Miami Real Estate Market Summary Q3 2013

 Miami Real Estate Market Summary Report Q3 2013

 There were 120,088 visits to the MIAMI website, Miamire.com, in October 2013, an increase of 28.8% compared to the prior year, according to the 31,000-member Miami Association of Realtors.  No surprise there, as Miami’s real estate market continues togrow and establish itself as a safe place for investors.  Here is a brief summary based on the Eliman’s quarterly report which is considered the benchmark for residential real estate market information and an essential reference source for consumers, the media, financial institutions, government agencies, researchers and other market professionals. 

Median & Average Prices

General Median sales price increased 23.1% to $240,000 from the prior year quarter. Average sales prices increased 9.4% to $411,343.

Condos Median & Average Prices

Condos Median sales prices rose 22.2% to $220,000 from the same period last year. Average sales price and average price per square foot increased 14.8% ad 14.1% respectively over the same period.

Luxury Condo Median Prices

Condo price indicators edged higher as days of market moved faster. Median sales price increased 4.3% to $1,200,000 as the entry threshold expanded 12.1% to $762,000 from the previous year quarter. Days on the market averaged 52 days, 7.1% faster than the prior year period.

Single Family Median & Average Prices

Median price increased 23% to $264,500 from the same period last year. Average sales price and average price per square foot edged 2.4% and 3.5% respectively over the same period.

Luxury Single Family Median & Average Prices

Median sales price jumped 15.6% to $1,500,000 as average sales price fell 13.9% to $2,000,320 from the same period last year. The entry threshold expanded 11.4% to $891,500.

Total Number of Sales

The total number of sales jumped 20.3% to 6,074 sales from the same period last year. This was the second highest sales total since the first quarter of 2006.

Condos Number of Sales

The number of sales increased 18% to 3,692, outperforming the growth of inventory that rose 5.4% to 7,266 over the same period. With sales rising at a faster rate than inventory, the monthly absorption rate fell to 5.9 months form 6.6 months in the prior year quarter.

Single Family Number of Sales

The number of sales jumped 24% to 2,382 as listing inventory fell 28.6% to 3,265 from the prior year quarter. The combination of rising sales and falling supply pressed absorption to 3 months faster to 4.1 months over the same period.

Inventory

Overall listing inventory declined 8.2%, non-distressed inventory fell 1.6% and distressed inventory fell 34.1% from the prior year quarter.

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