Douglas Elliman has just released their Q2 2020 Market Reports for South Florida, which were prepared by Miller Samuel, a leading independent appraisal firm. The reports, which cover the areas such as Boca Raton, Delray Beach, Fort Lauderdale, Miami Beach, and the Miami Coastal Mainland, have revealed that the COVID-19 market shutdown during much of the second quarter caused sales to fall sharply in South Florida, despite the strength of the market in the first quarter.
Miami Beach/Barrier Islands
Overview:
Condo price trend indicators moved higher as the number of sales dropped during the shutdown
Single-family price trend indicators continued to decline along with sales and listing inventory year over year
Luxury condo price trend indicators pressed higher as listing inventory showed a slight gain
Key Trend Metrics (Year to Year)
Overall:
Median sales price rose 10.3% to $480,000
Average price per square foot edged up 6.1% to $659
Number of sales dropped 34.9% to 501
Listing inventory decreased by 0.5% to 6,393 units
Luxury Condo:
Median sales price increased by 11.6% to $2,850,000
Average price per square foot rose 4.8% to $1,231
Number of sales fell 37.7% to 43
Listing inventory slipped 3.0% to 1,095 units
Luxury Single Family:
Median sales price decreased by 22.6% to $7,200,000
Average price per square foot jumped 17.2% to $1,388
Number of sales had no change at 9
Listing inventory increased by 25.4% to 173 units
Miami Coastal Mainland
Overview:
Condo listing inventory and number of sales declined, median sales price reached a new record
Single-family median sales price rose to a new record as both sales and listing inventory fell sharply
Luxury condo price trend indicators showed mixed results as the number of sales saw a significant decline
Key Trend Metrics (Year to Year)
Overall:
Median sales price rose 4.4% to $355,000
Average price per square foot increased by 5.1% to $289
Number of sales dropped 20.1% to 2,672
Listing inventory declined by 7.8% to 9,699 units
Luxury Condo:
Median sales price fell 14.0% to $805,000
Average price per square foot dropped 0.6% to $489
Number of sales declined by 33.5% to 115
Listing inventory increased by 13.4% to 2,508 units
Luxury Single Family:
Median sales price fell 11.9% to $1,410,000
Average price per square foot rose 25.5% to $557
Number of sales decreased by 6.1% to 153
Listing inventory dropped 1.1% to 915 units
Fort Lauderdale
Overview:
Condo sales dropped at the highest rate in more than thirteen years as all price trend indicators rose annually
Single-family sales fell at the largest rate since 2007 as median sales price stabilized
Luxury condo price trend indicators increased above year-ago levels at their most robust rate in six quarters
Key Trend Metrics (Year to Year)
Luxury Condo:
Median sales price rose 6.0% to $1,282,330
Average price per square foot increased by 5.2% to $587
Number of sales slipped 27.5% to 37
Listing inventory declined by 16.5% to 283 units
Luxury Single Family:
Median sales price dropped 22.5% to $2,500,000
Average price per square foot decreased by 23.9% to $596
Number of sales fell 20.5% to 35
Listing inventory declined by 12.5% to 259 units
Boca Raton/Highland Beach
Overall:
Condo sales declined year over year at its highest rate in 13 years as median sales price increased
Single-family sales declined year over year at its highest rate in 13 years as median sales price surged
Luxury condo median sales price declined while luxury single-family median sales price rose
Key Trend Metrics (Year to Year)
Luxury Condo:
Median sales price fell 23.0% to $885,000
Average price per square foot slipped 13.0% to $461
Number of sales declined by 21.2% to 52
Listing inventory surged 11.2% to 328
Luxury Single Family:
Median sales price dropped 13.1% to $2,215,000
Average price per square foot decreased by 12.6% to $382
Number of sales slipped 12.1% to 51
Listing inventory declined by 0.3% to 304 units
Delray Beach
Overview:
Single-family sales declined at the largest year over year rate in over thirteen years as the market paused
Condo median sales price was unchanged year over year, the eighteenth straight quarter without a decline
Luxury single-family listing inventory declined annually as luxury condo listing inventory saw a large gain
Key Trend Metrics (Year to Year)
Luxury Condo:
Median sales price decreased by 6.7% to $810,500
Average price per square foot rose 6.7% to $445
Number of sales slipped 24.6% to 46
Listing inventory surged 20.9% to 208 units
Luxury Single Family:
Median sales price dropped 0.6% to $2,087,500
Average price per square foot fell 13.7% to $504
Number of sales declined by 15.2% to 28
Listing inventory increased by 5.7% to 130
Wellington
Overview:
Condo sales declined sharply as median sales price increased year over year for the fifteenth straight quarter
Single-family listing inventory and sales showed sharp declines from prior year levels
Luxury listing inventory across both property types jumped from prior year
Key Trend Metrics (Year to Year)
Luxury Condo:
Median sales price fell 19.9% to $585,000
Average price per square foot dropped 10.1% to $313
Number of sales increased by 16.7% to 7
Listing inventory rose 72.2% to 62 units
Luxury Single Family:
Median sales price declined 24.3% to $1,135,000
Average price per square foot slipped 34.9% to $426
Number of sales jumped 15.0% to 23
Listing inventory increased by 9.2% to 226 units
Palm Beach
Overview:
Condo price trend indicators jumped as the largest average sales size in two years skewed them higher
Single-family listing inventory fell by the largest rate in seven years of tracking
Luxury listing inventory showed a substantial drop as price trend indicators surged year over year
Key Trend Metrics (Year to Year)
Luxury Condo and Single Family:
Median sales price surged 33.1% to $14,000,000
Average price per square foot rose 18.4% to $2,180
Number of sales dropped 30.8% to 9
Listing inventory declined by 65.6% to 22 units
Jupiter/Palm Beach Gardens
Jupiter Overview:
Single-family sales price trend indicators and sales continued to show substantial year over year growth
Condo price trend indicators rose year over year for the fourth straight quarter
Palm Beach Gardens Overview:
Single-family sales fell at their most significant rate in fourteen years
Condo price trend indicators rose year over year for the third consecutive quarter
Key Trend Metrics (Year to Year)
Jupiter Luxury Condo:
Median sales price decreased by 19.9% to $733,000
Average price per square foot dropped 10.6% to $404
Number of sales fell 13.6% to 19
Listing inventory increased by 16.7% to 63 units
Jupiter Luxury Single Family:
Median sales price declined by 11.5% to $2,300,000
Average price per square foot decreased by 2.9% to $647
Number of sales fell 7.4% to 25
Listing inventory dropped 15.3% to 111 units
Palm Beach Gardens Luxury Condo:
Median sales price fell 26.7% to $440,000
Average price per square foot dropped 24.1% to $239
Number of sales declined by 19.0% to 17
Listing inventory surged 67.4% to 72 units
Palm Beach Gardens Luxury Single Family:
Median sales price jumped 21.2% to $2,347,500
Average price per square foot rose 8.7% to $501
Number of sales decreased by 23.1% to 20
Listing inventory dropped 27.5% to 95 units
By Isabella Zimmermann