1Q 2014 Miami Report Summary
The demand for Miami’s real estate unfaltering continues to rise as the city welcomes more and more visitors and residents coming from all the corners of the world. The Miami housing market began the year where it left off last year, having both the highest number of first quarter sales and the fastest marketing time in 8 years. Prices continued to rise, reaching their highest point since 2008 and it remains predominantly a cash market. These are some of the most relevant figures describing the behavior of the Miami real estate market during the first quarter of this year. To see the full report visit the Douglas Elliman website.
Median Sales Price
Median sales price increased 16.1% to 244,000 the highest point reached since 2008.
Square Foot Average Price
Price per square foot exceeded $305 for the first time in 6 years.
Days on Market
Days on market fell to 58 days, the lowest level in 8 years.
Total of Sales
Sales rose 3.9% to 5,133 from the prior year quarter, to the highest total in 8 years.
Listing Inventory
Listing inventory rose 15.2% to 12,664 from a year ago, as rising prices pulled more inventory into the market. Fortunately along with the rise of supply, demand continued to rise.
Distressed Inventory
The market share of sales, excluding short sales and foreclosures, rose to 69.4%. The volume of distressed listings and distressed sales continued to fall. Distressed sales fell 16% and distressed inventory fell 23.1% respectively from the same period last year.
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