wire magazine #03.2014 special real estate issue - profile of a hot market
DESCRIPTION
It would be a challenge for one not to notice that real estate development has been on an upswing. With construction underway on both sides of the causeways and new luxury developments opening their doors seemingly every month, it's clear that the days of the real estate bust and subsequent economic impact are history. But just what is happening in the real estate market? Are the bad old days of just a few years ago gone for good? Can the market remain as hot as it is now? What areas of real estate and of South Florida are leading this market back up? Just what do all of these new luxury developments have to offer potential buyers? Wire Magazine presents this very special Real Estate Edition to address those questions and keep our readers informed, through the perspectives of key industry leaders and a sneak peek at some of the most luxurious new residences in Miami and Miami Beach.TRANSCRIPT
The historical tale of Nebuchadnezzar is used as the background for a romantic and political plot about the exile of the Hebrews from Babylon. Verdi’s blockbuster Nabucco is a tale of forbidden love between two young people from different beliefs. Faith, family, and fate, are at the center of this biblical tale.
WWW.FGO 800.741.1010
Photo: Nabucco © Scott Suchman for Washington National Opera
A Story of Love in Exile
by GIUSEPPE VERDI
p e r f o r m a n c e s a t
JANUARY 25 THROUGH FEBRUARY 8
#3 2014 WIREMAG.COM 3
10 WIREMAG.COM #3 2014
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#3 2014 WIREMAG.COM 13
Data released on Wednesday, November 20, 2013. Next data release is Thursday, December 19, 2013.
1.4%
(No Data) N/A
Percent Change Year-over-Year
-6.5%
5,046 10.4%
Closed Sales
1,060
95.0%
5.5 -4.4%
October 2013
Average Sale Price
Median Days on Market
96.3%
5,073
Average Percent of Original List Price Received
Pending Inventory
Inventory (Active Listings)
Month
5,571
Months Supply of Inventory 5.2
Summary Statistics
Closed Sales
Paid in Cash
$421,546
October 2013
1,616New Pending Sales
New Listings
Median Sale Price
October 2012Percent Change Year-over-Year
518 518 0.0%
1,060 1,134 -6.5%
1,882 -14.1%
$220,000 $185,000 18.9%
2,169 1,857 16.8%
$324,611 29.9%
40 38 5.3%
Economists' note : Closed Sales are one of the simplest—yet mostimportant—indicators for the residential real estate market. Whencomparing Closed Sales across markets of different sizes, werecommend using the year-over-year percent changes rather than theabsolute counts. Realtors® and their clients should also be wary ofmonth-to-month comparisons of Closed Sales because of potentialseasonal effects.
June 2013 1,170
May 2013 1,216
April 2013 1,094
November 2012 1,006
October 2012 1,134
March 2013 1,022
February 2013 849
42.5%
January 2013 823
December 2012 1,038
19.1%
16.4%
27.0%
25.1%
18.5%
6.1%
6.8%
15.2%
September 2013 1,108 21.8%
15.1%
27.3%
August 2013 1,210
July 2013 1,227
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O
Monthly Market Detail - October 2013
Miami-Dade County Single Family Homes
400
600
800
1,000
1,200
1,400
Clos
ed S
ales
2009 2010 2011 2012 2013
Closed Sales The number of sales transacƟons which closed during
the month
Produced by MIAMI Association of REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.
Data released on Wednesday, November 20, 2013. Next data release is Thursday, December 19, 2013.
1.4%
(No Data) N/A
Percent Change Year-over-Year
-6.5%
5,046 10.4%
Closed Sales
1,060
95.0%
5.5 -4.4%
October 2013
Average Sale Price
Median Days on Market
96.3%
5,073
Average Percent of Original List Price Received
Pending Inventory
Inventory (Active Listings)
Month
5,571
Months Supply of Inventory 5.2
Summary Statistics
Closed Sales
Paid in Cash
$421,546
October 2013
1,616New Pending Sales
New Listings
Median Sale Price
October 2012Percent Change Year-over-Year
518 518 0.0%
1,060 1,134 -6.5%
1,882 -14.1%
$220,000 $185,000 18.9%
2,169 1,857 16.8%
$324,611 29.9%
40 38 5.3%
Economists' note : Closed Sales are one of the simplest—yet mostimportant—indicators for the residential real estate market. Whencomparing Closed Sales across markets of different sizes, werecommend using the year-over-year percent changes rather than theabsolute counts. Realtors® and their clients should also be wary ofmonth-to-month comparisons of Closed Sales because of potentialseasonal effects.
June 2013 1,170
May 2013 1,216
April 2013 1,094
November 2012 1,006
October 2012 1,134
March 2013 1,022
February 2013 849
42.5%
January 2013 823
December 2012 1,038
19.1%
16.4%
27.0%
25.1%
18.5%
6.1%
6.8%
15.2%
September 2013 1,108 21.8%
15.1%
27.3%
August 2013 1,210
July 2013 1,227
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O
Monthly Market Detail - October 2013
Miami-Dade County Single Family Homes
400
600
800
1,000
1,200
1,400
Clos
ed S
ales
2009 2010 2011 2012 2013
Closed Sales The number of sales transacƟons which closed during
the month
Produced by MIAMI Association of REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.
Data released on Wednesday, November 20, 2013. Next data release is Thursday, December 19, 2013.
Month Cash SalesPercent Change Year-over-Year
October 2013 518 0.0%September 2013 529 36.3%
August 2013 530 12.5%
July 2013 531 25.2%
Economists' note : Cash Sales can be a useful indicator of the extent towhich investors are participating in the market. Why? Investors arefar more likely to have the funds to purchase a home available up front,whereas the typical homebuyer requires a mortgage or some otherform of ϐ�nancing. There are, of course, many possible exceptions, sothis statistic should be interpreted with care.
June 2013 494 14.6%
May 2013 547 22.4%
April 2013 515 16.5%
March 2013 458 1.3%
February 2013 421 16.0%
January 2013 412 32.1%
December 2012 509 35.0%
November 2012 453 32.5%
October 2012 518 54.2%
MonthPercent of Closed
Sales Paid in CashPercent Change Year-over-Year
October 2013 48.9% 7.0%September 2013 47.7% 12.0%
August 2013 43.8% -2.3%
July 2013 43.3% -1.6%
Economists' note : This statistic is simply another way of viewingCash Sales. The remaining percentages of Closed Sales (i.e. those notpaid fully in cash) each month involved some sort of ϐ�nancing, such asmortgages, owner/seller ϐ�nancing, assumed loans, etc.
June 2013 42.2% -8.4%
May 2013 45.0% 3.3%
April 2013 47.1% 1.2%
March 2013 44.8% -4.5%
February 2013 49.6% 8.6%
January 2013 50.1% 10.9%
December 2012 49.0% 16.0%
November 2012 45.0% 4.3%
October 2012 45.7% 8.2%
19%
29%
39%
49%
59%
Pct.
of C
lose
d Sa
les P
aid
in C
ash
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O
0
100
200
300
400
500
600
Cash
Sal
es
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O
Monthly Market Detail - October 2013
2009 2010 2011 2012 2013
Miami-Dade County Single Family Homes
Cash Sales The number of Closed Sales during the month in which
buyers exclusively paid in cash
2009 2010 2011 2012 2013
Cash Sales as a Percentage of Closed Sales The percentage of Closed Sales during the month
which were Cash Sales
Produced by MIAMI Association of REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.
Data released on Wednesday, November 20, 2013. Next data release is Thursday, December 19, 2013.
Month Cash SalesPercent Change Year-over-Year
October 2013 518 0.0%September 2013 529 36.3%
August 2013 530 12.5%
July 2013 531 25.2%
Economists' note : Cash Sales can be a useful indicator of the extent towhich investors are participating in the market. Why? Investors arefar more likely to have the funds to purchase a home available up front,whereas the typical homebuyer requires a mortgage or some otherform of ϐ�nancing. There are, of course, many possible exceptions, sothis statistic should be interpreted with care.
June 2013 494 14.6%
May 2013 547 22.4%
April 2013 515 16.5%
March 2013 458 1.3%
February 2013 421 16.0%
January 2013 412 32.1%
December 2012 509 35.0%
November 2012 453 32.5%
October 2012 518 54.2%
MonthPercent of Closed
Sales Paid in CashPercent Change Year-over-Year
October 2013 48.9% 7.0%September 2013 47.7% 12.0%
August 2013 43.8% -2.3%
July 2013 43.3% -1.6%
Economists' note : This statistic is simply another way of viewingCash Sales. The remaining percentages of Closed Sales (i.e. those notpaid fully in cash) each month involved some sort of ϐ�nancing, such asmortgages, owner/seller ϐ�nancing, assumed loans, etc.
June 2013 42.2% -8.4%
May 2013 45.0% 3.3%
April 2013 47.1% 1.2%
March 2013 44.8% -4.5%
February 2013 49.6% 8.6%
January 2013 50.1% 10.9%
December 2012 49.0% 16.0%
November 2012 45.0% 4.3%
October 2012 45.7% 8.2%
19%
29%
39%
49%
59%
Pct.
of C
lose
d Sa
les P
aid
in C
ash
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O
0
100
200
300
400
500
600
Cash
Sal
es
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O
Monthly Market Detail - October 2013
2009 2010 2011 2012 2013
Miami-Dade County Single Family Homes
Cash Sales The number of Closed Sales during the month in which
buyers exclusively paid in cash
2009 2010 2011 2012 2013
Cash Sales as a Percentage of Closed Sales The percentage of Closed Sales during the month
which were Cash Sales
Produced by MIAMI Association of REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.
Data released on Wednesday, November 20, 2013. Next data release is Thursday, December 19, 2013.
September 2013 $225,000 18.4%
Median Sale PricePercent Change Year-over-Year
October 2013 $220,000 18.9%
Month
August 2013 $235,000 20.5%
July 2013 $230,000 25.7%
Economists' note : Median Sale Price is our preferred summarystatistic for price activity because, unlike Average Sale Price, MedianSale Price is not sensitive to high sale prices for small numbers ofhomes that may not be characteristic of the market area.
June 2013 $230,000 21.1%
May 2013 $222,000 16.8%
April 2013 $225,000 23.7%
March 2013 $225,000 25.1%
February 2013 $194,000 10.9%
January 2013 $194,000 14.8%
December 2012 $214,060 18.9%
September 2013 $371,898 17.6%
November 2012 $195,000 15.9%
October 2012 $185,000 5.7%
Average Sale PricePercent Change Year-over-Year
October 2013 $421,546 29.9%
Month
August 2013 $364,960 -11.0%
July 2013 $406,532 24.9%
Economists' note : As noted above, we prefer Median Sale Price overAverage Sale Price as a summary statistic for home prices. However,Average Sale Price does have its uses—particularly when it is analyzedalongside the Median Sale Price. For one, the relative differencebetween the two statistics can provide some insight into the market forhigher-end homes in an area.
June 2013 $509,515 27.1%
May 2013 $408,021 10.8%
April 2013 $421,207 3.9%
March 2013 $389,847 16.5%
February 2013 $389,368 30.3%
January 2013 $308,978 -2.4%
December 2012 $482,761 49.1%
November 2012 $372,564 15.9%
October 2012 $324,611 13.4%
$230K
$280K
$330K
$380K
$430K
$480K
$530K
Aver
age
Sale
Pr
ice
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O
$130K
$150K
$170K
$190K
$210K
$230K
$250K
Med
ian
Sale
Pric
e
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O
Monthly Market Detail - October 2013
2009 2010 2011 2012 2013
Miami-Dade County Single Family Homes
Median Sale Price The median sale price reported for the month (i.e. 50%
of sales were above and 50% of sales were below)
2009 2010 2011 2012 2013
Average Sale Price The average sale price reported for the month (i.e.
total sales in dollars divided by the number of sales)
Produced by MIAMI Association of REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.
Data released on Wednesday, November 20, 2013. Next data release is Thursday, December 19, 2013.
September 2013 $225,000 18.4%
Median Sale PricePercent Change Year-over-Year
October 2013 $220,000 18.9%
Month
August 2013 $235,000 20.5%
July 2013 $230,000 25.7%
Economists' note : Median Sale Price is our preferred summarystatistic for price activity because, unlike Average Sale Price, MedianSale Price is not sensitive to high sale prices for small numbers ofhomes that may not be characteristic of the market area.
June 2013 $230,000 21.1%
May 2013 $222,000 16.8%
April 2013 $225,000 23.7%
March 2013 $225,000 25.1%
February 2013 $194,000 10.9%
January 2013 $194,000 14.8%
December 2012 $214,060 18.9%
September 2013 $371,898 17.6%
November 2012 $195,000 15.9%
October 2012 $185,000 5.7%
Average Sale PricePercent Change Year-over-Year
October 2013 $421,546 29.9%
Month
August 2013 $364,960 -11.0%
July 2013 $406,532 24.9%
Economists' note : As noted above, we prefer Median Sale Price overAverage Sale Price as a summary statistic for home prices. However,Average Sale Price does have its uses—particularly when it is analyzedalongside the Median Sale Price. For one, the relative differencebetween the two statistics can provide some insight into the market forhigher-end homes in an area.
June 2013 $509,515 27.1%
May 2013 $408,021 10.8%
April 2013 $421,207 3.9%
March 2013 $389,847 16.5%
February 2013 $389,368 30.3%
January 2013 $308,978 -2.4%
December 2012 $482,761 49.1%
November 2012 $372,564 15.9%
October 2012 $324,611 13.4%
$230K
$280K
$330K
$380K
$430K
$480K
$530K
Aver
age
Sale
Pr
ice
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O
$130K
$150K
$170K
$190K
$210K
$230K
$250K
Med
ian
Sale
Pric
e
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O
Monthly Market Detail - October 2013
2009 2010 2011 2012 2013
Miami-Dade County Single Family Homes
Median Sale Price The median sale price reported for the month (i.e. 50%
of sales were above and 50% of sales were below)
2009 2010 2011 2012 2013
Average Sale Price The average sale price reported for the month (i.e.
total sales in dollars divided by the number of sales)
Produced by MIAMI Association of REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.
Data released on Wednesday, November 20, 2013. Next data release is Thursday, December 19, 2013.
Month Cash SalesPercent Change Year-over-Year
October 2013 1,009 -8.0%September 2013 960 -2.8%
August 2013 1,076 -5.9%
July 2013 1,132 7.8%
Economists' note : Cash Sales can be a useful indicator of the extent towhich investors are participating in the market. Why? Investors arefar more likely to have the funds to purchase a home available up front,whereas the typical homebuyer requires a mortgage or some otherform of ϐ�nancing. There are, of course, many possible exceptions, sothis statistic should be interpreted with care.
June 2013 1,107 0.6%
May 2013 1,273 1.8%
April 2013 1,208 17.9%
March 2013 1,121 -2.6%
February 2013 958 4.8%
January 2013 848 -4.1%
December 2012 1,063 8.0%
November 2012 1,024 14.2%
October 2012 1,097 12.9%
MonthPercent of Closed
Sales Paid in CashPercent Change Year-over-Year
October 2013 71.3% -6.9%September 2013 71.0% -7.1%
August 2013 67.6% -12.8%
July 2013 73.6% -4.9%
Economists' note : This statistic is simply another way of viewingCash Sales. The remaining percentages of Closed Sales (i.e. those notpaid fully in cash) each month involved some sort of ϐ�nancing, such asmortgages, owner/seller ϐ�nancing, assumed loans, etc.
June 2013 73.8% -4.6%
May 2013 76.1% -2.0%
April 2013 77.3% -0.7%
March 2013 76.9% -3.1%
February 2013 78.1% -1.4%
January 2013 75.4% -4.3%
December 2012 76.2% -1.7%
November 2012 75.3% -5.4%
October 2012 76.6% -1.1%
40%
50%
60%
70%
80%
90%
Pct.
of C
lose
d Sa
les P
aid
in C
ash
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O
100
600
1,100
1,600
Cash
Sal
es
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O
Monthly Market Detail - October 2013
2009 2010 2011 2012 2013
Miami-Dade County Townhouses and Condos
Cash Sales The number of Closed Sales during the month in which
buyers exclusively paid in cash
2009 2010 2011 2012 2013
Cash Sales as a Percentage of Closed Sales The percentage of Closed Sales during the month
which were Cash Sales
Produced by MIAMI Association of REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.
Data released on Wednesday, November 20, 2013. Next data release is Thursday, December 19, 2013.
Month Cash SalesPercent Change Year-over-Year
October 2013 1,009 -8.0%September 2013 960 -2.8%
August 2013 1,076 -5.9%
July 2013 1,132 7.8%
Economists' note : Cash Sales can be a useful indicator of the extent towhich investors are participating in the market. Why? Investors arefar more likely to have the funds to purchase a home available up front,whereas the typical homebuyer requires a mortgage or some otherform of ϐ�nancing. There are, of course, many possible exceptions, sothis statistic should be interpreted with care.
June 2013 1,107 0.6%
May 2013 1,273 1.8%
April 2013 1,208 17.9%
March 2013 1,121 -2.6%
February 2013 958 4.8%
January 2013 848 -4.1%
December 2012 1,063 8.0%
November 2012 1,024 14.2%
October 2012 1,097 12.9%
MonthPercent of Closed
Sales Paid in CashPercent Change Year-over-Year
October 2013 71.3% -6.9%September 2013 71.0% -7.1%
August 2013 67.6% -12.8%
July 2013 73.6% -4.9%
Economists' note : This statistic is simply another way of viewingCash Sales. The remaining percentages of Closed Sales (i.e. those notpaid fully in cash) each month involved some sort of ϐ�nancing, such asmortgages, owner/seller ϐ�nancing, assumed loans, etc.
June 2013 73.8% -4.6%
May 2013 76.1% -2.0%
April 2013 77.3% -0.7%
March 2013 76.9% -3.1%
February 2013 78.1% -1.4%
January 2013 75.4% -4.3%
December 2012 76.2% -1.7%
November 2012 75.3% -5.4%
October 2012 76.6% -1.1%
40%
50%
60%
70%
80%
90%
Pct.
of C
lose
d Sa
les P
aid
in C
ash
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O
100
600
1,100
1,600
Cash
Sal
es
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O
Monthly Market Detail - October 2013
2009 2010 2011 2012 2013
Miami-Dade County Townhouses and Condos
Cash Sales The number of Closed Sales during the month in which
buyers exclusively paid in cash
2009 2010 2011 2012 2013
Cash Sales as a Percentage of Closed Sales The percentage of Closed Sales during the month
which were Cash Sales
Produced by MIAMI Association of REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.
Data released on Wednesday, November 20, 2013. Next data release is Thursday, December 19, 2013.
0.6%
(No Data) N/A
Percent Change Year-over-Year
-1.2%
7,551 23.5%
Closed Sales
1,416
96.9%
5.7 15.1%
October 2013
Average Sale Price
Median Days on Market
97.5%
5,430
Average Percent of Original List Price Received
Pending Inventory
Inventory (Active Listings)
Month
9,322
Months Supply of Inventory 6.5
Summary Statistics
Closed Sales
Paid in Cash
$296,568
October 2013
1,948New Pending Sales
New Listings
Median Sale Price
October 2012Percent Change Year-over-Year
1,009 1,097 -8.0%
1,416 1,433 -1.2%
2,289 -14.9%
$170,000 $145,000 17.2%
2,915 2,560 13.9%
$265,225 11.8%
44 43 2.3%
Economists' note : Closed Sales are one of the simplest—yet mostimportant—indicators for the residential real estate market. Whencomparing Closed Sales across markets of different sizes, werecommend using the year-over-year percent changes rather than theabsolute counts. Realtors® and their clients should also be wary ofmonth-to-month comparisons of Closed Sales because of potentialseasonal effects.
June 2013 1,499
May 2013 1,672
April 2013 1,563
November 2012 1,359
October 2012 1,433
March 2013 1,458
February 2013 1,226
14.1%
January 2013 1,124
December 2012 1,395
0.3%
9.8%
20.7%
5.5%
3.9%
0.5%
6.3%
18.7%
September 2013 1,352 4.6%
7.9%
13.4%
August 2013 1,592
July 2013 1,538
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O
Monthly Market Detail - October 2013
Miami-Dade County Townhouses and Condos
400
900
1,400
1,900
Clos
ed S
ales
2009 2010 2011 2012 2013
Closed Sales The number of sales transacƟons which closed during
the month
Produced by MIAMI Association of REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.
Data released on Wednesday, November 20, 2013. Next data release is Thursday, December 19, 2013.
0.6%
(No Data) N/A
Percent Change Year-over-Year
-1.2%
7,551 23.5%
Closed Sales
1,416
96.9%
5.7 15.1%
October 2013
Average Sale Price
Median Days on Market
97.5%
5,430
Average Percent of Original List Price Received
Pending Inventory
Inventory (Active Listings)
Month
9,322
Months Supply of Inventory 6.5
Summary Statistics
Closed Sales
Paid in Cash
$296,568
October 2013
1,948New Pending Sales
New Listings
Median Sale Price
October 2012Percent Change Year-over-Year
1,009 1,097 -8.0%
1,416 1,433 -1.2%
2,289 -14.9%
$170,000 $145,000 17.2%
2,915 2,560 13.9%
$265,225 11.8%
44 43 2.3%
Economists' note : Closed Sales are one of the simplest—yet mostimportant—indicators for the residential real estate market. Whencomparing Closed Sales across markets of different sizes, werecommend using the year-over-year percent changes rather than theabsolute counts. Realtors® and their clients should also be wary ofmonth-to-month comparisons of Closed Sales because of potentialseasonal effects.
June 2013 1,499
May 2013 1,672
April 2013 1,563
November 2012 1,359
October 2012 1,433
March 2013 1,458
February 2013 1,226
14.1%
January 2013 1,124
December 2012 1,395
0.3%
9.8%
20.7%
5.5%
3.9%
0.5%
6.3%
18.7%
September 2013 1,352 4.6%
7.9%
13.4%
August 2013 1,592
July 2013 1,538
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O
Monthly Market Detail - October 2013
Miami-Dade County Townhouses and Condos
400
900
1,400
1,900
Clos
ed S
ales
2009 2010 2011 2012 2013
Closed Sales The number of sales transacƟons which closed during
the month
Produced by MIAMI Association of REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.
Data released on Wednesday, November 20, 2013. Next data release is Thursday, December 19, 2013.
September 2013 $181,875 21.3%
Median Sale PricePercent Change Year-over-Year
October 2013 $170,000 17.2%
Month
August 2013 $190,000 27.5%
July 2013 $180,000 33.3%
Economists' note : Median Sale Price is our preferred summarystatistic for price activity because, unlike Average Sale Price, MedianSale Price is not sensitive to high sale prices for small numbers ofhomes that may not be characteristic of the market area.
June 2013 $185,500 15.9%
May 2013 $180,000 20.0%
April 2013 $175,000 17.1%
March 2013 $167,000 19.3%
February 2013 $165,000 26.9%
January 2013 $155,000 24.1%
December 2012 $163,000 25.4%
September 2013 $315,813 14.1%
November 2012 $157,250 28.9%
October 2012 $145,000 24.5%
Average Sale PricePercent Change Year-over-Year
October 2013 $296,568 11.8%
Month
August 2013 $346,847 22.3%
July 2013 $323,338 20.9%
Economists' note : As noted above, we prefer Median Sale Price overAverage Sale Price as a summary statistic for home prices. However,Average Sale Price does have its uses—particularly when it is analyzedalongside the Median Sale Price. For one, the relative differencebetween the two statistics can provide some insight into the market forhigher-end homes in an area.
June 2013 $351,618 9.9%
May 2013 $370,843 20.5%
April 2013 $332,955 14.5%
March 2013 $324,380 27.1%
February 2013 $304,472 14.7%
January 2013 $290,378 17.2%
December 2012 $358,856 36.0%
November 2012 $285,419 22.3%
October 2012 $265,225 15.9%
$160K
$210K
$260K
$310K
$360K
$410K
Aver
age
Sale
Pr
ice
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O
$80K
$100K
$120K
$140K
$160K
$180K
$200K
Med
ian
Sale
Pric
e
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O
Monthly Market Detail - October 2013
2009 2010 2011 2012 2013
Miami-Dade County Townhouses and Condos
Median Sale Price The median sale price reported for the month (i.e. 50%
of sales were above and 50% of sales were below)
2009 2010 2011 2012 2013
Average Sale Price The average sale price reported for the month (i.e.
total sales in dollars divided by the number of sales)
Produced by MIAMI Association of REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.
Data released on Wednesday, November 20, 2013. Next data release is Thursday, December 19, 2013.
September 2013 $181,875 21.3%
Median Sale PricePercent Change Year-over-Year
October 2013 $170,000 17.2%
Month
August 2013 $190,000 27.5%
July 2013 $180,000 33.3%
Economists' note : Median Sale Price is our preferred summarystatistic for price activity because, unlike Average Sale Price, MedianSale Price is not sensitive to high sale prices for small numbers ofhomes that may not be characteristic of the market area.
June 2013 $185,500 15.9%
May 2013 $180,000 20.0%
April 2013 $175,000 17.1%
March 2013 $167,000 19.3%
February 2013 $165,000 26.9%
January 2013 $155,000 24.1%
December 2012 $163,000 25.4%
September 2013 $315,813 14.1%
November 2012 $157,250 28.9%
October 2012 $145,000 24.5%
Average Sale PricePercent Change Year-over-Year
October 2013 $296,568 11.8%
Month
August 2013 $346,847 22.3%
July 2013 $323,338 20.9%
Economists' note : As noted above, we prefer Median Sale Price overAverage Sale Price as a summary statistic for home prices. However,Average Sale Price does have its uses—particularly when it is analyzedalongside the Median Sale Price. For one, the relative differencebetween the two statistics can provide some insight into the market forhigher-end homes in an area.
June 2013 $351,618 9.9%
May 2013 $370,843 20.5%
April 2013 $332,955 14.5%
March 2013 $324,380 27.1%
February 2013 $304,472 14.7%
January 2013 $290,378 17.2%
December 2012 $358,856 36.0%
November 2012 $285,419 22.3%
October 2012 $265,225 15.9%
$160K
$210K
$260K
$310K
$360K
$410K
Aver
age
Sale
Pr
ice
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O
$80K
$100K
$120K
$140K
$160K
$180K
$200K
Med
ian
Sale
Pric
e
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O
Monthly Market Detail - October 2013
2009 2010 2011 2012 2013
Miami-Dade County Townhouses and Condos
Median Sale Price The median sale price reported for the month (i.e. 50%
of sales were above and 50% of sales were below)
2009 2010 2011 2012 2013
Average Sale Price The average sale price reported for the month (i.e.
total sales in dollars divided by the number of sales)
Produced by MIAMI Association of REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.
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