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….