Our 4 comprehensive reports for Douglas Elliman on the residential sales markets for Miami, Boca Raton, Fort Lauderdale and Palm Beach this week.
Click on each report to download!
MIAMI
With the Miami housing market well into the third
year of its recovery, rising prices have begun
to pull listing inventory into the market. Median
sales price increased 16.1% to $244,000, the
highest point reached since 2008. Average sales
price jumped 19.1% to $461,374 over last year to
a 5 year high and average price per square foot
exceeded $305 per square foot for the first time
in 6 years. Listing inventory bottomed in the second
quarter of 2013, trending higher, up 15.2% to 12,664 from the prior year quarter. Along with
the rise in supply, demand continued to rise.
The number of sales rose 3.9% to 5,133 from
the prior year quarter, to the highest first quarter
total in the 8 years this metric has been tracked.
The market share of distressed sales, once the
majority of the market, continued to decline.
Excluding short sales and foreclosures, market
share rose to 69.4%, the highest level reached
in the 4 years this metric has been tracked. The
number of distressed listings and distressed
With the Miami housing market well into the third
year of its recovery, rising prices have begun
to pull listing inventory into the market. Median
sales price increased 16.1% to $244,000, the
highest point reached since 2008. Average sales
price jumped 19.1% to $461,374 over last year to
a 5 year high and average price per square foot
exceeded $305 per square foot for the first time
in 6 years…
BOCA RATON
CONDO Median sales price surged 16.3% to $150,000
and average sales price declined 8.8% to
$229,569 respectively from the prior year
quarter. Listing discount, the percent
difference between the list price at time
of contract and the sales price, rose to
7% from 3.8% in the prior year quarter,
but fell from 7.7% in the prior quarter…
SINGLE FAMILY Median sales price jumped 19.4% to
$370,000 and average sales price rose
5.3% to $528,616 respectively from the
prior year quarter. Listing discount edged
up to 6.9% from 6.1% in the prior year
quarter, as sellers were slightly more
optimistic when determining their
listing price…
FORT LAUDERDALE
CONDO Median sales price jumped 19.8% to
$255,000 from the same quarter last year,
the highest level reached since 2008.
Average sales price followed the same
pattern, rising 23.9% to $379,391 over the
same period also reaching a 5 year high.
SINGLE FAMILY The average time to market
a property was 91 days, essentially
unchanged from 90 days in the prior year
quarter. Listing discount, the percentage
difference between the list price at time
of contract and the sales price, jumped
to 8.1% from 4.5% as sellers pressed list
prices higher than market trends support.
PALM BEACH
CONDO There were 68 sales during the quarter,
25.9% more than the same period last year.
Listing inventory fell 16.9% to 360 over the
same period. As a result the absorption
rate, the number of months to sell all
inventory at the current pace of sales, fell
34% to 15.9 months from the same period
last year. The faster market pace pushed
down days on market, the number of days
from the last price change to the contract
date, by 10 days to an average of 182 days.
SINGLE FAMILY Median sales price
increased 10.7% to $3,100,000 from the
prior year quarter to the highest first quarter
reached since 2009. Average sales price
jumped 56.7% to $6,450,093 over the same
period. The average square footage of a
sale was 5,261, up 20.9% from the prior
year quarter.
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