Miami coastal home sales prices rise 24 percent in first quarter of 2012: report

The average sales price of coastal residential properties in Miami jumped by 23.9 percent in the first quarter of 2012 compared to the same period in 2011, according to a report from Douglas Elliman Florida compiled by Miller Samuel. There were a total of 4,610 closed coastal sales in the first quarter, a drop from the 5,101 sales in the same period last year. Similar to Elliman’s findings last year, the report found that the Miami market continues to be segmented into two sectors: distressed sales and non-distressed sales. The market share of distressed sales fell to 48.2 percent in the first quarter, however, down from 64.7 percent in the same period last year. Elliman’s report surveyed units in north of Miami, in South Beach, Miami Beach and Downtown. — Alexander Britell