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Elliman Report: Miami Coastal Mainland Sales 3Q 2014
Miami coastal mainland housing prices were mixed, as sales and inventory moved higher than year ago levels. Median sales price slipped 3.3% to $212,750 from the prior year quarter. Reflecting both a shift in the mix towards the luxury market and a decline in distressed sales, average sales price and average price per square foot jumped 14.3% and 17.4%. The market share of distressed sales represented 31.6% of the market, down 5.2% from the year ago quarter. The luxury market, specifically condos, posted large gains above year ago levels. The median sales price of a luxury condo surged 34.9% to $1,150,000 while luxury single family homes increased 10% to $1,210,000….
