Miami Beach & Barrier Islands Q3 2017 Sales Highlights

Median sales price expanded 4.2% to $400,000 and average sales price was unchanged at $868,404 respectively from the prior year quarter.
Listing inventory rose 1.4% to 5,895 over the same period and was the lowest gain in more than 3 years.
After the gains of the prior 2 quarters, a disruption in sales closing in aftermath of Hurricane Irma – with 2 weeks left in the quarter – pushed sales into the 4th quarter. This shift had the effect of slowing the stated pace of the market from how it actually performed.
The absorption rate, the number of months to sell all inventory at the current rate of sales, edged up nominally to 25.6 months from 22.3 months in the prior year quarter.
Distressed sales continued to evaporate from the market, accounting for only 3.5% of all sales.
The improvement in the market conditions was consistent with increase in market share of non-cash purchases, now at 37.1%, up from 22.3% in 2013.

https://www.giuseppedaghino.com/allegati/3q2017ellimanreport.pdf