Miami Real Estate: Miami Housing Prices Continue to Stabilize in 3Q

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By Michael Gerrity
Based on a newly released Miami housing market report by Douglas Elliman Florida, residential property prices continued to show stability in the third quarter of 2011.The market share of distressed sales, which are roughly one third the size of non-distressed sales, fell from 62.9% in the prior year quarter to 53.3%. The shift toward higher priced sales caused the price indicators to post double digit gains, when in fact, both markets are relatively stable.The number of sales increased 4.6% to 4,979 sales in the third quarter from 4,762 sales in the same period a year ago, the third highest number of sales since at least 2006. Non-distressed sales jumped 31.1%, while distressed sales fell 11.3% over the same period.Days on market was unchanged over the past year. It took an average of 72 days to sell a property in the third quarter, unchanged from the third quarter last year, consistent with the five-year, 71-day


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