Douglas Elliman Releases Q3 2020 Florida Regions Market Reports For South Florida
Douglas Elliman has just released their Q3 2020 Market Reports for Florida regions, which were prepared in conjunction with Jonathan Miller of Miller Samuel INC. The reports revealed that sales rose sharply higher year over year, rebounding quickly from the restraint of spring market activity at the onset of the COVID-19 crisis. Palm Beach has been one of the hottest markets in the United States as flight capital continues to pour in from the high-tax states such as New York and Connecticut. All three condo price trend indicators increased year over year for the fifth straight quarter in Palm Beach while single family sales nearly tripled from the year-ago quarter as listing inventory fell sharply. Coral Gables and Miami Beach also surged as sales and prices saw 5 year highs across much of South Florida.
BOCA RATON/HIGHLAND BEACH
Overview:
In a rebound from the prior quarter, condo and single family sales saw their largest annual rise in seven years
All single family price trend indicators rose year over year as sales saw its largest jump in nearly nine years
All luxury condo price trend indicators showed a substantial year over year increase
Key Trend Metrics (Year to Year)
Luxury Condo:
Median sales price rose 28.6% to $868,000
Average price per square foot increased by 12.2% to $414
Number of sales rose 14.3% to 88
Listing inventory declined by 1.5% to 405 units
Luxury Single Family:
Median sales price rose 14.3% to $2,550,000
Average price per square foot increased by 4.5% to $421
Number of sales rose 25.4% to 89
Listing inventory declined by 22% to 266 units
MIAMI BEACH/BARRIER ISLANDS
Overview:
Condo price trend indicators increased as sales and listing inventory edged higher
Overall single family price trend indicators set new records as sales surged year over year
Luxury condo price trend indicators jumped year over year, aided by a shift to larger sized sales
Key Trend Metrics (Year to Year)
Luxury Condo:
Median sales price rose 29.3% to $2,975,000
Average price per square foot increased by 18.9% to $1,262
Number of sales remained flat at 77
Listing inventory declined by 15.1% to 993 units
Luxury Single Family:
Median sales price rose 13.9% to $14,806,950
Average price per square foot increased by 12% to $1,787
Number of sales rose 63.6% to 18
Listing inventory declined by 27.1% to 102 units
MIAMI COASTAL MAINLAND
Overview:
Condo price trend indicators and sales moved higher as listing inventory slipped to a three-year low
Single family price trend indicators set new records as sales rose to their highest level in more than five years
Luxury condo price trend indicators increased year over year as listing inventory declined annually for the second time in three quarters
Key Trend Metrics (Year to Year)
Luxury Condo:
Median sales price rose 9.9% to $852,500
Average price per square foot increased by 6.9% to $508
Number of sales rose 1% to 200
Listing inventory declined by 15.1% to 2,398 units
Luxury Single Family:
Median sales price rose 31.1% to $1,940,000
Average price per square foot increased by 29.3% to $600
Number of sales rose 9.5% to 230
Listing inventory declined by 32.1% to 694 units
CORAL GABLES
Overview:
Single family sales surged and listing inventory fell from the prior year quarter as the lockdown ended
Condo listing inventory declined annually for the fifth consecutive quarter
Luxury single family listing inventory declined sharply year over year for five straight quarters
Key Trend Metrics (Year to Year)
Luxury Condo:
Median sales price fell 41.4% to $962,500
Average price per square foot decreased by 28.7% to $407
Number of sales slipped 11.1% to 8
Listing inventory inclined by 125% to 72 units
Luxury Single Family:
Median sales price rose 26.9% to $4,500,000
Average price per square foot decreased by 6.4% to $989
Number of sales rose 53.3% to 23
Listing inventory declined by 21.1% to 101
DELRAY BEACH
Overview:
Single family sales increased at their highest year over year rate in five years
Condo sales reached their highest third-quarter total in twenty-two years of tracking
Both single family and condo luxury listing inventory fell sharply from the prior year total
Key Trend Metrics (Year to Year)
Luxury Condo:
Median sales price rose 41.1% to $604,500
Average price per square foot increased by 21.4% to $409
Number of sales rose 14.3% to 72
Listing inventory declined by 25.2% to 169 units
Luxury Single Family:
Median sales price rose 40.8% to $2,500,000
Average price per square foot increased by 5.7% to $515
Number of sales rose 22.9% to 43
Listing inventory declined by 45.6% to 99 units
FORT LAUDERDALE
Overview:
All condo price trend indicators rose year over year as the number of sales jumped
Single family sales surged, and listing inventory fell sharply from the prior-year quarter
Single family median sales price increased annually for the eighth consecutive quarter
Key Trend Metrics (Year to Year)
Luxury Condo:
Median sales price rose 0.9% to $1,155,000
Average price per square foot increased by 1.4% to $509
Number of sales rose 7.8% to 55
Listing inventory declined by 0.5% to 379 units
Luxury Single Family:
Median sales price rose 7.7% to $2,275,000
Average price per square foot remained flat at $580
Number of sales rose 17.6% to 60
Listing inventory declined by 21.5% to 256 units
JUPITER/PALM BEACH GARDENS
Jupiter Overview:
Single family sales jumped year over year as listing inventory dropped sharply
The most third-quarter condo sales in fifteen years
Palm Beach Gardens Overview:
The most third quarter single family sales in fifteen years
Condo listing inventory declined annually for the sixth straight quarter
Key Trend Metrics (Year to Year)
Luxury Condo:
Median sales price fell 7.1% to $657,500
Average price per square foot decreased by 16.4% to $320
Number of sales rose 27.3% to 28
Listing inventory inclined by 26.3% to 72 units
Luxury Single Family:
Median sales price rose 121% to $3,550,000
Average price per square foot increased by 37% to $678
Number of sales rose 14.7% to 39
Listing inventory declined by 38.7% to 76 units
PALM BEACH
Overview:
All three condo price trend indicators increased year over year for the fifth straight quarter
Single family sales nearly tripled from the year-ago quarter as listing inventory fell sharply
Luxury listing inventory fell significantly year over year for the third consecutive quarter
Key Trend Metrics (Year to Year)
Luxury Condo + Single Family:
Median sales price declined 39.3% to $10,000,000
Average price per square foot increased by 20% to $1,906
Number of sales rose 87.5% to 15
Listing inventory declined by 65.3% to 26 units
WELLINGTON
Overview:
Condo sales surged annually at their highest rate in eleven years as listing inventory edged higher for the second straight quarter
Single family median sales price rose annually for the twelfth straight quarter as listing inventory dropped sharply
Luxury condo median sales price more than doubled year over year as listing inventory saw a significant annual decline
Key Trend Metrics (Year to Year)
Luxury Condo:
Median sales price rose 102.4% to $840,000
Average price per square foot increased by 61.1% to $427
Number of sales rose 28.6% to 9
Listing inventory declined by 42.1% to 22 units
Luxury Single Family:
Median sales price rose 28.1% to $1.825,000
Average price per square foot increased by 13.1% to $553
Number of sales rose 20.7% to 35
Listing inventory declined by 9.3% to 194 units
WEST PALM BEACH
Overview:
Condo median sales price has risen each quarter on a year over year for more than nine years
Single family listing inventory has fallen at a rising year over year rate for five consecutive quarters
Luxury condo listing inventory has posted large annual gains for three of the past four quarters
Key Trend Metrics (Year to Year)
Luxury Condo:
Median sales price declined 49.1% to $407,500
Average price per square foot decreased by 62% to $452
Number of sales rose 7.5% to 72
Listing inventory inclined by 85.5% to 308 units
Luxury Single Family:
Median sales price rose 48.7% to $1,297,250
Average price per square foot increased by 32.1% to $412
Number of sales rose 28% to 64
Listing inventory declined by 14.3% to 132 units