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Elliman Report: Miami Beach + Barrier Islands Sales 2Q 2016

Miami Beach average sales price set a new record this quarter, as sales declined and inventory expanded. Average sales price increased 12.1% to $1,071,679, the first time this metric has exceeded the $1,000,000 threshold in the decade this metric has been tracked. Median sales price increased 2.4% to $435,000 over the same period. The rise in average sales price was the result of higher end housing entering the market and the continued decline of distressed housing. The market share of lower priced distressed sales fell to 5.3% of all sales…

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