A new report from luxury real estate office Douglas Elliman showed numerous gains in year-over-year data, including findings on pricing, sales and even encouraging signs for distressed properties, long an albatross for the Miami market.
Total sales increased 4.6 percent from 2010, rising from 4,762 to 4,979, the third highest number of sales since 2006. Of those sales, non-distressed sales posted an impressive 31.1 percent increase.
Median sales price for the third quarter was $165,000, a 10 percent gain from 2010 and 1.5 gain from the second quarter, a rarity in national housing.
And in perhaps the most promising news of all, the market share of distressed sales, which are roughly one third the size of non-distressed sales, fell from 62.9 percent in the third quarter of 2010 to 53.3 percent. That shift away from distressed properties and towards higher priced sales has caused price indicators to rise.
Vanessa Grout, the CEO of Douglas Elliman Florida, told World Property Channel that the Miami market has been greatly aided by investors.
“The demand in Miami has rapidly re-established with buyers seeking to benefit from a well-priced property in a sought-aftermarket … Miami has increasingly become a favored area for relocation and vacation home buyers. This has been one of several factors driving demand upwards and pitted against constricted supply, positively affected values. “
The World Property Channel story that quoted Grout can be read in full here, along with a plethora of additional data from the Elliman repot.