Douglas Elliman Releases Q2 2017 South Florida Sales Market Reports

MIAMI, July 20, 2017 /PRNewswire/ -- Douglas Elliman today releases the second quarter 2017 South Florida Market Reports for South Florida sales including Miami-Dade, Miami Beach, Sunny Isles, Ft. Lauderdale, Boca Raton, Jupiter, Wellington and Palm Beach. The reports, authored by Jonathan Miller of Miller Samuel Inc., reveals improved sales activity across South Florida.

"The recurring theme marketwide for sales and price trends showed stable to rising sales and price patterns with modest inventory gains," said Jay Phillip Parker, CEO of Douglas Elliman Florida. "Fort Lauderdale and Palm Beach Gardens were among the top performers, but like Miami, most markets are in better shape than last year, which speaks to a robust fall and stronger ending to 2017."

As a general observation, sales were up in Miami Beach overall for the second consecutive quarter,  a key change since sales volume has been falling year-over-year for at least three years. South Beach condos were one of the strongest submarkets by sales and prices. New development inventory, however, edged higher, as aspirationally priced listings were allowed to expire and listing discounts rose to tie the highest level in nearly five years, as sellers increasingly came down to meet buyers on price.

In mainland Miami, pricing showed gains in the median for both condos and single families. Although condo sales showed a large decline, the bulk of it was a sharp drop in distressed sales. A mixed market overall, but showing clear signs of improvement from year ago conditions.

"A large number of sales, record prices, and declining re-sale inventory is what we have seen in the second quarter of 2017," said Jonathan Miller of Miller Samuel. "The key takeaway for second quarter has been greater negotiability at the high end of the marketplace. Listing discounts began rising in the last quarter which means that luxury sellers are becoming more realistic with pricing."

Highlights of the Douglas Elliman Q2 South Florida Market Reports include:

MIAMI BEACH/BARRIER ISLANDS HIGHLIGHTS

Overview
- Overall sales increased year over year for the second consecutive quarter after 3 years of declines
- Price trend indicators dipped as listing inventory edged higher
- The pace of the market remained the same as the absorption rate was essentially unchanged
- Lowest market share of distress sales in the 4 years it has been tracked
- Approximately 1/2 of single family sales and 2/3 of condo sales are paid with cash
- Luxury price declines were solely attributable to a similar drop in average sales square footage.
- South Beach condos were one of the strongest submarkets in terms of the combination of sales and prices.

Key Trend Metrics (compared to same year ago period)
OVERALL MARKET
- Median sales price slipped 5.9% to $409,500
- Average sales price declined 6.8% to $948,445
- Number of sales rose 3.7% to 926
- Days on market was 139, up from 103
- Listing discount was 9.7%, up from 9.4%
- Listing inventory increased 5.2% to 6,081

LUXURY CONDO
- Median sales price declined 0.6% to $2,283,000
- Days on market was 194, up from 119
- Listing discount was 11.4%, up from 9.6%
- Listing inventory increased 14.9% to 1,204 units
- Entry threshold began at $1,490,000

LUXURY SINGLE FAMILY
- Median sales price slipped 0.6% to $8,000,000
- Days on market was 261, down from 352
- Listing discount was 14.5%, down from 15.5%
- Listing inventory fell 18.1% to 158 units
- Entry threshold began at $5,550,000

MIAMI COASTAL MAINLAND HIGHLIGHTS

Overview
- Median sales price for the overall market, as well as the condo and single family market moved higher
- Condo average and average price per square foot fell despite sharp decline in listing inventory
- Sharp decline in distressed condo and single family sales
- More single family sales and less condo sales
- Pace of condo and single family both moving faster than a year ago
- Median sales price continued to move higher for the overall, condo and single family markets
- The continued drop in distressed sales across the market
- Inventory declined across the overall and luxury markets

Key Trend Metrics (compared to same year ago period)
OVERALL MARKET
- Median sales price increased 7.1% to $300,000
- Average sales price slipped 5.1% to $419,547
- Number of sales fell 4.3% to 4,203
- Days on market was 79 up from 85
- Listing discount was 5.5%, down from 5.9%
- Listing inventory fell 15.2% to 10,888 units

LUXURY CONDO
- Median sales price fell 23.4% to $766,000
- Days on market was 160 days, up from 104
- Listing discount was 7.7%, down from 9.4%
- Listing inventory slipped 12.7% to 2,708
- Entry threshold began at $489,000

LUXURY SINGLE FAMILY
- Median sales price jumped 20% to $1,500,000
- Days on market was 133 days up from 108
- Listing discount was 7.7%, up from 6.9%
- Listing inventory declined 9% to 1,023 units
- Entry threshold began at $930,000

FORT LAUDERDALE HIGHLIGHTS

Overview
- Marketwide sales of condo and single families rose while condo inventory remained stable and single family supply fell
- The pace of the market moved faster than the same period a year ago
- Luxury median sales price for both property types moved higher
- The overall market continues to be one of the better performing areas of South Florida

Key Trend Metrics (compared to same year ago period)
LUXURY CONDO
- Median sales price increased 17.3% to $1,167,500
- Days on market was 68, up from 58
- Listing discount was 5.6%, down from 6.3%
- Listing inventory increased 29.4% to 374
- Entry threshold began at $755,000

LUXURY SINGLE FAMILY
- Median sales price increased 0.4% to $1,678,750
- Days on market was 155, up from 183
- Listing discount was 8.2%, down from 9.1%
- Listing inventory increased 10.7% to 353 units
- Entry threshold began at $1,150,000

BOCA RATON HIGHLIGHTS

Overview
- Marketwide median sales prices for both property types moved higher as remainder was mixed
- Condo sales surged as inventory edged higher while single family sales declined and inventory fell sharply
- The pace of the market moved a lot faster than the same period last year

Key Trend Metrics (compared to same year ago period)
LUXURY CONDO
- Median sales price declined 19.8% to $842,500
- Days on market was 112 days, up from 109 days
- Listing discount was 8.3%, down from 9%
- Listing inventory increased 62.6% to 374
- Entry threshold began at $540,000

LUXURY SINGLE FAMILY
- Median sales price declined 9.1% to $1,995,000
- Days on market was 165 days, down from 188
- Listing discount was 11.1%, up from 10.5%
- Listing inventory fell 15.6% to 353
- Entry threshold began at $1,175,000

DELRAY BEACH HIGHLIGHTS

Overview
- Median price marketwide by property type moved higher as did the number of sales
- East of Federal highway saw mixed price trends but a jump in sales activity
- Luxury single family market showed stability as smaller sales size skewed price indicators to same degree
- Luxury condo market price trend indicators reflect more activity at the upper end of the market

Key Trend Metrics (compared to same year ago period)
LUXURY SINGLE FAMILY
- Median sales price declined 9.5% to $1,547,500
- Days on market was 118, up from 116
- Listing discount was 11%, up from 10.7%
- Entry threshold began at $1,070,000

LUXURY CONDO
- Median sales price slipped 1% to $640,000
- Days on market was 116, up from 73
- Listing discount was 5.8%, down from 7.7%
- Entry threshold began at $458,465

WELLINGTON HIGHLIGHTS

Overview
- Market median sales price by property type increased as inventory fell.
- Average and average price decline reflected lower activity at the upper end of the market
- Longer marketing times with more negotiability reflect sellers more willing to meet buyers at market
- Luxury listing inventory continued to decline as overpriced inventory continued to exit the market

Key Trend Metrics (compared to same year ago period)
LUXURY SINGLE FAMILY
- Median sales price declined 45.3% to $1,600,000
- Days on market was 167, up from 164
- Listing discount was 14.4%, up from 2.4%
- Listing inventory slipped 3.2% to 209
- Entry threshold began at $862,500
- Average sales square footage dropped 32.4% to 4,148

LUXURY CONDO
- Median sales price declined 20.8% to $570,000
- Days on market was 160, up from 55
- Listing discount was 5.9%, up from 5.1%
- Listing inventory declined 12.7% to 48
- Entry threshold began at $360,000

PALM BEACH HIGHLIGHTS

Overview
- Marketwide condo prices and sales moved higher as single family sales surged
- Listing inventory edged higher for both property types
- Average sales size of condos and luxury properties increased as single families were smaller

Key Trend Metrics (compared to same year ago period)
LUXURY CONDO AND SINGLE FAMILY
- Median sales price surged 56.5% to $15,826,900
- Days on market was 140, up from 133
- Listing discount was 15.3%, down from 22.6%
- Listing inventory declined 13.1% to 53
- Entry threshold began at $7,900,000

JUPITER / PALM BEACH GARDENS HIGHLIGHTS

Overview
- Marketwide, Jupiter single family price trends posted large gains as sales slipped
- Jupiter condos showed mixed price trends as sales edged higher
- Palm Beach Gardens was one of the strongest South Florida markets we analyzed this quarter
- Price trends and sales showed sharp annual gains in the Palm Beach Gardens market

Key Trend Metrics (compared to same year ago period)
JUPITER SINGLE FAMILY
- Median sales price increased 12% to $480,000
- Days on market was 69, up from 62
- Listing discount was 6.5%, up from 6.2%
- Listing inventory increased 3.3% to 437

JUPITER CONDO
- Median sales price increased 0.4% to $279,000
- Days on market was 210, up from 201
- Listing discount was 4.9%, down from 5.4%
- Listing inventory surged 68.7% to 248

PALM BEACH GARDENS SINGLE FAMILY
- Median sales price increased 10.6% to $470,000
- Days on market was 86, up from 80
- Listing discount was 7.6%, up from 7.1%

PALM BEACH GARDENS CONDO
- Median sales price rose 10.8% to $235,000
- Days on market was 62, up from 50
- Listing discount was 4.6%, down from 5.1%

About Douglas Elliman Real Estate

Established in 1911, Douglas Elliman Real Estate is the largest brokerage in the New York Metropolitan area and the fourth largest residential real estate company nationwide. With more than 6,500 agents, the company operates approximately 90 offices in Manhattan, Brooklyn, Queens, New Jersey, Long Island, the Hamptons & North Fork, Westchester, Greenwich, South Florida, Colorado and Beverly Hills. Moreover, Douglas Elliman has a strategic global alliance with London-based Knight Frank Residential for business in the worldwide luxury markets spanning 59 countries and six continents. The company also controls a portfolio of real estate services including Douglas Elliman Development Marketing; Manhattan's largest residential property manager, Douglas Elliman Property Management with over 250 buildings; and DE Commercial. For more information on Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, please visit www.elliman.com.

SOURCE Douglas Elliman Real Estate

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