July 25, 2016
Douglas Elliman just released the second 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 second quarter 2016 market reports showed various real estate trends in the different South Florida markets covered. In Miami Beach and the Barrier Islands, the average sales price set a new record, as sales decreased and inventory grew. The average sales price increased 12.1 percent and exceeded 1,000,000 dollars for the first time. It was the result of fewer distressed properties and higher end housing entering the market. The Miami Coastal Mainland report showed that the median sales price increased 7.7 percent annually, and the average sales price grew 6.7 percent. Listing inventory rose 17 percent, while sales decreased. The decline in sales was largely attributed to a 44.3 percent drop in distressed sales. Fort Lauderdale saw more sales volume and growing inventory. Listing inventory matched sales gains, and the pace of the market remained stable. The Boca Raton report showed the median sales price for the luxury market (top 10 percent of all sales) outperformed the overall market. The median sales price of a luxury condo jumped 21.4 percent, while luxury single-family homes grew 4.5 percent. Finally, in Palm Beach, overall price indicators continued to rise. The median sales price of a single-family home increased 28.8 percent year-over-year, which was partially due to a 31.7 percent growth in the average square footage over the same period of time.
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.
