
94
113
71
Avg. Days on Market
105
125
Avg. Days on Market
70
80
Condos, Non-Waterfront, $1M+ Comprised mainly of single-family homes, there were only 3 condos for sale at more than $1M, none of which sold. Only 1 unit sold in 2013 at more than $1M, closing at $1.02M.
2014
2013
Number of listings
3
1
0
Listings Sold
0
206
212K
Avg. Active Price $
Avg. Sold Price $
370K
0
0
Avg. Sq. Ft. Price $
229
0
0
Sold/List Diff. %
0
0
Avg. Days on Market
Condos, Non-Waterfront, <$1M The market seemed to soften for non-waterfront condos in Pinecrest, with more than 26% available inventory compared to 2013, while sales decreased from 41 to 36. Consistent with other areas of Pinecrest, the average price per square foot increased by approximately $23 year-over-year. 2014
2013
Number of listings
67
53
1
Listings Sold
36
41
2.45M
0
Avg. Active Price $
363K
329K
Avg. Sold Price $
0
1.02M
Avg. Sold Price $
296K
203K
0
Avg. Sq. Ft. Price $
0
301
Avg. Sq. Ft. Price $
208
185
96
0
Sold/List Diff. %
0
93
Sold/List Diff. %
97
96
92
0
Avg. Days on Market
0
38
Avg. Days on Market
77
54
MIAMI BEACH One of the more active neighborhoods, the number of sales vs. inventory for luxury waterfront homes and condos showed strong gains, while other segments showed a slight downturn in available inventory as well as sales. Nearly 50% of the available inventory for luxury waterfront single-family homes sold in 2014, up from 26% in 2013, with sales averaging nearly $5.6M.
JUST SOLD
16
Nine Island, Unit #T3 | $2,250,000
900 4th Street | $980,000
3 BD | 3 BA | 2,079 SF
2 BD | 2 BA | 1,251 SF
Single-Family Homes, Waterfront, $1M+ The number of single-family homes decreased from 349 in 2013 to only 218; however, sales jumped from 91 to 106, signaling that the market was quite strong in 2014. The average price per square foot in Miami Beach reached $1.09M, a 26% increase compared to last year. 2014
2013
Number of listings
218
349
Listings Sold
106
Avg. Active Price $
Single-Family Homes, Waterfront, <$1M Waterfront properties in Miami Beach are becoming increasingly scarce in a market dominated by high-rise condos. In 2013, there were 65 new listings to hit the market compared to 28 in 2014. Homes that did sell received approximately 96% of the list price, a 2% increase over 2013.
2014
2013
Number of listings
28
65
91
Listings Sold
18
8.45M
8.36M
Avg. Active Price $
Avg. Sold Price $
5.59M
4.93M
Avg. Sq. Ft. Price $
1,090
Sold/List Diff. % Avg. Days on Market
Single-Family Homes, Non-Waterfront, $1M+ Generally speaking, there were increases in the market all across the board for non-waterfront homes in Miami Beach. Average sales prices increased by $120,000 with a corresponding price per square foot increase of $92, indicating that the market grew stronger over 2014. 2014
2013
Number of listings
265
244
28
Listings Sold
102
906K
817K
Avg. Active Price $
Avg. Sold Price $
834K
766K
861
Avg. Sq. Ft. Price $
370
89
91
Sold/List Diff. %
170
192
Avg. Days on Market
Condos, Waterfront, $1M+ Compared to 2013, the number of sales was nearly identical in 2014 (309 vs. 311, respectively), while there were 175 fewer new luxury condos to choose from. Prices increased by nearly $200/sq. ft., a sure sign of increasing market strength.
2014
2013
Number of listings
782
957
Listings Sold
309
Avg. Active Price $
Single-Family Homes, Non-Waterfront, <$1M Unlike its luxury counterpart, nonwaterfront homes selling for less than $1M showed slight decreases in new listings and sales (150 and 84, respectively), while prices per square foot increased by 16%.
2014
2013
Number of listings
150
183
94
Listings Sold
84
117
2.14M
2.64M
Avg. Active Price $
682K
676K
Avg. Sold Price $
1.74M
1.62M
Avg. Sold Price $
666K
647K
358
Avg. Sq. Ft. Price $
540
448
Avg. Sq. Ft. Price $
329
283
96
94
Sold/List Diff. %
96
90
Sold/List Diff. %
93
93
161
83
Avg. Days on Market
111
113
Avg. Days on Market
79
107
Condos, Waterfront, <$1M Waterfront condos on Miami Beach listed at less than $1M showed slight increases in the average price per square foot (by $35) for sold listings, while average sales prices increased by $36,000 year-over-year.
2014
2013
Number of listings
2,456
3,176
311
Listings Sold
1,143
3.81M
3.98M
Avg. Active Price $
Avg. Sold Price $
2.66M
2.29M
Avg. Sq. Ft. Price $
1,297
Sold/List Diff. % Avg. Days on Market
Condos, Non-Waterfront, $1M+ With most luxury condos in Miami Beach on the water, there is a relatively low number of units to choose from selling for more than $1M. 2014 showed an increase of 38% even though the average prices per square foot dropped by nearly $200.
2014
2013
Number of listings
61
64
1,460
Listings Sold
18
466K
461K
Avg. Active Price $
Avg. Sold Price $
424K
388K
1,109
Avg. Sq. Ft. Price $
443
93
92
Sold/List Diff. %
140
125
Avg. Days on Market
Condos, Non-Waterfront, <$1M Non-waterfront condos on Miami Beach were second in overall sales for any section, with only waterfront listings seeing higher numbers of sales. Compared to 2013, average prices per square foot showed an increase of $37, while the number of listings and sales showed a slight decrease. 2014
2013
Number of listings
2,099
2,138
13
Listings Sold
929
1,014
2.44M
2.29M
Avg. Active Price $
314K
302K
Avg. Sold Price $
1.18M
2.09M
Avg. Sold Price $
257K
226K
408
Avg. Sq. Ft. Price $
597
787
Avg. Sq. Ft. Price $
344
307
95
95
Sold/List Diff. %
93
99
Sold/List Diff. %
95
96
95
95
Avg. Days on Market
118
137
Avg. Days on Market
86
78
SOUTH MIAMI &Â PONCE DAVIS As with nearby Pinecrest, the market for South Miami/Ponce Davis is comprised mostly of single-family, non-waterfront homes, which also happened to be the strongest segment in this neighborhood. Available inventory decreased from 146 in 2013 to 124 in 2014, while the number of sales climbed from 76 to 80. Prices per square foot also increased from $212 to $240, all strong indicators that the market continued to strengthen here.
7524 SW 54 Court | $2,690,000 6 BD | 6 BA | 1 HB | 5,231 SF | 10,375 SF Lot
Condos, Waterfront, <$1M Like Pinecrest, most of the residences in South Miami are single-family homes. In 2014, only one condo came to the market at less than $1M, selling for $110k but not closing.
18
2014
2013
Number of listings
0
2
Listings Sold
0
1
Avg. Active Price $
110
0
4770 SW 80 Street | $7,200,000
Avg. Sold |Price $ 0 4900 SW 74 Terrace $3,150,000
95K
7 BD | 7 BA | 1 HB | 9,941 SF | 78,278 SF Lot
4 BD | 4 BA | 1 HB Avg. | 4,415 SFPrice | 31,058 SF Sq. Ft. $ 0 Lot
186
Sold/List Diff. %
0
95
Avg. Days on Market
0
23
Single-Family Homes, Waterfront, $1M+ Waterfront homes are a rarity in South Miami, especially in the luxury arena. 2014 only brought one listing to market for $1.95M, which did not close. Only one such listing closedin 2013.
2014
2013
Number of listings
1
2
Listings Sold
0
Avg. Active Price $
Single-Family Homes, Waterfront, <$1M Homes on the water in the sub-$1M market resulted in 6 closed sales in 2014 at anaverage of $291/sq. ft., roughly a 12% increase year-over-year in price and a 200% increase in closed sales.
2014
2013
Number of listings
9
7
1
Listings Sold
6
1.95M
1.73M
Avg. Active Price $
Avg. Sold Price $
0
1.39M
Avg. Sq. Ft. Price $
0
Sold/List Diff. % Avg. Days on Market
Single-Family Homes, Non-Waterfront, $1M+ Five sales closed in 2014 in the luxury, non-waterfront market, down from the 6 sales in 2013, while available inventory increased by nearly 50%. Prices per square foot increased by $79, although homes took substantially longer to close this past year. 2014
2013
Number of listings
25
17
2
Listings Sold
5
553K
672K
Avg. Active Price $
Avg. Sold Price $
540K
459K
244
Avg. Sq. Ft. Price $
291
0
88
Sold/List Diff. %
0
95
Avg. Days on Market
Condos, Non-Waterfront, <$1M Non-waterfront condo sales increased by 40% year-over-year, while new inventory increased by 16%. Average prices per sq. ft. was nearly identical, down $4 compared with 2013.
2014
2013
Number of listings
50
43
Listings Sold
35
Avg. Active Price $
Single-Family Homes, Non-Waterfront, <$1M As the busiest segment in South Miami, non-waterfront homes in the sub-$1M market saw sales increase from 76 to 80, while new inventory decreased by just over 10%. Average prices per sq. ft. increased by $28, all indicating that the market continues to strengthen here.
2014
2013
Number of listings
124
146
6
Listings Sold
80
76
2.22M
1.93M
Avg. Active Price $
519K
462K
Avg. Sold Price $
1.35M
1.64M
Avg. Sold Price $
452K
396K
260
Avg. Sq. Ft. Price $
398
318
Avg. Sq. Ft. Price $
240
212
94
101
Sold/List Diff. %
95
96
Sold/List Diff. %
96
95
71
8
Avg. Days on Market
116
60
Avg. Days on Market
67
58
PONCE/DAVIS MARKET STATISTICS
PONCE/DAVIS MARKET STATISTICS
Single-Family Homes, $1M+ 2014 was a strong year for sales in Ponce/Davis. Sales increased while inventory decreased, while the average price per square foot for homes sold in this area more than doubled from $410 to $884, all signs of a very strong market.
Single-Family Homes, <$1M Homes offered at less than $1M are hard to find in Ponce/Davis. Further, though average sales prices increased in 2014, the average price per square foot showed a slight decline from $423 in 2013 to $385 in 2014.
2014
2013
2014
2013
Number of listings
41
47
Number of listings
4
3
25
Listings Sold
24
17
Listings Sold
3
1
278K
253K
Avg. Active Price $
4.23M
2.92M
Avg. Active Price $
821K
690K
Avg. Sold Price $
158K
187K
Avg. Sold Price $
5.09M
2.33M
Avg. Sold Price $
748K
675K
Avg. Sq. Ft. Price $
189
192
Avg. Sq. Ft. Price $
884
410
Avg. Sq. Ft. Price $
385
423
Sold/List Diff. %
97
98
Avg. Sold/List Diff. %
1.20
80
Avg. Sold/List Diff. %
91
98
Avg. Days on Market
68
73
Avg. Days on Market
217
74
Avg. Days on Market
25
5
GREATER MIAMI Market activity in Greater Miami, which includes a wide mix of communities, easily comprises the largest segment analyzed herein. Inventory across the board showed slight decreases in all segments but one, while the proportion of sales to inventory ratio improved in six of the eight segments, strong signs that demand for homes in Greater Miami has increased even with available inventory slightly waning.
8961 SW 108 Street | $3,295,000 5 BD | 6 BA | 2 HB | 6,083 SF | 83,200 SF Lot
7929 SW 63 Terrace | $2,185,000 5 BD | 5 BA | 1 HB | 5,859 SF | 26,789 SF Lot
20
Single-Family Homes, Waterfront, $1M+ 2014 saw a 33% reduction in homes for sale while actual sales jumped by 67%, demand has increased while supply decreased, one indicator that the waterfront market has grown stronger.
2014
2013
Number of listings
81
125
Listings Sold
40
Avg. Active Price $
Single-Family Homes, Waterfront, <$1M Compared with 2013, numbers were slightly down in terms of available homes and actual sales, while prices jumped $20/sq. ft. and homes went from listing to close in an average of 8 less days.
2014
2013
Number of listings
701
781
24
Listings Sold
387
4.15M
3.68M
Avg. Active Price $
Avg. Sold Price $
2.23M
2.9M
Avg. Sq. Ft. Price $
556
Sold/List Diff. % Avg. Days on Market
Single-Family Homes, Non-Waterfront, $1M+ Like its luxury waterfront counterpart, non-waterfront homes saw a jump in sales by 15% while new listings showed a corresponding 12% decrease. Prices here also increased by $33/ sq. ft., demonstrating that the market performed more strongly than the year before.
2014
2013
Number of listings
432
489
449
Listings Sold
155
440K
438K
Avg. Active Price $
Avg. Sold Price $
348K
318K
526
Avg. Sq. Ft. Price $
157
92
85
Sold/List Diff. %
117
186
Avg. Days on Market
Condos, Waterfront, $1M+ While sales remained nearly identical compared to 2013, inventory showed a marked reduction by 160 fewer new listings on the market. Average sales prices showed an increase of $280,000 compared with the previous year.
2014
2013
Number of listings
540
700
Listings Sold
169
Avg. Active Price $
Single-Family Homes, Non-Waterfront, <$1M Easily the most active area in Greater Miami, non-luxury single-family homes accounted for 6,670 sales this past year, an increase of 227 homes. Average prices per sq. ft. jumped by $13 as well.
2014
2013
Number of listings
11,704
12,182
132
Listings Sold
6,670
6,443
2.07M
2.13M
Avg. Active Price $
331K
309K
Avg. Sold Price $
1.75M
1.66M
Avg. Sold Price $
254K
235K
137
Avg. Sq. Ft. Price $
364
330
Avg. Sq. Ft. Price $
135
122
96
96
Sold/List Diff. %
94
92
Sold/List Diff. %
96
96
71
79
Avg. Days on Market
123
118
Avg. Days on Market
74
72
Condos, Waterfront, <$1M When compared with 2013, there were less units available for sale and fewer sales; however, average prices jumped by $22 per square foot, and average overall sales prices were $45,000 higher than in 2013.
2014
2013
Number of listings
4,305
4,878
164
Listings Sold
1,909
2.57M
2.64M
Avg. Active Price $
Avg. Sold Price $
1.84M
1.56M
Avg. Sq. Ft. Price $
732
Sold/List Diff. % Avg. Days on Market
Condos, Non-Waterfront, $1M+ Non-waterfront luxury condos in Greater Miami comprise a much smaller portion of the available market, with only 29 sales closing at $1M+ (a 61% increase year-overyear). Interestingly, sales prices tended to close at more than asking price, strongly indicating that buyers are motivated in this segment of the market. 2014
2013
Number of listings
87
80
2,116
Listings Sold
29
435K
441K
Avg. Active Price $
Avg. Sold Price $
356K
311K
649
Avg. Sq. Ft. Price $
306
92
93
Sold/List Diff. %
128
153
Avg. Days on Market
Condos, Non-Waterfront, <$1M The most active area for Greater Miami condos, non-waterfront listings in the sub$1M arena closed at an average of 448 units per month. Average prices per sq. ft. increased by $15 while average overall prices raised by approximately $16,000 per listing.
2014
2013
Number of listings
9,979
10,069
18
Listings Sold
5,377
5,447
1.68M
1.67M
Avg. Active Price $
258K
240K
Avg. Sold Price $
1.46M
1.31M
Avg. Sold Price $
170K
154K
284
Avg. Sq. Ft. Price $
563
472
Avg. Sq. Ft. Price $
156
141
96
96
Sold/List Diff. %
107
94
Sold/List Diff. %
97
98
116
88
Avg. Days on Market
100
114
Avg. Days on Market
919
73
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