As some of you know I work for StreetEasy and we have been working hard to bring more transparency to the South Florida real estate market since we launched the site 6 months ago. Today we launched our very first quarterly Miami Residential Market Report. Sophia Song, our rock star economist and Head of Research at StreetEasy, had this to say in the First Quarter 2013 Miami Residential Market Report.
As in so much of the country, inventory has been extremely tight. Couple that with increased demand from domestic and foreign buyers, and it’s no surprise to see not only an increase in median sales price but also an almost 20% drop in distressed sales this quarter.”
There were 20% fewer condo distressed sales since last year and 17% fewer single-family home distressed sales. Additionally, the number of closed transactions increased by 18.5% since a year ago.
Some highlights of the Miami report include the following:
- New Developments – New development inventory has been slow to enter the market. This quarter, there was 45.8% fewer sponsor sales compared to a year ago. Yet, there were 33 closings this quarter that were above $3M, a 136% increase since the prior quarter. Average PPSF jumped to $532 this quarter, an increase of 52% since what was traded a year ago.
- Condo Resales – This segment of the market had an increase of 21.5% in the number of transactions this quarter compared to a year ago and a 3.6% increase in median sales price.
- Single-Family Home Resales – 67% of all single-family homes sold this quarter was under $300K. Additionally, the median price was $195,900 this quarter, an 18.7% increase compared to a year ago.
The six major markets that are include in this report are:
- Greater Aventura & Bal Harbour: Golden Beach, Sunny Isles, Ojus, Aventura, Bal Harbour, Bay Harbor Islands, Surfside, and Indian Creek
- Upper Miami Beach: La Gorce, La Gorce Island, Allison Island, Mid Beach, Nautilus, Bayshore, Sunset Islands, North Bay Road, Biscayne Point, Normandy Island, and North Beach
- South Beach & Fisher Island
- Urban Core: City of Miami (includes Downtown Miami & Brickell), Coral Gables, Key Biscayne, Pinecrest, and South Miami
- Southwest Miami Dade: Kendall, Doral City, Sweetwater, Tamiami, University Park, Westchester, Fountainbleu, and Coral Terrace
- Northeast Miami Dade: Miami Shores, North Miami, Biscayne Park, North Miami Beach, and Golden Glades
StreetEasy.com is a comprehensive real estate information website, providing consumers detailed sales and rental information and the tools to manage that information to make educated decisions. The site has become the reference site for consumers, real estate professionals and the media and has been widely credited with bringing transparency to the New York City real estate market. The site covers New York City, the Hamptons, Northern New Jersey and most recently launched in the South Florida and Washington, D.C. markets.