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Market Report

Miami Q1 2013

StreetEasy.com is pleased to present our inaugural Quarterly Report on the overall Miami Dade residential market with a focus on six major markets of the greater metropolitan area. Like our website, this report is an unbiased view of today’s real estate market. This report is based solely on recorded sales that closed during the first quarter of 2013. We seek to continually improve this report and provide data that will be meaningful and useful to you. So, please feel free to send us feedback at [email protected].

Summary of findings in 2013 Q1 OVERALL MEDIAN PRICE GAINS SINCE LAST YEAR For the eighth consecutive quarter, since the second quarter of 2011, Miami Dade’s overall median sales price has gone up year over year. This quarter, median price increased by 4.8% since last year. Compared to the previous quarter, the median price declined slightly by 1.2% to $172,900. Average price for Miami Dade declined by 5.0% since last year and by 0.6% since last quarter.

• Condo resale median sales price increased 3.6% since last year but remained the same since last quarter, • Single family house resales median price went up by 18.7% since last year but had a slight increase of 0.5% since last

quarter. • New Development median price dropped by 18.9% since last year but gained 8.8% since last quarter.

STRONGER LUXURY MARKET. There was a 16.3% increase in the number of sales above the 90 th-percentile price of $855K since last year and an 8.7% increase since last quarter. 64.1% of all luxury sales occurred in South Beach and Fisher Island.

FEWER DISTRESSED SALES. This quarter, there were 18.8% fewer distressed sales in the county compared to the prior year. There were 20% fewer condo distressed sales since last year and 15.3% fewer than last quarter in Miami Dade. Similarly, there were 17.1% fewer distressed sales of houses since last year and 15.1% fewer than last quarter. Median price of distressed sales increased by 17.3% since last year but decreased by 6.0% and is now at $82,100. This is the fourth consecutive quarter where median price has made year over year gains.

VOLUME OF SALES UP. The number of closings has increased by 18.5% since a year ago and by 1.9% since last quarter in Miami Dade County. There were 21.5% more condo closings this quarter and 27.8% more single-family home closings compared to a year ago. However, with the diminishing existing new development supply, there has been a 45.8% decrease in new development closings compared to a year ago, and a 39.1% decrease since last quarter.

Bubble or Growth? Many in the industry have described the current market as “hot,” “crazy,” and “insane,” but is it healthy? Or, is it trending toward another bubble? Here are some key points:

Buyers: It appears that investors and foreign buyers are back in today’s Miami market. However, a greater proportion of these investors and foreign buyers are making all-cash purchases.

Inventory: As in much of the rest of the country, inventory in Miami is extremely tight which is indicative of broader problems – tight credit and negative equity. In a healthy market, property owners would be unfettered to list their homes in the marketplace, which does not seem to be the case in today’s market. In today’s market, many owners are still underwater and are holding onto properties until prices have risen enough for them to sell. And with tight credit, even if owners do sell, they may not have anywhere to move into.

Market supports and constraints: Finally, unlike past cycles, the market continues to be at once propped up by artificially low mortgage rates and burdened with some stubborn constraints that include a persistently high unemployment rate, tight credit, stagnant wages and higher taxes.

StreetEasy.com is a real estate website providing in-depth information offering you the power to search, sort, and manage that information effectively, as well as the tools to keep you on top of the market.

Miami Q1 2013


Overall Miami Dade Market

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Average Price Median Price Average PPSFRecorded Prices Q1 2013 Q4 2012 Q1 2012 Q1 2013 Q4 2012 Q1 2012 Q1 2013 Q4 2012 Q1 2012

Overall $344,966 -0.6% -5.0% $172,900 -1.2% 4.8% 235 2.2% 7.3%

Condo Resales $294,232 3.9% 5.9% $145,000 0.0% 3.6% 268 8.5% 8.1%Single Family Houses $389,853 -8.5% 2.3% $195,900 0.5% 18.7% 188 -8.7% 4.4%

New Developments $689,519 55.6% -20.5% $271,000 8.8% -18.9% 532 25.5% 52.0%

New Devs Condos HousesNumber of Sales Q1 2013 Q4 2012 Q1 2012 Q1 2013 Q4 2012 Q1 2012 Q1 2013 Q4 2012 Q1 2012

Number of Sales 379 -39.1% -45.8% 5,603 7.9% 21.5% 3,410 -4.1% 27.8%

Less than $100,000 28 64.7% -9.7% 2,089 6.3% 14.7% 647 -12.8% -16.2%$100,000 - $300,000 178 -51.6% -32.8% 2,131 13.5% 35.9% 1,624 -3.7% 33.9%$300,000 - $500,000 74 -47.1% -57.7% 645 -0.2% 6.6% 489 -6.3% 68.0%

$500,000 - $1,000,000 44 -25.4% -53.2% 440 2.8% 15.5% 402 24.1% 79.5%$1,000,000 - $3,000,000 22 -4.3% -71.4% 272 32.0% 56.3% 193 1.6% 67.8%

More than $3,000,000 33 135.7% -42.1% 26 -21.2% 0.0% 55 -15.9% 61.8%

% Change Since % Change Since % Change Since


Overall median price declined 1.2% since last quarter but increased by 4.8% since last year. Overall average price declined by 0.6%% since last quarter and by 5.0% since last year. Condo resales median price went up by 3.6% since last year but remained the same since last quarter. Single family home resales median price increased by 18.7% since last quarter but also remained virtually the same since last year with just a 0.5% increase. Median price for new developments had an increase of 8.8% since last quarter but dropped 18.9% from last year. Volume of closings jumped 21.5% for condos and 27.8% for houses since last year but dropped by 45.8%.

Miami Q1 2013


Luxury Market

Average Price Median PriceRecorded Prices Q1 2013 Q4 2012 Q1 2012 Q1 2013 Q4 2012 Q1 2012

% Change Since % Change Since

Greater Aventura & Bal Harbour 1,981,180 -27.7% -8.6% 1,450,000 -24.0% -0.7%Upper Miami Beach 2,346,097 45.9% -5.0% 1,375,000 24.7% -1.1%

South Beach & Fisher Island 2,666,468 -1.3% 32.0% 1,832,500 -6.0% 16.7%Urban Core 2,057,214 14.4% -32.3% 1,350,000 6.0% -30.4%

Southwest Miami Dade 1,916,368 -61.9% 7.3% 1,125,000 1.1% -20.9%Northeast Miami Dade 1,611,943 -7.3% -24.8% 1,470,000 -3.9% 24.3%

Condos HousesNumber of Sales Q1 2013 Q4 2012 Q1 2012 Q1 2013 Q4 2012 Q1 2012


Greater Aventura & Bal Harbour 140 30.8% -27.5% 23 -45.2% 4.5%Upper Miami Beach 41 28.1% -41.4% 23 -4.2% 91.7%

South Beach & Fisher Island 100 42.9% 96.1% 170 1.2% 80.9%Urban Core 139 12.1% 3.0% 27 8.0% 92.9%

Southwest Miami Dade 1 n/a n/a 14 -12.5% 40.0%Northeast Miami Dade 0 n/a n/a 0 n/a n/a

The luxury market is defined as the top 10% of all condo and co-op sales, in terms of price. Based on closings that took place in just the six major markets this quarter, the luxury market was comprised of sales above $855K, which was a 3.6% increase in price since last quarter and a 0.6% increase since last year. There was an 8.7% increase in the number of closings priced above $855K since last quarter and a 16.3% increase since last year. South Beach and Fisher Island had the most luxury closings as it made up 64.1% of all luxury closings.

Miami Q1 2013


Distressed Market

Average Price Median PriceRecorded Prices Q1 2013 Q4 2012 Q1 2012 Q1 2013 Q4 2012 Q1 2012

Overall Miami Dade County $120,088 -5.0% 9.6% $82,100 -6.0% 17.3%

Greater Aventura & Bal Harbour 166,879 14.5% 39.0% 118,600 30.3% 44.5%Upper Miami Beach 153,400 -14.3% -9.0% 94,600 21.6% -24.5%

South Beach & Fisher Island 273,025 37.6% 73.5% 129,800 29.8% 41.4%Urban Core 193,428 24.9% -30.5% 125,000 31.1% -16.9%

Southwest Miami Dade 119,867 14.6% -33.9% 95,050 18.8% -21.5%Northeast Miami Dade 80,338 13.0% -35.9% 62,500 37.8% -37.5%


Condos HousesNumber of Sales Q1 2013 Q4 2012 Q1 2012 Q1 2013 Q4 2012 Q1 2012

Overall Miami Dade County 2870 -15.3% -20.0% 2012 -15.1% -17.1%

Greater Aventura & Bal Harbour 247 -28.4% -32.1% 41 70.8% 105.0%Upper Miami Beach 97 -25.4% -48.1% 16 0.0% -20.0%

South Beach & Fisher Island 128 -14.7% -31.2% 1 -75.0% -50.0%Urban Core 449 -26.8% -47.5% 280 -20.7% -27.3%

Southwest Miami Dade 815 -12.5% -13.0% 411 1.5% -12.7%Northeast Miami Dade 171 -15.8% -25.7% 134 -27.6% -29.5%


The distressed market segment includes foreclosures, short sales, and REO sales. The average price of the distressed sale increased by 9.6% since a year ago but declined by 5.0% since last quarter. Median price also rose 17.3% since last year but is down 6.0% since last quarter. The South Beach and Fisher Island market had the greatest gains since one year ago with a median price increase of 41.4% and an average price increase of 73.5%. There were 20.0% fewer distressed condo sales than the previous year and 15.3% fewer than last quarter. Similarly, there were 17.1% fewer distressed houses that were sold this quarter compared to a year ago, and 15.1% fewer than last quarter.

Miami Q1 2013


Greater Aventura & Bal Harbour Golden Beach, Sunny Isles, Ojus, Aventura, Bal Harbour, Bay Harbor Islands, Surfside & Indian Creek

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Overall $404,064 7.4% -30.4% $152,300 -14.4% -10.4% 366 20.0% 23.2%

Condo Resales $304,319 6.4% 8.3% $131,500 -13.8% 10.0% 312 15.1% 19.5%Single Family Houses $848,215 -11.8% -37.6% $535,000 16.3% 11.5% 331 10.7% -31.2%

New Developments $3,579,260 79.2% 29.4% $3,825,000 225.5% 83.0% 1,355 52.4% 201.1%


Number of Sales 42 -4.5% -69.3% 1,425 20.8% 22.1% 74 7.2% 13.8%

Less than $100,000 0 -100.0% -100.0% 775 55.3% 42.2% 1 0.0% n/a$100,000 - $300,000 3 -40.0% -50.0% 337 0.6% 10.1% 10 -33.3% -47.4%$300,000 - $500,000 0 -100.0% -100.0% 113 -19.3% -11.7% 26 18.2% 85.7%

$500,000 - $1,000,000 4 -55.6% -77.8% 115 -13.5% -0.9% 24 60.0% 33.3%$1,000,000 - $3,000,000 2 -83.3% -95.9% 79 21.5% 33.9% 6 -45.5% -40.0%

More than $3,000,000 33 175.0% -41.1% 6 50.0% -33.3% 7 74.1% 133.3%



The median price in this major market went down by 10.4% since last year and by 14.4% since last quarter. Average PPSF went up to $366, a 23.2% increase since last year and a 20.0% since last quarter. Condo resale median price went up by 10.0% since last year but is down by 13.8% since last quarter. The median price for houses increased by 11.5% since last year and by 16.3% since last quarter. New development median price jumped up by 83.0%% since last year, driven by the 33 closings over $3M this quarter. Since a year ago, the volume of sales increased for condo resales (22.1%) and for house resales (13.8%). However, new development closings went down by 69.3%.

Miami Q1 2013


Upper Miami Beach La Gorce, La Gorce Island, Allison Island, Mid Beach, Nautilus, Bayshore, Sunset Islands,

North Bay Road, Biscayne Point, Normandy Island & North Beach

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Overall $542,348 -20.2% 2.8% $300,000 0.0% -15.1% 402 -8.8% -3.8%

Condo Resales $370,720 -4.7% -11.2% $250,000 1.0% -21.9% 360 2.6% -4.3%Single Family Houses $1,237,254 -29.7% -15.2% $755,000 -14.7% -1.9% 420 -24.9% -20.8%

New Developments $1,907,333 108.7% 108.6% $2,300,000 239.7% 242.0% 787 23.4% 27.3%


Number of Sales 10 25.0% -72.2% 380 20.3% -29.8% 75 -9.6% 53.1%

Less than $100,000 0 n/a -100.0% 53 43.2% 17.8% 0 -100.0% -100.0%$100,000 - $300,000 0 -100.0% -100.0% 177 16.4% -14.5% 1 -88.9% -66.7%$300,000 - $500,000 1 n/a -87.5% 87 42.6% -45.6% 9 28.6% 125.0%

$500,000 - $1,000,000 1 -83.3% -93.3% 35 -16.7% -63.2% 49 75.0% 113.0%$1,000,000 - $3,000,000 8 700.0% -20.0% 27 35.0% -18.2% 13 -45.8% -7.1%

More than $3,000,000 0 n/a n/a 1 0.0% n/a 3 -77.0% 0.0%



Overall median price in this major market declined by 15.1% since last year but remained the same since last quarter. Median price for condo resales decreased by 21.9% since last year but had a slight increase of 1% since last quarter. House resale median price declined by 1.9% since last year and by 14.7% since the prior quarter. New developments had 8 closings priced over $1M this quarter, 20% fewer than a year ago. Since last year, there was an increase of 53.1% in the volume of closings for houses but a 72.2% decrease for new developments, and a 29.8% decrease for condos. Average PPSF went down 3.8% to $402 since last year and by 8.8% since last quarter.

Miami Q1 2013


South Beach & Fisher Island

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Overall $825,873 4.9% 45.5% $247,500 -12.4% 14.1% 778 17.2% 37.7%

Condo Resales $667,559 -1.5% 32.9% $227,000 -9.2% 19.2% 761 10.4% 33.5%Single Family Houses $2,389,670 27.7% 113.3% $1,200,000 12.1% 150.0% 797 34.4% 44.1%

New Developments $1,014,225 7.9% 16.8% $737,500 0.7% 77.8% 996 0.6% 16.5%


Number of Sales 18 28.6% -43.8% 464 22.1% 18.4% 51 24.4% 13.3%

Less than $100,000 0 n/a n/a 46 -20.7% -50.5% 0 -100.0% n/a$100,000 - $300,000 2 100.0% -75.0% 207 37.1% 27.0% 4 0.0% -78.9%$300,000 - $500,000 5 400.0% -54.5% 69 16.9% 15.0% 0 -100.0% -100.0%

$500,000 - $1,000,000 5 -44.4% 0.0% 56 12.0% 93.1% 15 50.0% 25.0%$1,000,000 - $3,000,000 6 200.0% -14.3% 69 72.5% 109.1% 15 36.4% 114.3%

More than $3,000,000 0 -100.0% -100.0% 17 -10.5% 70.0% 17 69.2% 466.7%



Overall median price for South Beach and Fisher Island increased by 14.1% since last year but decreased by 12.4% since last quarter. Condo resales median price went up by 19.2% since the prior year but down by 9.2% since the prior quarter. The median price of house resales increased by 150% since last year and by 12.1% since last quarter, with 32 closings over $1M. The median price for new developments went up 77.8% since last year and by 0.7% since last quarter. Average PPSF for this area jumped 37.7% since last year and by 17.2% since last quarter to $778. Condo resale closings increased by 18.4% and house resales increased by 13.3% since a year ago. In contrast, new development closings dropped by 43.8%.

Miami Q1 2013


Urban Core Miami City of Miami (includes Downtown Miami & Brickell), Coral Gables, Key Biscayne, Pinecrest & South Miami

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New"Developments"


Overall $491,011 -7.5% 12.9% $305,000 0.0% 14.7% 308 -1.3% 9.2%

Condo Resales $413,357 -3.9% 7.0% $300,000 -2.3% 14.9% 337 5.3% 6.6%Single Family Houses $613,390 -9.5% 23.1% $297,000 2.4% 59.7% 280 -7.9% 17.2%

New Developments $445,207 -6.7% -5.5% $450,500 14.5% 16.4% 396 15.5% 10.0%


Number of Sales 104 -18.8% -53.4% 1,273 4.2% 28.1% 850 -5.5% 28.2%

Less than $100,000 19 171.4% n/a 145 17.9% 9.0% 159 -9.7% -12.6%$100,000 - $300,000 23 -34.3% -65.2% 479 0.8% 11.7% 259 -8.5% 16.1%$300,000 - $500,000 29 -38.3% -68.1% 332 -2.4% 43.1% 114 n/a 37.3%

$500,000 - $1,000,000 27 -10.0% -50.9% 221 14.5% 60.1% 176 24.8% 102.3%$1,000,000 - $3,000,000 6 -25.0% -45.5% 95 18.8% 93.9% 118 10.3% 81.5%

More than $3,000,000 0 -100.0% n/a 1 -88.9% -85.7% 24 -25.4% 71.4%



The overall median price in the Urban Core of Miami had an increase of 14.7% since the prior year but remained the same since last quarter. Condo resale median price increased by 14.9%, as did house resale median price by 59.7% since last year. New development median price increased by 16.4% since the prior year and by 14.5% since last quarter. Average PPSF is at $308, a 9.2% increase since last year but a 1.3% decrease since last quarter. The volume of new development closings declined by 53.4% since last year and by 18.8% since last quarter. Condo resale closings went up by 28.1% since last year and by 4.2% since last quarter. House resale closings went up by 28.2% since last year but decreased by 5.5% since last quarter.

Miami Q1 2013


Southwest Miami Dade Kendall, Doral City, Sweetwater, Tamiami, University Park, Westchester, Fountainbleu & Coral Terrace

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Overall $229,575 -0.9% -4.0% $179,500 -4.1% 12.2% 131 -9.0% 3.1%

Condo Resales $146,403 8.0% 21.6% $121,000 5.2% 25.4% 117 0.9% 14.7%Single Family Houses $339,147 -1.5% -14.5% $260,000 4.0% 13.0% 139 -14.2% -3.5%

New Developments $293,420 9.0% 7.4% $257,500 5.1% 6.8% 148 -14.9% -14.9%


Number of Sales 66 -69.2% -44.5% 733 -10.9% 10.9% 566 -15.0% 19.9%

Less than $100,000 1 0.0% 0.0% 223 -32.6% -33.8% 13 -40.9% -62.9%$100,000 - $300,000 42 -71.2% -45.5% 478 5.3% 63.1% 347 -15.6% 14.1%$300,000 - $500,000 23 -65.2% -42.5% 29 7.4% 52.6% 140 n/a 60.9%

$500,000 - $1,000,000 0 n/a -100.0% 2 100.0% 0.0% 53 -13.1% 43.2%$1,000,000 - $3,000,000 0 n/a n/a 0 n/a n/a 11 -31.3% 175.0%

More than $3,000,000 0 n/a n/a 1 n/a n/a 2 98.0% -50.0%



In Southwest Miami Dade, overall median price in this major market increased by 12.2% since last year but went down by 4.1% since last quarter. Median price for condo resales increased by 25.4% since last year and by 5.2% since last quarter. House resale median price increased by 13.0% since last year and by 4.0% since the prior quarter. All new development closings in this major market sold below $500K. Average PPSF is now at $131, a 3.1% increase since a year ago but a 9.0% decline from last quarter. Since last year, there was a decrease of 44.5% in new development closings but a 10.9% increase for condo resales, and a 19.9% increase for houses.

Miami Q1 2013


Northeast Miami Dade Miami Shores, North Miami, Biscayne Park, North Miami Beach & Golden Glades

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#"of"Sales"

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ian"Price"


Condo"Resales"

0"

20"

40"

60"

80"

100"

120"

$0

$50,000

$100,000

$150,000

$200,000

$250,000


#"of"Sales"

Med

ian"Price"



0"

0.5"

1"

1.5"

2"

2.5"

3"

3.5"

4"

4.5"

5"

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000


#"of"Sales"

Med

ian"Price"


New"Developments"


Overall $185,647 6.5% 8.3% $119,000 32.2% 43.4% 134 1.5% 9.8%

Condo Resales $109,874 18.3% 38.8% $80,000 14.5% 33.3% 105 15.4% 40.0%Single Family Houses $251,811 -12.0% -6.0% $146,000 4.3% 20.7% 150 -8.5% -1.3%

New Developments $145,000 19.7% 20.8% $145,000 3.6% 20.8% 123 25.5% n/a


Number of Sales 6 50.0% 500.0% 229 -34.9% 21.8% 256 -0.8% 41.4%

Less than $100,000 0 -100.0% n/a 150 -40.2% 5.6% 59 -28.0% -19.2%$100,000 - $300,000 6 100.0% 500.0% 71 -15.5% 82.1% 120 10.1% 81.8%$300,000 - $500,000 0 n/a n/a 6 0.0% 100.0% 31 n/a 106.7%

$500,000 - $1,000,000 0 n/a n/a 2 -60.0% n/a 32 33.3% 100.0%$1,000,000 - $3,000,000 0 n/a n/a 0 n/a n/a 14 40.0% 55.6%

More than $3,000,000 0 n/a n/a 0 n/a n/a 0 -100.0% n/a



The median price in this major market increased by 43.4% since last year and by 32.2% since last quarter. Condo resale median price went up by 33.3% since last year and by 14.5% since last quarter. The median price for houses increased by 20.7% since last year and by 4.3% since last quarter. Average PPSF went up to $134, a 9.8% increase since last year and a 1.5% since last quarter. Since a year ago, the volume of sales house resales increased by 41.4% but declined by only 0.8% since last quarter. Volume of condo resale closings increased by 21.8% since last year but went down by 34.9%. There were only 6 new development closings in this major market this quarter.

2013q1 miami report - streeteasydocs.streeteasy.com/reports/florida/2013/2013q1_miami_report.pdf ·...

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