MIAMI BEACH/BARRIER ISLANDS HIGHLIGHTS
Overview
- Overall sales increased year over year for the second consecutive quarter after 3 years of declines
- Price trend indicators dipped as listing inventory edged higher
- The pace of the market remained the same as the absorption rate was essentially unchanged
- Lowest market share of distress sales in the 4 years it has been tracked
- Approximately 1/2 of single family sales and 2/3 of condo sales are paid with cash
- Luxury price declines were solely attributable to a similar drop in average sales square footage.
- South Beach condos were one of the strongest submarkets in terms of the combination of sales and prices.
Key Trend Metrics (compared to same year ago period)
OVERALL MARKET
- Median sales price slipped 5.9% to $409,500- Average sales price declined 6.8% to $948,445
- Number of sales rose 3.7% to 926- Days on market was 139, up from 103- Listing discount was 9.7%, up from 9.4%
- Listing inventory increased 5.2% to 6,081
LUXURY CONDO
- Median sales price declined 0.6% to $2,283,000
- Days on market was 194, up from 119
- Listing discount was 11.4%, up from 9.6%
- Listing inventory increased 14.9% to 1,204 units
- Entry threshold began at $1,490,000
LUXURY SINGLE FAMILY
- Days on market was 261, down from 352
- Listing discount was 14.5%, down from 15.5%
- Listing inventory fell 18.1% to 158 units
- Entry threshold began at $5,550,000
MIAMI COASTAL MAINLAND HIGHLIGHTS
Overview
- Condo average and average price per square foot fell despite sharp decline in listing inventory
- Sharp decline in distressed condo and single family sales
- More single family sales and less condo sales
- Pace of condo and single family both moving faster that a year ago
- Median sales price continued to move higher for the overall, condo and single family markets
- The continued drop in distressed sales across the market
- Inventory declined across the overall and luxury markets
Key Trend Metrics (compared to same year ago period)
OVERALL MARKET
- Median sales price increased 7.1% to $300,000
- Average sales price slipped 5.1% to $419,547
- Number of sales fell 4.3% to 4,203
- Days on market was 79 up from 85
- Listing discount was 5.5%, down from 5.9%
- Listing inventory fell 15.2% to 10,888 units
LUXURY CONDO- Median sales price fell 23.4% to $766,000
- Days on market was 160 days, up from 104
- Listing discount was 7.7%, down from 9.4%
- Listing inventory slipped 12.7% to 2,708
- Entry threshold began at $489,000
LUXURY SINGLE FAMILY
- Days on market was 133 days up from 108
- Listing discount was 7.7%, up from 6.9%
- Listing inventory declined 9% to 1,023 units
- Entry threshold began at $930,000
FORT LAUDERDALE HIGHLIGHTS
Overview
- The pace of the market moved faster than the same period a year ago
- Luxury median sales price for both property types moved higher
- The overall market continues to be one of the better performing areas of South Florida
Key Trend Metrics (compared to same year ago period)
LUXURY CONDO
- Median sales price increased 17.3% to $1,167,500
- Days on market was 68, up from 58
- Listing discount was 5.6%, down from 6.3%
- Listing inventory increased 29.4% to 374
- Entry threshold began at $755,000
LUXURY SINGLE FAMILY- Median sales price increased 0.4% to $1,678,750
- Days on market was 155, up from 183
- Listing discount was 8.2%, down from 9.1%
- Listing inventory increased 10.7% to 353 units
- Entry threshold began at $1,150,000
BOCA RATON HIGHLIGHTS
Overview
- Marketwide median sales prices for both property types moved higher as remainder was mixed
- Condo sales surged as inventory edged higher while single family sales declined and inventory fell sharply
- The pace of the market moved a lot faster than the same period last year
Key Trend Metrics (compared to same year ago period)
LUXURY CONDO
- Median sales price declined 19.8% to $842,500
- Days on market was 112 days, up from 109 days
- Listing discount was 8.3%, down from 9%
- Listing inventory increased 62.6% to 374
- Entry threshold began at $540,000
LUXURY SINGLE FAMILY
- Days on market was 165 days, down from 188
- Listing discount was 11.1%, up from 10.5%
- Listing inventory fell 15.6% to 353
- Entry threshold began at $1,175,000
DELRAY BEACH HIGHLIGHTS
Overview
- East of Federal highway saw mixed price trends but a jump in sales activity
- Luxury single family market showed stability as smaller sales size skewed price indicators to same degree
- Luxury condo market price trend indicators reflect more activity at the upper end of the market
Key Trend Metrics (compared to same year ago period)
LUXURY SINGLE FAMILY- Median sales price declined 9.5% to $1,547,500
- Days on market was 118, up from 116
- Listing discount was 11%, up from 10.7%
- Entry threshold began at $1,070,000
LUXURY CONDO
- Days on market was 116, up from 73
- Listing discount was 5.8%, down from 7.7%
- Entry threshold began at $458,465
WELLINGTON HIGHLIGHTS
Overview
- Average and and average price decline reflected lower activity at the upper end of the market
- Longer marketing times with more negotiability reflect sellers more willing to meet buyers at market
- Luxury listing inventory continued to decline as overpriced inventory continued to exit the market
Key Trend Metrics (compared to same year ago period)
LUXURY SINGLE FAMILY- Median sales price declined 45.3% to $1,600,000- Days on market was 167, up from 164
- Listing discount was 14.4%, up from 2.4%- Listing inventory slipped 3.2% to 209- Entry threshold began at $862,500- Average sales square footage dropped 32.4% to 4,148
LUXURY CONDO
- Median sales price declined 20.8% to $570,000
- Days on market was 160, up from 55
- Listing discount was 5.9%, up from 5.1%
- Listing inventory declined 12.7% to 48
- Entry threshold began at $360,000
PALM BEACH HIGHLIGHTS
Overview
- Listing inventory edged higher for both property types
- Average sales size of condos and luxury properties increased as single families were smaller
Key Trend Metrics (compared to same year ago period)
LUXURY CONDO AND SINGLE FAMILY
- Median sales price surged 56.5% to $15,826,900
- Days on market was 140, up from 133
- Listing discount was 15.3%, down from 22.6%
- Listing inventory declined 13.1% to 53
- Entry threshold began at $7,900,000
JUPITER / PALM BEACH GARDENS HIGHLIGHTS
Overview
- Jupiter condos showed mixed price trends as sales edged higher
- Palm Beach Gardens was one of the strongest South Florida markets we analyzed this quarter
- Price trends and sales showed sharp annual gains in the Palm Beach Gardens market
Key Trend Metrics (compared to same year ago period)
JUPITER SINGLE FAMILY
- Median sales price increased 12% to $480,000
- Days on market was 69, up from 62
- Listing discount was 6.5%, up from 6.2%
- Listing inventory increased 3.3% to 437
JUPITER CONDO
- Days on market was 210, up from 201
- Listing discount was 4.9%, down from 5.4%
- Listing inventory surged 68.7% to 248
PALM BEACH GARDENS SINGLE FAMILY
- Days on market was 69, down from 80
- Listing discount was 6.5%, down from 7.1%
PALM BEACH GARDENS CONDO
- Days on market was 62, up from 50
- Listing discount was 4.9%, down from 5.1%
