Douglas Elliman has just released the third 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.
DOWNLOAD DOUGLAS ELLIMAN’S Q3 2017 MARKET REPORTS:
Miami Coastal Mainland Q3 2017 Sales Highlights
- Median sales price rose 5.4% to $300,500, and average sales price increased 4.2% to $408,405 respectively from the same quarter last year.
- The number of sales declined due to the disruption in closings in the aftermath of Hurricane Irma pushing closing schedule for the last two weeks of the quarter into the subsequent quarter.
- The number of sales declined 11.8% to 3,482 from the prior year quarter.
- The overall absorption rate, defined as the number of months to sell all inventory at the current rate of sales, rose to 8.9 months from 8.2 months in the prior year quarter.
- Days on market, the number of days between the last list price change, if any, to the contract date was 76 days, 27 days faster than the same period last year.
- Listing discount, the percentage difference from the listing price at time of contract and the contract price edged up to 5.4% from 5.2% in the year ago quarter.
- The market share of non-cash sales continued to rise, up to 61% of all sales from 39.4% in early 2013.
*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 Q3 2017 Sales Highlights
- Median sales price expanded 4.2% to $400,000 and average sales price was unchanged at $868,404 respectively from the prior year quarter.
- Listing inventory rose 1.4% to 5,895 over the same period and was the lowest gain in more than 3 years.
- After the gains of the prior 2 quarters, a disruption in sales closing in aftermath of Hurricane Irma – with 2 weeks left in the quarter – pushed sales into the 4th quarter. This shift had the effect of slowing the stated pace of the market from how it actually performed.
- The absorption rate, the number of months to sell all inventory at the current rate of sales, edged up nominally to 25.6 months from 22.3 months in the prior year quarter.
- Distressed sales continued to evaporate from the market, accounting for only 3.5% of all sales.
- The improvement in the market conditions was consistent with increase in market share of non-cash purchases, now at 37.1%, up from 22.3% in 2013.
*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.
If you, or someone you know, are interested in purchasing real estate in Miami or Miami Beach, please contact Michael Light, broker associate and Founder/Owner of the Miami Luxury Homes Group at Douglas Elliman. You may reach me directly at my office at (305) 350-9842, on my cell at (786) 566-1700 or via email at firstname.lastname@example.org.