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Elliman Report: Miami Coastal Mainland Sales 2Q 2016
Housing prices along Miami’s coastal mainland exceeded year ago levels despite the expansion of inventory and fewer sales. Overall median sales price increased 7.7% to $280,000 over the same period. This pattern was consistent with the 6.7% rise in average sales price to $441,915. Like the prior quarter a large portion of the decline in sales was attributable to the reduction in distressed sales activity, namely foreclosures and short sales. The number of distressed sales dropped 44.3% from the prior year quarter bringing their market share down to 16.7% of all sales. However the number of nondistressed sales slipped only 1.2% respectively from the year ago quarter…
