Market Report Q2 at a Glance $ $219,000 Median Price Median price jumped 25.1% since last year and last quarter. This was the largest year over year median price gain since 2012Q1. Average price increased 13.9% since last year and 22.7% since last quarter. -10.6% Sales Volume Transaction volume decreased by 10.6% since a year ago but increased 13.6% since last quarter. While there was a 3.0% increase for single family homes since last year, there were 11.1% fewer condo closings and 65.0% fewer new development closings.! +15.5% Distressed Sales Price Median price for distressed sales rose by 15.5% since last year to $94,350. This is the fifth consecutive quarter that distressed sales have had year over year median price gains. This quarter, there were 11.3% fewer distressed sales in the county compared to the prior year. There were 16.1% fewer condo distressed sales since last year and 3.1% fewer than last quarter in Dade. There were also 3.9% fewer distressed sales of houses since last year and 2.8% fewer than last quarter. +11.4% Luxury Sales The price of luxury got higher. The 90th percentile price for the market this quarter was $1.025M, a 22.0% increase from last year. Sales of units priced above the 90th percentile increased by 11.4% since last year and by a dramatic 52.3% since last quarter. 44.2% of all luxury sales occured in South Beach and Fisher Island. StreetEasy.com is pleased to present our second Dade Quarterly Market Report with a focus on six major residential markets of the greater metropolitan area. Like our website, this report provides an unbiased view of today s real estate market. This report is based solely on recorded sales that closed during the second quarter of 2013. We are always working to improve this report and provide data that will be meaningful and useful to you, so please feel free to send us feedback at support@streeteasy.com. Q2 Trends in Dade Momentum Continues and What s Ahead This spring selling season continued the momentum built from the first quarter of the year. Buyers have continued to enter the market enticed by the low mortgage rates and driven by the persistent fear that they would be forever priced out of the market. Adding to the frenetic energy of this current market is the low supply and the low level of new development product. With the dramatic double-digit price gains seen this quarter, sellers may finally be enticed to list their homes on their market thereby easing the increasing demand. While mortgage rates have begun to steadily climb, they are still relatively low compared to historical rates. In the short term, the rise in interest rates may spur more buyers to enter the market and act now. StreetEasy.com is a real estate website that provides 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. 1
Overall Dade Market Annual Trends by Housing Typology 48.6% Median Price (Condo) 11.1% Number of Condo Sales Condo resales median price increased by 48.6% since last year, from $140,000 to $208,000, and by 41.5% since last year. Condo resales volume decreased by 11.1% since last year. 24.3% Median Price (Single Family) 3.0% Number of Single Family Home Sales Single family house resales median price went up by 24.3% since last year, from $185,000 to $230,000, and bty 17.9% since last quarter. Volume of closings increased by 3% for single family homes since last year. 27.4% Median Price (New Development) 65.0% Number of New Development Sales New Development median price decreased by 27.4% since last year and by 11.3% since last quarter. New development sales volume decreased by 65.0% since last year, making up just 4.1% of all sales this quarter. This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 United States License. 2
Luxury Market The luxury market is defined as the top 10% of all condo and single-family home sales, in terms of price. Based only on closings in the six major markets, the luxury market was comprised of sales above $1.025M this quarter, which was a 22.0% increase in price since last year and a 22.8% increase since last year. There was an 11.4% increase in the number of closings priced above $1.025M since last year and a 52.3% increase since last quarter. South Beach and Fisher Island had the most luxury closings as it made up 44.2% of all luxury closings. 100% 80% 60% 40% 20% $1,025,000 The top 10% of sales prices in Q2 started at just over $1 million - a 11.1% increase in price since last quarter. Southwest Dade (1.1%) Share of Q2 Luxury Sales, by Market Urban Core (18.1%) Greater Aventura & Bal Harbour (29.2%) South Beach & Fisher Island (44.2%) Upper Beach (7.3%) This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 United States License. 3
! Distressed Market The distressed market segment includes foreclosures, short sales, and REO sales. The average price of the distressed sale increased by 5.0% since a year ago and by 7.3% since last quarter. Median price also rose 15.5% since last year and by 12.1% since last quarter. The Greater Aventura & Bal Harbour market had the greatest gains since one year ago with a median price increase of 36.7%. There were 16.1% fewer distressed condo sales than the previous year and 3.1% fewer than last quarter. Similarly, there were 3.9% fewer distressed houses that were sold this quarter compared to a year ago, and 2.8% fewer than last quarter.!!!!!! Distressed sales accounted for nearly 6 in 10 of all sales across Dade County in Q2. Share of all sales that were distressed This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 United States License. 4
Greater Aventura & Bal Harbour Golden Bach, Sunny Isles, Ojus, Aventura, Bal Harbour, Bay Harbor Islands, Surfside, & Indian Creek The median price in this major market jumped by 90.8% since last year and by 77.0% since last quarter to $320K. Average PPSF went up to $364, a 22.1% increase since last year and a 5.5% increase since last quarter. Condo resale median price doubled with a 101.7% increase since last year and increased 82.8% since last quarter, as 48.8% of condo sales were above $300K. The median price for houses increased by 22% since last year and by 3.7% since last quarter. New development median price dropped by 65.7% since last year. Since a year ago, the volume of sales increased for houses (29.9%). However, new development closings went down by 79.2% and condo resales went down by 43.6%. This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 United States License. 5
Upper Beach La Gorce, La Gorce Island, Allison Island, Mid Beach, Nautilus, Bayshore, Sunset Islands, North Bay Road, Biscayne Point, Normandy Island, & North Beach Overall median price in this major market jumped by 24.6% since last year and by 21.6% since last quarter. Median price for condo resales increased by 23.9% since last year and by 18.1% since last quarter. House resale median price increased by 41.4% since last year and by 37.5% since the prior quarter. Since last year, there was an increase of 33.3% in the volume of closings for houses but a 92.6% decrease for new developments, and a 3.5% decrease for condos. 86.4% of houses sold this quarter were above $500K. Average PPSF went up 29.1% to $541 since last year and by 42.7% since last quarter. This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 United States License. 6
South Beach & Fisher Island Overall median price for South Beach and Fisher Island increased by 22.8% since last year and by 32.1% since last quarter. Condo resales median price went up by 22.6% since the prior year and by 34.0% since the prior quarter. Based on 20 house closings, the median price of increased by 277.8% since last year and by 144.0% since last quarter, with 16 closings over $1M. The median price for new developments declined 6.1% since last year and by 20.9% since last quarter. Average PPSF for this area jumped 26.8% since last year and by 24.8% since last quarter to $885. Condo resale closings increased by 5.7% while house resales decreased by 31.0% since a year ago and new development closings dropped by 81.3%. This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 United States License. 7
Urban Core City of (including Downtown & Bricknell), Coral Gables, Key Biscayne, Pinecrest, & South The overall median price in the Urban Core of had an increase of 16.1% since the prior year and an increase of 18.3% since last quarter. Condo resale median price increased by 19.5%, as did house resale median price by 64.1% since last year. New development median price increased by 16.2% since the prior year but declined by 5.5% since last quarter. Average PPSF is at $344, a 9.9% increase since last year and a 12.1% decrease since last quarter. The volume of new development closings declined by 83.2% since last year and by 2.6% since last quarter. Condo resale closings went up by 3.8% since last year and by 23.1% since last quarter. House resale closings went down by 2.0% since last year but increased by 34.8% since last quarter. This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 United States License. 8
Southwest Dade Kendall, Doral City, Sweetwater, Tamiami, University Park, Westchester, Fountainbleu, & Coral Terrace In Southwest Dade, overall median price increased by 6.9% since last year and by 8.5% since last quarter. Median price for condo resales increased by 19.3% since last year and by 8.3% since last quarter. House resale median price increased by 9.5% since last year and by 3.1% since the prior quarter. 96.7% of all new development closings were under $500K. Average PPSF is now at $142, a 5.2% increase since a year ago and a 7.6% increase from last quarter. Since last year, there was a decrease of 52.7% in new development closings but a 12.8% increase for condo resales, and a 7.3% increase for houses. This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 United States License. 9
Northeast Dade Shores, North, Biscayne Park, North Beach, & Golden Glades The median price in this major market increased by 40.5% since last year and by 15.0% since last quarter. Condo resale median price went up by 20.7% since last year and by 5.6% since last quarter. The median price for houses increased by 19.3% since last year and by 8.6% since last quarter. Average PPSF went up to $149, a 15.5% increase since last year and a 9.6% since last quarter. Since a year ago, the volume of sales house resales increased by 9.6% and by 34.3% since last quarter. Volume of condo resale closings decreased by 23.7% since last year but remained the same since last quarter. There were only two new development closings in this major market this quarter. This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 United States License. 10