…The Miami coastal communities experienced
a sharp decline in listing inventory, a decline
in distressed sales and rise in non-distressed
sales, rising price pressure and continued
demand from international buyers.
All price indicators posted large gains as
distressed sale market share activity continued
to fall. Median sales price jumped 18.2% to
$195,000 from $165,000 in the prior year
quarter. Average sales price and average price per square foot saw similar year-over-year gains
of 16.7% and 18.2%. The median sales price
year-to date was $190,000 and increased at a
similar rate of 22.6%. Distressed sales market
share fell to 41.3% from 53.3% over the same
period last year helping drive overall prices
higher due to their lower price levels. However
non-distressed also showed year-over-year
gains, albeit more modest increases. The nondistressed
median sales price was 10.6% higher
than prior year levels…