Douglas Elliman’s Q1 2016 Miami & Miami Beach Market Reports

 
As the leading luxury real estate firm in the country, Douglas Elliman is the primary authority for market reports in South Florida, and Douglas Elliman has just released the first quarter 2016 Elliman Reports for Miami Coastal Mainland and Miami Beach & Barrier Islands. As always, Douglas Elliman’s market reports are the leading resources on the state of these markets and are produced in conjunction with Miller Samuel to provide you with the most comprehensive and neutral market insight available.

DOWNLOAD DOUGLAS ELLIMAN’S Q1 2016 MARKET REPORTS:

Q1 2016 Miami Coastal Mainland Market Report

Q1 2016 Miami Beach & Barrier Islands Market Report

Miami Coastal Mainland Q1 2016 Sales Highlights

• Overall median sales price increased 7.4% from the prior year quarter
• Average sales price rose 2.7% from the prior year quarter
• The market share of distressed sales fell to 21.5% of all sales, from 38.5% two years ago
• Sales of non-distressed properties fell 13.8% from two years ago
• The reduction in distressed sales lowered the share of the market paying with “cash” by 5% to 50.7% of all sales—64.2% for Miami condos and 35.2% for Miami single-family homes
• Listing inventory for both Miami single-family homes and Miami condos expanded 15.4% to 12,716 raising the absorption rate by 39.5% to 10.6 months (the absorption rate is the number of months to sell all inventory at the current rate of sales)

DOWNLOAD: Douglas Elliman’s Q1 2016 Miami Coastal Mainland Market Report Highlights

*Please note that Miami Coastal Mainland includes Aventura, Downtown Miami, Brickell, Coconut Grove, Coral Gables, South Miami, Pinecrest, Palmetto Bay

Miami Beach & Barrier Islands Q1 2016 Sales Highlights

• Median sales price of a Miami Beach luxury condo increased 2.4% to $2,650,000 from the prior year quarter
• Median sales price of a Miami Beach luxury single-family home rose 2.5% to $7,300,000 from the prior year quarter
• Average sales price slipped 7.5% to $905,252 and average price per square foot fell 5.5% to $634 over the same period
• Market wide sales for both Miami Beach single-family homes and Miami Beach condos fell 21.1% to 810 while inventory expanded 32.5% to 5,797 resulting in a slower overall market pace
• The monthly absorption rate, the number of months to sell all listings at the current rate of sales, rose to 21.5 months from 12.8 months in the prior year quarter

DOWNLOAD: Douglas Elliman’s Q1 2016 Miami Beach & Barrier Islands Market Report Highlights

*Please note that Miami Beach & Barrier Islands includes Sunny Isles Beach, Bal Harbour, Bay Harbour Islands, Surfside, North Bay Village, Miami Beach Islands, North Beach, Mid-Beach, South Beach, Key Biscayne and Fisher Island.

Douglas Elliman

“At Douglas Elliman, we are constantly looking for ways to provide our clients with better information, empowering them to make more informed decisions. Our efforts to create this market report series reflect our strong belief that access to timely information is a vital resource in a market that is constantly changing. Committed to providing the best information in the industry, we are proud to offer this service to our clients. Explore our full market report series covering Manhattan, Brooklyn, Queens, Northwest Queens, Long Island, The Hamptons, North Fork, Westchester, Putnam & Dutchess Counties, Fairfield County, Greenwich, Miami, Boca Raton, Fort Lauderdale, Palm Beach, Los Angeles and Aspen at Elliman Market Reports.”  – Dottie Herman, President and CEO of Douglas Elliman.

If you, or someone you know, are interested in purchasing real estate in Miami, please contact Michael Light, broker associate at Douglas Elliman and Founder/Owner of Miami Luxury Homes. You may reach me directly at my office at (305) 350-9842, on my cell at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.