- SALES SURGE – Sales were up sharply from a year ago, the highest fourth quarter in at least 6 years.
- FALLING INVENTORY – Listing inventory fell sharply. Low or negative equity holding back supply in addition to higher sales activity.
- SMALLER DISTRESSED SALES SHARE – 40.2% market share of distressed sales (REO+Short Sales) lowest share in 3 years.
- DEMAND DRIVERS – International buyers continued to play a key role in demand. Record low mortgage rates as well.
- HIGH END MARKET RISING WITH ENTIRE MARKET – Luxury market price trends rising consistent with gains in overall market.
Here’s an excerpt from the report:
…The market pace within Miami’s coastal communities continued to quicken in the fourth quarter. Distressed sale market share and listing inventory continued to fall, prices trended markedly higher, properties sold faster with less negotiability, and international buyers continued to play a key role in demand.
All price indicators posted large increases from year ago levels; median sales price jumped 27.3% to $210,000, average sales price surged 27.8% to $402,626, and average price per square foot increased 21.5% to $260. A portion of these substantial gains was attributable to the continued decline in market share of lower priced distressed sales, which fell to a 3-year low at 40.2%. However, the average sales price of non-distressed condo and single-family sales still jumped 16.6% above prior year levels…