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Douglas Elliman Florida Report: Miami Sales 2Q 2011

A quarterly analysis of the condo and 1 family sales market covering the coastal communities of Miami

…Overall housing prices were mixed in comparison with the same period last year. Median sales price fell 6.6% to $162,500 from $174,000 in the same period last year. Over the same period average price per square foot showed no change at $225 and average sales price increased 2% to $339,261. However, the Miami housing market over the past year was best characterized by a widening gap in the performance of non-distressed and distressed sales. The market share of distressed sales, comprised of foreclosures and short sales, rose over the past year reaching 64.7% in the first quarter, but fell to 53.9% in the second quarter as prices weakened. Foreclosure sales across the country temporarily cooled, due to the “robo-signer” servicers scandal last fall, which continues to restrain the release of foreclosed homes to the market. Year-over-year median sales price for distressed condo and 1 family sales fell 7.8% and 13.8% respectively…

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