Douglas Elliman released their Q1 2019 Market Reports in South Florida.The South Florida Market reports showed price trends generally edging higher, although sales slipped and inventory slightly increased this quarter. The markets included Miami Beach and Barrier Islands,Fort Lauderdale , Boca Raton, Highland Beach, Delray Beach, Wellington, Palm Beach, Jupiter, and Palm Beach Gardens.
Miami Beach/Barrier Islands
Overview:
Overall price trend indicators increased than year ago levels
Marketing time jumped as older inventory was sold
Condo median sales price remained unchanged
All single family price trend indicators increased as sales decreased
Luxury condo inventory slipped
Luxury single family price trend indicators surged
Key Trend Metrics(Year to Year):
Overall:
Median sales price rose 2.3% to $440,000
Average sales price increased 11.6% to $1,129,317
Number of sales slipped 2% to 772
Days on market was 145, up from 80
Listing discount was 10.6%, up from 10.4%
Listing inventory slipped 0.3% to 6,726
Luxury Condo:
Median sales price rose 12.7% to $3,225,000
Average price per square foot decreased 11% to $1,299
Days on market was 70, down from 72
Listing discount was 12.7%, up from 11.5%
Listing inventory declined 6.6% to 1,006 units
Entry threshold began at $1,864,000, up from 1,750,000
Luxury Single Family:
Median sales price surged 61% to $10,100,000
Average price per square foot rose 2.6% to $1,524
Days on market was 352 up from 141
Listing discount was 12.1%, down from 17.9%
Listing inventory fell 38.5% to 152 units
Entry threshold began at $7,250,000, up 70.6%
Miami Coastal Mainland
Overview:
Median sales price rose year over year for the eighteenth consecutive quarter
Sales declined annually for the first time in three quarters
Listing inventory trended higher for the fourth straight quarter
Luxury condo listing inventory declined annually for the fourth consecutive quarter
Luxury condo price trend indicators were mixed year over year as marketing time expanded
Luxury single family price trend indicators slipped as marketing time expanded
Key Trend Metrics(Year to Year):
Overall:
Median sales price increased 0.6% to $320,000
Average sales price slipped 2.2% to $425,740
Number of sales declined 7.5% to 3,104
Days on market was 91 up from 51
Listing discount was 5.7%, down from 5.9%
Listing inventory rose 6.9% to 12,247 units
Luxury Condo:
Median sales price slipped 6.9% to $780,000
Average price per square foot rose 4.9% to $468
Days on market was 160 days, down from 167
Listing discount was 7.2%, down from 7.4%
Listing inventory declined 0.3% to 2,759
Entry threshold began at $580,000, up 9.4%
Luxury Single Family:
Median sales price slipped 0.5% to $1,407,500
Average price per square foot slipped 0.9% to $439
Days on market was 133 days up from 76
Listing discount was 8.9%, up from 8.8%
Listing inventory rose 14.7% to 1,223 units
Entry threshold began at $880,000, down 4.6%
Fort Lauderdale
Overview:
Condo price trend indicators slid year over year with decline in average sales size
Condo sales declined annually for the first time in five quarters
Single-family price trend indicators were mixed as inventory expanded annually for the fifth straight quarter
Luxury condo pending sales signed in the quarter surged
Single family luxury median and average sales price moved higher as marketing time stabilized
Key Trend Metrics(Year to Year):
Luxury Condo:
Median sales price decreased 6.2% to $1,226,000
Average price per square foot rose 0.5% to $619
Days on market was 52, down 8.8%
Listing discount was 7.6%, up from 6.7%
Listing inventory rose 20.4% to 348 units
Entry threshold began at $875,000 down 7.9%
Luxury Single Family:
Median sales price rose 8% to $2,240,000
Average price per square foot slipped 2.6% to $530
Days on market was 163, unchanged
Listing discount was 14.9%, up from 8.1%
Listing inventory rose 19.6% to 396 units
Entry threshold began at $1,365,000, down 6.5%
Boca Raton/Highland Beach
Overview:
Condo & single family price trend indicators rose year over as sales slipped for the first time in three quarters
Condo & single family price trend indicators saw larger growth at the higher end of the market
Condo listing inventory fell annually for the second straight quarter
Luxury condo price trends surged year over year partially due to jump in average sales size
Key Trend Metrics(Year to Year):
Luxury Condo:
Median sales price jumped 48.3% to $1,175,000
Average price per square foot rose 39.2% to $522
Days on market was 146 days, up from 116
Listing discount was 8.2%, up from 7.3%
Listing inventory declined 21.4% to 313
Entry threshold began at $665,000, up 26.7%
Luxury Single Family:
Median sales price declined 14.9% to $1,830,000
Average price per square foot rose 9.1% to $455
Days on market was 136 days, up from 134
Listing discount was 9.4%, down from 9.4%
Delray Beach
Overview:
Single family sales slipped for the first time in six quarters as listing inventory expanded for four quarters
Condo price trend indicators haven’t declined in thirteen straight quarters
Luxury single family price trend indicators skewed lower by decline in average sales size
Key Trend Metrics(Year to Year)
Luxury Condo:
Median sales price declined 26.8% to $510,000
Days on market was 111, up from 88
Listing discount was 5.4%, down from 6.6%
Entry threshold began at $385,000, unchanged
Luxury Single Family:
Median sales price declined 1.4% to $2,045,250
Days on market was 143, up from 126
Listing discount was 9.7%, up from 8.7%
Entry threshold began at $1,298,000, down 1.6%
Wellington
Overview:
Condo median sales price increased annually for the tenth straight quarter
Condo inventory expanded year over year for the fourth consecutive quarter
Single-family price trend indicators all rose year over year for the fourth consecutive quarter
Single-family sales declined annually for the fourth time in the past five quarters
Luxury condo and single-family price trend indicators surged due to significant shift to larger average sales size
Key Trend Metrics(Year to Year)
Luxury Condo:
Median sales price surged 58.5% to $598,500
Average square footage jumped 14.6% to 2,288
Days on market was 154, down from 157
Listing discount was 1.8%, down from 3.7%
Listing inventory fell 46.8% to 33
Entry threshold began at $415,000, up 22.1%
Luxury Single Family:
Median sales price jumped 79.9% to $2,752,500
Average square footage surged 42.7% to 5,717
Days on market was 184, down from 262
Listing discount was 14.2%, up from 9.5%
Listing inventory declined 6.3% to 236
Entry threshold began at $885,000 down 1.1%
Palm Beach
Overview:
Condos sales rose annually for the fifth consecutive quarter to the second highest market share recorded
Most first quarter condo sales in four years while inventory increase annual for the fourth time in five quarters
Single family price trends showed mixed results as sales fell to their lowest first quarter total in seven years
Luxury average sales size fell sharply as the luxury price threshold fell annually for the fourth straight quarter
Key Trend Metrics(Year to Year)
Luxury Condo and Single Family:
Median sales price declined 29.2% to $7,100,000
Average sales size dropped 25.1% to 4,915 square feet
Average price per square foot fell 21.1% to $1,641
Days on market was 106, down from 122
Listing discount was 8.1%, down from 14.6%
Listing inventory jumped 27% to 127
Entry threshold began at $5,100,000, down 6%
Jupiter/Palm Beach Gardens
Jupiter Overview:
Single-family median sales price moved higher for the second straight month
Condo sales rose year over year for the third consecutive quarter
Palm Beach Gardens Overview:
Single-family sales slipped for the third time in four quarters as all price indicators rose
Condo median price slipped year over year for the first time in 27 quarters
Key Trend Metrics(Year to Year)
Jupiter Luxury Condo:
Median sales price rose 7% to $305,000
Days on market was 65, up from 46
Listing discount was 5.3%, up from 5.1%
Listing inventory rose 3.1% to 328
Jupiter Single Family:
Median sales price increase 6% to $530,000
Days on market was 71, down from 77
Listing discount was 5.4%, up from 6.5%
Listing inventory rose 11.1% to 481
Palm Beach Gardens Luxury Condo:
Median sales price slipped 2.1% to $235,000
Days on market was 71, up from 49
Listing discount was 4.1%, down from 4.5%
Listing inventory jumped 16.9% to 277
Palm Beach Gardens Single Family:
Median sales price increased 8.2% to $499,500
Days on market was 89, up from 83
Listing discount was 6.9%, down from 7.9%
Listing inventory rose 3% to 556
Article by Stephanie Warren