Douglas Elliman has released their Q4 Market Reports for South Florida, produced in conjunction with Miller Samuel a leading independent appraisal firm. The South Florida Market continued to show power in prices, continuing to increase in both the luxury and overall markets across nearly all markets including Miami Beach and Barrier Islands, Fort Lauderdale, Boca Raton, DelRay Beach, Wellington, Palm Beach, Jupiter and Palm Beach Gardens.
MIAMI BEACH/BARRIER ISLANDS
Key Trend Metrics(Year Over Year)
Overview:
Single family sales surged as condo sales declined after a large burst of activity on the prior quarter
Condo price trend indicators declined from year ago levels, consistent with drop in average sales size
Luxury condo price trend indicators declined at same rate as average sales size
Luxury single-family sales size rose sharply driving price trend indicators higher
Luxury condo inventory increased as luxury single family inventory declined
Marketing time expanded as older listings were absorbed as negotiability expanded
Key Trend Metrics(Year Over Year)
Overall
Median sales price slipped 6.7% to $378,750
Average sales price increased 0.3% to $888,424
Number of sales slipped 10.4% to 678
Days on market was 146, up from 73
Listing discount was 10.9%, up from 810%
Listing inventory increased 3.8% to 6,668
Luxury Condo
Median sales price declined to $2,200,000
Average price per square foot decreased 13.5% to $1,047
Days on market was 222, up from 92
Listing discount was 12.6%, up from 11.3%
Listing inventory rose 20.5% to 1,459 units
Entry threshold began at $1,305,000
Luxury Single Family
Median sales price surged 33.3% to $8,000,000
Average price per square foot jumped 40.3% to $1,494
Days on market was 349, up from 170
Listing discount was 16.7%, up from 16.4%
Listing inventory fell 6.2% to 183 units
Entry threshold began at $5,900,000, up from 15.7%
MIAMI COASTAL MAINLAND
Overview:
Overall price trend indicators and the number of sales continued to rise year over year
Overall sales and all price trend indicators were above the level seen in 2017
Listing inventory trended higher for the fourth consecutive month
Market share of purchases with conventional financing was the highest in the five years
Nearly all luxury condo and single-family price trend indicators continued to rise greater year over year
Luxury condo inventory declined as luxury single family inventory expanded
Key Trend Metrics(Year Over Year)
Overall:
Median sales price increased 5.9% to $320,000
Average sales price rose 7.2% to $445,007
Number of sales rose 10.6% to 3,518
Days on market was 81 up from 44
Listing discount was 5.6%, down from 5.7%
Listing inventory rose 20.9% to 12,071 units
Luxury Condo
Median sales price slipped 3.8% to $812,500
Average price per square foot rose 4% to $470
Days on market was 178 days, up from 155
Listing discount was 7.8%, down from 8.1%
Listing inventory declined 18.9% to 2,505
Entry threshold began at $610,000, up 27.1%
Luxury Single Family
Median sales price rose 6.7% to $1,387,500
Average price per square foot jumped 16.8% to $479
Days on market was 130 days up from 67
Listing discount was 8.5%, up from 8.4%
Listing inventory rose 12.6% to 1,111 units
Entry threshold began at $890,000, up 3.5%
Fort Lauderdale
Overview:
Condo sales rose above for the fourth consecutive quarter
Condo listing inventory rose for the first time in six quarters
Single family price trend indicators were mixed as condos moved higher
Condo luxury price trend indicators surged
Single family luxury price trend indicators showed mixed results as average sales size declined
Key Trend Metrics(Year Over Year)
Overall:
Luxury Condo
Median sales price increased 25.8% to $1,550,000
Average price per square foot rose 21.1% to $619
Days on market was 131, down 34.5%
Listing discount was 5.6%, down from 7.7%
Listing inventory fell 28.7% to 256 units
Entry threshold began at $1,095,000 up 41.3%
Luxury Single Family
Median sales price rose 7.4% to $2,125,000
Average price per square foot slipped 4% to $572
Days on market was 176, down from 190
Listing discount was 9.5%, down from 16.4%
Listing inventory declined 7.4% to 338 units
Entry threshold began at $1,500,000, up 22%
BOCA RATON
Overview:
Condo median sales price hasn’t seen a year over year decline in ten quarters
Sales for condos and single-families have increased year over year for two consecutive quarters
Luxury condo and luxury single family price trends moved higher, consistent with rise in sales size
Key Trend Metrics(Year Over Year)
Overall:
Luxury Condo
Median sales price rose 9.4% to $902,500
Average price per square foot rose 32.8% to $466
Days on market was 108 days, up from 101
Listing discount was 6.7%, down from 8.9%
Listing inventory declined 13.7% to 308
Entry threshold began at $590,000, up 9.6%
Luxury Single Family
Median sales price rose 5.6% to $2,112,500
Average price per square foot rose 5.8% to $402
Days on market was 187 days, down from 217
Listing discount was 9.7%, down from 12.5%
Listing inventory edged up 1.7% to 408
Entry threshold began at $1,286,200 up 0.7%
DELRAY BEACH
Overview:
Single-family sales and median sales price have been rising year over year for four consecutive quarters
Condo median sales price showed twelve consecutive quarters without a year over year decline
Luxury single family price per square foot moved higher as the other indicators were pulled down sharply by drop in sales size
Key Trend Metrics (Year Over Year)
Luxury Condo
Median sales price rose 14.5% to $537,500
Days on market was 102, up from 66
Listing discount was 6.9%, up from 4.9%
Entry threshold began at $325,000, down 1.5%
Luxury Single Family
Median sales price declined 10.9% to $1,741,250
Days on market was 156, up from 104
Listing discount was 5.9%, down from 10.4%
Entry threshold began at $1,150,000, down 3.4%
WELLINGTON
Overview:
Condo median sales price year over year for the tenth consecutive quarter
Condo sales rose annual for three of the last four quarters
All single-family price trend indicators increased year over year for the third consecutive quarter
Luxury condo price trend indicators pulled lower by sharp decline in average sales size while the opposite occurred for luxury single-family price trends
Key Trend Metrics(Year Over Year)
Luxury Condo
Median sales price slipped 1.8% to $665,000
Average square footage declined 18.3% to 1,878
Days on market was 77, down from 148
Listing discount was 4.5%, down from 8.2%
Listing inventory jumped 52.2% to 35
Entry threshold began at $435,000, down 17.9%
Luxury Single Family
Median sales price jumped 88.2% to $2,000,000
Average square footage rose 1.7% to 4,662
Days on market was 195, up from 115
Listing discount was 8.9%, up from 7.7%
Listing inventory declined 33.6% to 186
Entry threshold began at $1,010,000 up 47.4%
Palm Beach
Overview:
Condos continued to dominate with the highest sales share
Single family and luxury price trend indicators skewed significantly lower by the sharp decline in average sales size
Majority fourth quarter market wide sales in 5 years
Luxury inventory returned to more modest levels after limited availability over the past two years
Key Trend Metrics (Year Over Year)
Luxury Family And Single Condo
Median sales price declined 57.8% to $6,426,750
Average price per square foot fell 22.5% to $1,443
Average sales size dropped 52.1% to 4,515 square feet
Days on market was 100, down from 496
Listing discount was 9.1%, down from 18.3%
Listing inventory jumped 104.1% to 100
Entry threshold began at $4,250,000, down 59.9%
JUPITER / PALM BEACH GARDENS
Jupiter Overview:
Single family price trend indicators and sales moved higher
Condo sales and price trend indicators all rose for the third consecutive quarter
Palm Beach Gardens Overview:
Single-family price trend indicators showed double-digit gains as sales decreased
Condo sales slipped again as price trend indicators continued to rise
Key Trend Metrics (Year Over Year)
Jupiter Single Family
Median sales price jumped 15.4% to $525,000
Days on market was 70, up from 62
Listing discount was 5.8%, up from 5.6%
Listing inventory declined 5.7% to 413
Jupiter Condo
Median sales price rose 11.3% to $310,000
Days on market was 60, up from 59
Listing discount was 4.1%, down from 5.2%
Listing inventory rose 5.2% to 304
Palm Beach Gardens Single Family
Median sales price increased 10.6% to $470,000
Days on market was 82, unchanged
Listing discount was 7.8%, up from 6.6%
Listing inventory rose 5.2% to 527
Palm Beach Gardens Condo
Median sales price rose 2.1% to $240,000
Days on market was 52, up from 48
Listing discount was 3.9%, down from 4.6%
Listing inventory jumped 41.7% to 299
Article by Stephanie Warren