Page 71

SFLuxury2

Luxury Market SIngLE-FAMILY HOMES Closed Sales: $600,000 - $999,999 – 86 Sales -- 68.6% increase year-over-year S $1,000,000 or more – 90 Sales -- 87.5% increase year-over year Median Days on the market: $600,000 - $999,999 – 67 Days -- -13.0% decrease year-over-year tic $1,000,000 or more – 120 Days -- -19.5% decrease year-over year new Listings: $600,000 - $999,999 – 125 listings -- 25.0% increase year-over-year $1,000,000 or more – 152 listings -- 26.7% increase year-over-year Inventory – End of December: $600,000 - $999,999 – 743 active listings -- -25.8% decrease year-over-year S Stati $1,000,000 or more – 1,226 active listings -- -11.7% decrease year-over-year COnDOMInIuMS & TOWnHOuSES Closed Sales: $600,000 - $999,999 – 84 Sales -- 10.5% increase year-over-year $1,000,000 or more – 92 Sales -- 87.8% increase year-over year Median Days on the Market: $600,000 - $999,999 – 80 Days -- -1.2% decrease year-over-year $1,000,000 or more – 111 Days -- -24.0% decrease year-over year new Listings: $600,000 - $999,999 – 138 Listings – 0.7% increase year-over-year $1,000,000 or more – 182 Listings – 23.0% increase year-over-year Inventory – End of December: $600,000 - $999,999 – 942 Active Listings -- -17.4% decrease year-over-year $1,000,000 or more – 1,206 Active Listings -- -9.0% decrease year-over Statistics based on December 2011 vs December 2012 Provided by MIAMI Association of REALTORS® Miami Residential Market Rebounds in 2012 Forecast for Prime Properties? Hot! By Laurie Moore-Moore, Founder The Institute for Luxury Home Marketing Since the start of the financial crisis, Miami’s real estate market has come full circle. While the number of sales — as well as home prices — tumbled in the early years of the downturn, 2012 brought a strong rebound. Ac- cording to the Miami Association of Realtors, the number of home sales in the Miami-Dade market set a new record in 2012. Year-end sales of single family homes rose 7.9% while condo sales increased 1.2%. It seems clear that a strong luxury market fueled by international buyers was one major reason for the re- bound. Average prices for both single family homes and condos ended the year with double-digit increas- es. Thisyear started with average prices more than double median prices, a statistic that is indicative of strength at the higher end of the market. The Miami market should continue strong price performance in 2013. Lowinventory, especially in the top end, will be a key cause of rising prices. International buyers will continue to flock to Miami — drawn by the lifestyle, the desire for a “safe haven,” and the liquidity or ease of exit offered by a prime residential investment. All in all, expect 2013 to be “game on!” again for Miami’s luxury residential market. About The Institute TheInstitute for Luxury Home Marketing (ILHM) is an international training and membership organization for real estate professionals who work in the luxury home market. The Institute offers the Certified Luxury Home Mar- keting Specialist (CLHMS) designation to real estate agents who complete required training and meet stringent performance requirements.


SFLuxury2
To see the actual publication please follow the link above