….The market pace within Miami’s coastal communities
continued to quicken in the fourth quarter.
Distressed sale market share and listing inventory
continued to fall, prices trended markedly
higher, properties sold faster with less negotiability,
and international buyers continued to play
a key role in demand.
All price indicators posted large increases from
year ago levels; median sales price jumped
27.3% to $210,000, average sales price surged 27.8% to $402,626, and average price per
square foot increased 21.5% to $260. A portion
of these substantial gains was attributable to
the continued decline in market share of lower
priced distressed sales, which fell to a 3-year
low at 40.2%. However, the average sales price
of non-distressed condo and single-family sales
still jumped 16.6% above prior year levels…