- In a New Douglas Elliman market report, South Florida is successfully recovering from the downtown.
- Several records were set in key sales stats.
- Across South Florida, distressed sales have dropped off significantly.
In a year-end Douglas Elliman market report, the theme that unites South Florida real estate trends just may be recovery.
In large part, single-family homes outperformed condos, and prices inched upward. As inventories climbed, sales volumes slid.
Several records were set. In Palm Beach, records were set on price per-square-foot, which came in at more than $2,000.
Across the region, distressed sales fell off precipitously.
In the Miami Beach/Barrier Islands submarket, year-to-date prices inched up, but compared to a year ago, the median sales price declined, while the average price increased. According to the report, the average price in this submarket is a whopping $946,683. That’s a jump of more than 5 percent from last year. Days on market fell from 53 to 49.
[Tweet “Some South Florida luxury marketings setting new records”]
But the big news might be the record-setting jump in the luxury single family segment. You’ll need to spend $6.250 million just to meet the threshold, and the median sales price was a record $12.5 million. That figure grew by more than 119 percent year-over-year.
The difference between the single family and the condo segments is stark here: the median sales price of a luxury condo/townhouse fell more than 9 percent to $2.4 million.
The luxury single family home sold much faster, even though the overall number was a jump from last year. It took the home 68 days to sell last year, up from 42 days in 2014. Condos, however, sold in 77 days, but that’s down from the previous year’s number of 95 days on the market.
The Miami Coastal/Mainland submarket showed similar trends. Single family homes went more briskly than the condos, and prices were up. A sharp decline in distressed sales was also recorded.
The price of homes in this submarket isn’t as far out of reach as its neighbors. The average price had edged up a bit, but only to $378,114. And, those homes only spent 57 days on the market, down from 59 a year earlier.
Luxury properties were much more within reach, with the median being $950,000. For homes, the median was a bit over $1.1 million
Here are a few selected trends from other nearby submarkets:
Boca Raton real estate trends
- Rising prices across the market
- A sharp drop in distressed sales pulled overall sales lower
- Days on market for luxury condos was 121 days, up from 102 days
- Median sales price increased in the luxury single family segment by 12.5 percent, to $1,712,500
Fort Lauderdale real estate trends
- Overall market sales and inventory showed stability
- Luxury condo median sales prices leapt by almost 36 percent, to $1.2 million
- Luxury single family home median prices fell 2 percent to $1.95 million
Palm Beach real estate trends
- A decline in sales was caused by low inventory, slowing the pace of the overall market
- Constraint in supply resulted in a number of price records
- Luxury properties sold fastest, with a combined median sales price jump of almost 47 percent, to more than $11.6 million
- Average price per square foot jumped nearly 97 percent, to $2,012 (record)
- Entry threshold began at $8,900,000 (record)
The Douglas Elliman Real Estate market report series is produced in conjunction with Miller Samuel, a leading independent appraisal firm. It provides a benchmark for residential real estate market information and reference for consumers, the media, financial institutions, government agencies, researchers and other market professionals.
