The first quarter Elliman Reports for Miami Beach/Barrier Islands are ready! As always, these market reports are produced in conjunction with Miller Samuel to provide you with the most comprehensive and neutral market insight available. Dottie Herman, President and CEO of Douglas Elliman reports the following,
Housing prices in the Miami Beach and Barrier Islands increased. Limited inventory and fewer distressed sales kept the pressure up. Higher prices and luxury new development brought more supply to the market, enabling more sales to occur. The number of sales on the Miami Coastal Mainland increased as rising supply enabled more sales. Housing prices increased, especially within the condominium market as high quality newly developed units were sold off.
Unlike our hyper local real estate market reports that we share on a regular basis like Miami Shores homes, Surfside homes or even Azure Condo Reports in Surfside, these reports are useful because they provide overall numbers and give you a general idea of how our Miami and Miami Beach real estate markets are doing. SIGN UP FOR A MONTHLY TRENDS REPORT
Miami Real Estate Market Report – 1Q 2015
Quarterly Survey of Miami Coastal Mainland Sales for the first Quarter of 2015 show price indicators continued to rise at a double-digit pace. Inventory gains outpaced sales growth and days on the market fell, as listing discount moved higher.
Low inventory and a decline in lower priced distressed sales caused price indicators on Miami’s coastal mainland to surge. Median sales price for all property types jumped 18% to $242,000 from the prior year quarter. Condo price gains continued to outpace single family gains as new development product is absorbed. Condo median sales price surged 35.5% to $210,000 and single family median sales price increased 7.3% to $268,250 respectively over the same period. Condo prices in the luxury market, defined as the top 10% of all sales, showed the largest gains of all property types.Luxury condo median sales price surged 76.1% to $1,250,000 from the prior year quarter, as the mix shifted towards higher end product. The rise in sales was largely attributable to the expansion of listing inventory, a by-product of rising prices. There were 4,340 sales, up 12.6% from the prior year quarter. Listing inventory rose 22.6% to 11,017 over the same period. Days on market, the number of days from the last price change to the sales date, fell 9.5% to 57 days. Listing discount, the percentage difference between the listing price at time of sale and the sales price, edged 0.6% higher to 5.9%.
Miami Condos Report
Number of sales jumped despite large decline in distressed sales. Listing inventory expanded faster than sales. Price indicators surged as bigger gains occurred in larger sized units. Marketing time fell as negotiability expanded.
Miami Homes Report
Price indicators moved higher. Number of sales increased as listing inventory slipped. Marketing time and negotiability remained largely unchanged. Distressed sales fell sharply.
Miami Luxury Homes and Miami Luxury Condos Report
Condo price indicators surged as marketing time edged higher. Condo inventory increased despite decrease in listing discount. Single family price indicators moved higher as inventory increased. Single family marketing time slowed as listing discount stabilized.
DOWNLOAD PDF OF THE ENTIRE 1Q 2015 MIAMI COASTAL MAINLAND SALES HERE This report will also include individual stats for cities of Aventura, downtown Miami, Coconut Grove, Coral Gables, Brickell, South Miami, Pinecrest and Palmetto Bay.
Miami Beach Real Estate Report – 1Q 2015
Quarterly survey of Miami Beach / Barrier Islands Sales for the first quarter of 2015 shows Negotiability tightened as marketing time stabilized. Continued double-digit growth of all price indicators. Number of sales declined as inventory expanded.
As seen in the past several quarters, rising housing prices in the Miami Beach and Barrier Islands pulled additional inventory into the market. Listing inventory increased 19% to 4,376 over the same period. Overall price indicators showed double-digit gains as both condo and single family moved higher. The median sales price for all property types increased 13% to $437,750 from the same period last year. Condo median sales price expanded 10.7% to $375,000 and single family median sales price rose 6% to $1,550,000 respectively over the same period. The overall number of sales declined 13.3% to 1,026 from the prior year quarter. A portion of increase in price indicators is attributable to the drop in the number of lower price distressed sales, namely foreclosures and short sales. The number of distressed condo sales fell 48.7% and the number of distressed single family sales fell 71.4% respectively from the prior year quarter. Like the overall market, the luxury market, defined as the top 10% of sales moved higher. The luxury condo median sales price increased 11.5% to $2,587,500 and the luxury single family median sales price rose 1.8% to $7,125,000 respectively over the same period.
Miami Beach Condos Report
Price indicators continued to rise. Sales declined as listing inventory increased. Days on market stabilized as listing discount fell.
Miami Beach Homes Report
Price indicators were mixed as sales mix shifted toward smaller homes. Number of sales declined as listing inventory expanded. Listing discount fell as days on market moved higher.
Miami Beach Luxury Homes and Miami Beach Luxury Condos Report
Sharp rise in price indicators for Miami Beach luxury condos as luxury price threshold surged and marketing time edged higher as negotiability fell. Price indicators for Miami Beach luxury homes were mixed, but showed stability. Negotiability tightened despite rise in listing inventory.
DOWNLOAD PDF OF ENTIRE 1Q 2015 MIAMI BEACH / BARRIER ISLANDS SALES HERE This report will also include individual stats for cities of Sunny Isles, Bal Harbour, Bay Harbor, Surfside, North Bay Village, Miami Beach Islands, North Beach, Mid-Beach, South Beach, Key Biscayne and Fisher Island. **The Douglas Elliman Report series is recognized as the industry standard for providing the state of the residential real estate market. The report includes an extensive suite of tools to help readers objectively identify and measure market trends, provide historical context to current information and provide comprehensive analysis of the results. Prepared by Miller Samuel, Inc. GET YOUR MONTHLY TRENDS REPORT