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Miller: Miami Market Shifting Away From Frenzied State

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Inventory is rising

Jonathan Miller (@JonathanMiller), President of Miller Samuel and real-estate savant, released his latest Elliman Report covering the second quarter of 2016.

We’re focusing on the Miami mainland along with Miami Beach and its barrier islands.

"A large swath of the data in these reports are resales and they are showing a market shifting from the frenzied unsustainable state of the previous few years to a more moderate level," Miller tells Curbed. "Several years of rising prices are continuing to pull more inventory onto the market. Sales remain higher than the five-year quarterly average and the local economy is good."

Miami Beach highlights:

  • Average sales price climbed 12 percent to $1.018 million, the highest figure in a decade.
  • Median sales price increased 2.4 percent to $434,000.
  • Distressed sales decreased 55 percent.
  • Rising prices pulled in more inventory, which spiked by 36 percent, while days on market doubled from 52 to 103.
  • Market pace has slowed, with the number of sales declining nearly 25 percent.
  • For luxury condos/townhomes, median sales price by 21 percent to $2.85 million as inventory rocketed 32 percent to over 1,000 units.
  • For single-family homes, median sales price rose about 3 percent to $8.08 million while days on the market more than doubled from 30 to 75. Inventory also increased by a whopping 68 percent.

Miami Coastal Mainland highlights

  • Median sales price rose 8 percent to a record $280,000 while average sales price rose 3 percent to a record $404,020.
  • Total sales fell 17.5 percent as days on the market rose form 57 to 76
  • For luxury condos/townhomes, median sales price fell 17 percent to $1 million while days on the market doubled from 51 to 104. Inventory climbed by 78 percent(!).
  • For luxury single-family homes, median sales price decreased by 5 percent to 1.25 million as days on the market nearly doubled, from 57 to 108. Inventory rose 28 percent.