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BY Michael Light / On July 21, 2017

 
Douglas Elliman has just released the second quarter 2017 Elliman Reports for Miami Coastal Mainland and Miami Beach & Barrier Islands, which are the leading resources on the state of these real estate markets. As always, the Douglas Elliman Market Reports are produced in conjunction with Miller Samuel to provide you with the most comprehensive and neutral market insight available.

During the second quarter, the overall sales in Miami Beach and Barrier Islands increased year-over-year for the second consecutive quarter after 3 years of declines. Regarding the combination of sales and prices, South Beach condos were one of the strongest submarkets. In the Miami Coastal Mainland, median sales price for the overall market as well as the condo and single-family market increased.

DOWNLOAD DOUGLAS ELLIMAN’S Q2 2017 MARKET REPORTS:

Q2 2017 Miami Coastal Mainland Market Report

Q2 2017 Miami Beach & Barrier Islands Market Report


Miami Coastal Mainland Q2 2017 Sales Highlights

“The market was characterized by modest median sales price growth and declining inventory.” 

  • Median sales price for condos rose 2.2% to $235,000, and for single-family homes, it expanded 9.1% to $360,000 respectively over the same period last year.
  • Listing inventory fell sharply across property types as over-priced supply came off the market.
  • Listing inventory for condos declined 19.2% to 7,515 and for single-family-homes declined 4.6% to 3,373.
  • Days on market, the number of days between the last list price change, if any, to the contract date was 79 days, 6 days faster than the same period last year.

DOWNLOAD: Douglas Elliman’s Q2 2017 Miami Coastal Mainland Market Report Highlights

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


Miami Beach & Barrier Islands Q2 2017 Sales Highlights

“The market is showing evidence of increasing sales activity after 3 years of decline.”

  • There were 926 sales overall in the second quarter, up 3.7% from the year-ago quarter, the second consecutive year-over-year quarterly increase.
  • The rise in sales was nearly matched by the increase of inventory, keeping the pace of the market somewhat stable.
  • The absorption rate, the number of months to sell all inventory at the current rate of sales, edged up nominally to 19.7 months from 19.4 months in the prior year quarter.
  • The luxury condo market, representing the top 10% of all sales, showed an average sales size of 2,664 square feet in the second quarter, down 12.2% from the year-ago quarter.
  • This was consistent with the 10% decline in average price per square foot to $1,287 over the same period. This indicates that the decline in price trend indicators is largely due to the shift in the mix towards the smaller-sized-end of the luxury condo market.

DOWNLOAD: Douglas Elliman’s Q2 2017 Miami Beach & Barrier Islands Market Report Highlights

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


The Miami & Miami Beach markets are stabilizing because of the exponential growth over the past several years. What you need to understand is that the current state of the market is still an opportunistic time to purchase real estate in Miami and Miami Beach, so long as you work with a real estate professional who knows the market inside-out-and-backwards and is honest with you about what is a great investment!

If you, or someone you know, are interested in purchasing real estate in Miami or Miami Beach, 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.

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