Douglas Elliman has released their Q2 Market Reports for South Florida, produced in conjunction with Miller Samuel, a leading independent appraisal firm. Despite the constant rumblings of a bubble or a crash, the South Florida market continued to show strength and prices continuing to push higher in both the luxury and overall markets across nearly all markets including Miami Beach, Miami coastal mainland, Fort Lauderdale, Boca Raton, Delray Beach and Jupiter. The quarter also reflected the most sales in 3 years in both Miami Beach and Delray Beach. The general health of the market should remain strong as South Florida continues to be a haven for flight capital and population growth, matched with fast-growing world-class cities, a high quality of life and no state income tax.
Miami Beach & Barrier Islands
- Price trend indicators posted strong gains across the overall and luxury markets
- Number of sales and pending sales moved up from year ago levels
- Although listing inventory has been rising for more than four years the rate of growth has eased considerably in past year
- Overall days on market and listing discount expanded as older listing inventory was cleared from the market
- Most second quarter sales in three years
- Luxury condo average sales size surged and pending sales posted strong gains
- Luxury listing inventory slipped
Key Trend Metrics (Year Over Year)
Overall:
- Median sales price rose 7% to $438,000
- Average sales price increased 15.8% to $1,098,024
- Number of sales increased 10.7% to 1,025
- Days on market was 148, up from 139
- Listing discount was 11%, up from 9.7%
- Listing inventory increased 3.9% to 6,319
Luxury Condo:
- Median sales price surged 47.6% to $3,370,000
- Days on market was 196, up from 194
- Listing discount was 12.7%, up from 11.4%
- Listing inventory fell 20.3% to 959 units
- Entry threshold began at $1,900,000
Luxury Single Family:
- Median sales price jumped 34.5% to $10,760,000
- Days on market was 262, down from 292
- Listing discount was 16.5%, up from 14.5%
- Listing inventory jumped 32.3% to 209 units
- Entry threshold began at $4,950,000
Miami Coastal Mainland
- Overall conditions reflect rising prices, stable sales and modest inventory gains
- Median sales price increased year over year for the 15th consecutive quarter
- Highest market share of conventional financing in more than five years of recording
- One in four single family sales and half of condo sales were purchased with cash
- Number of sales well above the 5-year quarterly average
- Listing inventory edged higher for second quarter after six consecutive quarters of year over year declines
Key Trend Metrics (Year Over Year)
Overall:
- Median sales price increased 6.7% to $320,000
- Average sales price rose 8.8% to $456,591
- Number of sales fell 0.3% to 4,191
- Days on market was 86 up from 79
- Listing discount was 5.6%, up from 5.5%
- Listing inventory rose 2.7% to 11,184 units
Luxury Condo:
- Median sales price rose 6.4% to $814,951
- Days on market was 176 days, up from 169
- Listing discount was 8.1%, up from 7.7%
- Listing inventory declined 6.3% to 2,537
- Entry threshold began at $580,000
Luxury Single Family:
- Median sales price rose 6.7% to $1,600,000
- Days on market was 125 days down from 133
- Listing discount was 7.9%, up from 7.7%
- Listing inventory slipped 1.1% to 1,012 units
- Entry threshold began at $960,000
Fort Lauderdale
- Sharp price gains in the overall condo and single family markets
- All condo price indicators set new records
- Overall condo market showed a large burst in year over year sales in last two quarters
- Large gain in conventional financial market share for both property types
- Luxury listing inventory fell sharply across property types
Key Trend Metrics (Year over Year)
Luxury Condo:
- Median sales price increased 9.8% to $1,281,600
- Days on market was 81, up from 68
- Listing discount was 6.8%, up from 5.6%
- Listing inventory fell 31.8% to 255 units
- Entry threshold began at $975,000
Luxury Single Family:
- Median sales price rose 35% to $2,265,000
- Days on market was 167, up from 155
- Listing discount was 9.2%, up from 8.2%
- Listing inventory declined 15.6% to 298 units
- Entry threshold began at $1,500,000
Boca Raton
- Overall price trends for both condos and single families increased year over year
- Sales slipped an inventory edged higher for both property types from the year ago quarter
- Share rise in average sales size and price trend indicators for luxury condos
- Unlike overall market, listing inventory for luxury properties declined
- Luxury pending sales are up year over year
Key Trend Metrics (Year Over Year)
Luxury Condo:
- Median sales price rose 24.8% to $1,051,250
- Average sales price surged 31.3% to $1,394,111
- Days on market was 128 days, up 14.3%
- Listing discount was 8.3%, unchanged
- Listing inventory fell 21.1% to 243
- Entry threshold began at $645,000
Luxury Single Family:
- Median sales price declined 4.8% to $1,900,000
- Average sales price rose 1.8% to $2,605,203
- Days on market was 142 days, down from 165
- Listing discount was 9.6%, up from 9.5%
- Listing inventory declined 25.8% to 419
- Entry threshold began at $1,250,000
Delray Beach
- Most price trend indicators for the overall market by condo and single family moved higher
- The number of sales for condos and single families market wide increased
- Marketing time fell across the overall market
- The negotiability of luxury single family and condos tightened
Key Trend Metrics (Year Over Year)
Luxury Single Family:
- Median sales price surged 12.3% to $1,737,500
- Days on market was 148, up from 118
- Listing discount was 8.7%, down from 11%
- Entry threshold began at $1,260,000
Luxury Condo:
- Median sales price declined 10% to $575,750
- Days on market was 80, down from 116
- Listing discount was 5.5%, down from 5.8%
- Entry threshold began at $390,000
Wellington
- Overall market price trend indicators moved higher over both property types
- Listing inventory and sales were up slightly across most segments of the market
- Luxury single family prices and sales size were up sharply
- Smaller luxury condo sales size skewed most price indicators lower
Key Trend Metrics (Year Over Year)
Luxury Condo:
- Median sales price fell 23.2% to $437,500
- Average square footage fell 11.9% to 2,034
- Days on market was 182, up from 160
- Listing discount was 5.9%, unchanged
- Listing inventory rose 8.3% to 52
- Entry threshold began at $350,000
Luxury Single Family:
- Median sales price jumped 34.4% to $2,150,000
- Average square footage rose 17.3% to 4,877
- Days on market was 176, up from 167
- Listing discount was 14.9%, up from 14.4%
- Listing inventory rose 4.3% to 218
- Entry threshold began at $845,000
Palm Beach
- Highest combined number of condo and single family sales in three years
- Listing inventory fell across the market by property type
- Condo price trends declined, skewed by shift to smaller sized sales
- Luxury inventory and days on market expanded
Key Trend Metrics (Year Over Year)
Luxury Condo & Single Family:
- Median sales price declined 20.8% to $12,537,970
- Days on market was 148, down from 140
- Listing discount was 17.7%, up from 15.3%
- Listing inventory rose 30.2% to 69
- Entry threshold began at $6,786,250
Jupiter/ Palm Beach Gardens
Jupiter:
- Single family price trend indicators increased as sales and inventory declined
- Condo price trend indicators rose sharply as sales declined
Palm Beach Gardens:
- Single family price trend indicators were mixed as sales and inventory declined
- Condo price trend indicators for the overall markets continued to rise
Key Trend Metrics (Year Over Year)
Jupiter Single Family:
- Median sales price increased 7.3% to $515,000
- Days on market was 60, down from 69
- Listing discount was 5.2%, down from 6.5%
- Listing inventory declined 8% to 402
Jupiter Condo:
- Median sales price rose 12.9% to $315,000
- Days on market was 65, up from 62
- Listing discount was 4.6%, down from 4.9%
- Listing inventory rose 11.7% to 277
Palm Beach Gardens Single Family:
- Median sales price increased 4.8% to $492,500
- Days on market was 77, down from 86
- Listing discount was 6.9%, down from 7.6%
- Listing inventory declined 2.5% to 516
Palm Beach Gardens Condo:
- Median sales price rose 3% to $242,000
- Days on market was 52, down from 62
- Listing discount was 4.4%, down from 4.6%
- Listing inventory jumped 21% to 236
