April 19, 2016
Douglas Elliman just released the first quarter 2016 South Florida market reports covering the Miami Beach, Miami, Fort Lauderdale, Boca Raton and Palm Beach real estate markets. The reports are produced in conjunction with Samuel Miller and serve as an indispensable reference source for home buyers and sellers, the media, financial institutions, government agencies and other market professionals. The reports include an analysis of price trends, sales trends and other metrics to give readers an idea of current real estate conditions, along with historical and emerging market trends.
The first quarter 2016 market reports showed various real estate trends in the different South Florida markets covered. In Miami Beach and the Barrier Islands, housing prices and sales showed weaker trends, compared to the prior year quarter. In the luxury market, defined as the top 10 percent of all sales, the median sales price rose, along with available inventory. The Miami Coastal Mainland report showed that prices generally rose higher, sales declined and inventory increased. Notably, distressed property sales dropped 28.8 percent. In Fort Lauderdale, housing prices showed overall stability. In the luxury Fort Lauderdale real estate market, condominium price indicators were mixed, while single-family home prices saw double-digit increases. The Boca Raton market report noted that prices rose and days on the market decreased. Condo and townhome sales increased 20.7 percent, while single-family home sales decreased 6.9 percent. Finally, in Palm Beach, home prices set new records in the first quarter. The median condo price rose 27.1 percent, while the median single-family home price increased 10.2 percent. Inventory also increased with the rising home prices.
We believe it's important for our clients to have access to the most current and accurate information on the South Florida real estate market. We are committed to providing the best service in the industry!
For the full reports, click here.
For more information on buying or selling a home in South Florida, contact Niki Higgins at +1-954-817-2500 or +1-888-242-4422.
