Miami Real Estate: Miami Real Estate Market Shows Most Activity in 5 Years

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Jonathan Hodgson
Increased sales activity and slowly rising prices have had a positive impact on Miami’s current residential real estate market according to the new Douglas Elliman Report: Miami Sales 2Q 2011. The comprehensive and timely report analyses regional data on condos and single-family homes in Miami-Dade’s coastal communities and has been expanded to include a breakdown on distressed and non-distressed sales — defined as foreclosure and short sales. The report was commissioned by Douglas Elliman and produced by Miller Samuel, a long-trusted industry source.
“We’re pleased to note that the Miami non-distressed real estate market is beginning to stabilize after years of decline,” said Vanessa Grout, President and CEO of Douglas Elliman Florida. “This has been the most active market since 2006 and there are indications that prices, while mixed, will continue to trend higher in favored areas.”
The South Beach submarket is especially notable with both closed prices and sales up compared to the prior quarter. In Miami Beach and Downtown Miami, sales jumped as prices fell. In North Miami-Dade prices were mixed while the number of sales was up sharply. The high number of all-cash buyers is especially significant: They account for 78 percent of condo distressed sales, (presumably for investment) while in the non-distressed market, all-cash buyers, (mainly looking for second-homes) account for 71 percent of purchases in the high-end condo market.
The report records the different performance between distressed and non-distressed property.

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