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Elliman Report: Miami Sales 1Q 2013

…The housing market of the Miami coastal communities experienced sharply rising prices, falling inventory, the lowest distressed market share in more than 3 years, continued influx of international demand and shorter marketing times in the first quarter of 2013. Declining inventory, rising sales and a declining distressed market share have pressed the housing price indicators up sharply. Distressed market share that is comprised of short sales and foreclosures,accounted for 37.8% of all sales, down from the recent high water mark of 62.9% in the third quarter of 2010. Median sales price, perhaps the most reliable indicator for market trends, rose 19.4% to $210,100 from the prior year quarter…

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