Less Distressing With More Records
The Douglas Elliman 3Q 2013 South Florida Market Reports came out for Miami, Fort Lauderdale, Boca Raton, and Palm Beach, giving an updated look at the goings on of our crazy real estate market. Here now, the author of all four reports, Jonathan Miller, has his own brand of sweet commentary on the Miami Report. Take it away Jonathan.
[Graphic Courtesy Douglas Elliman]
The 3Q 2013 Miami real estate market continued to build (sorry) momentum this quarter as a number of high water marks were reached as noted in our just released Elliman Report: Miami Sales 3Q 2013. An improving regional economy and heavy demand from international buyers and especially from New York continue to pressure the market. Here are some of the more notable benchmarks set this quarter:
·Highest median sales price reached in 5 years.
·Second highest sales activity since 2006 (when we began tracking).
·Fastest marketing time in 7 years.
·Distressed market share fell by half in 3 years.
·Inventory remains unusually low.
·Second highest sales activity since 2006 (when we began tracking).
·Fastest marketing time in 7 years.
·Distressed market share fell by half in 3 years.
·Inventory remains unusually low.
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