Douglas Elliman’s Q4 2016 Miami Mainland & Miami Beach Market Reports

 
Douglas Elliman has just released the fourth quarter 2016 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 Q4 2016 MARKET REPORTS:

Q4 2016 Miami Coastal Mainland Market Report

Q4 2016 Miami Beach & Barrier Islands Market Report

Miami Coastal Mainland Q4 2016 Sales Highlights

“Rising prices but with fewer sales and less inventory” 

• Median sales price for single-family homes and condos increased 11.8% to $285,000 from the prior year quarter with average sales price following the same pattern, rising 2.8% to $388,695.
• There were 3,542 sales in this quarter, down 13.6% from the prior year quarter. Without the 45.9% year-over-year decline in distressed sales, overall sales would have declined a more modest 3.9%.
• Listing inventory across the market fell 7.3% to 10,738 over the same period.
• The absorption rate for the overall market, defined as the number of months to sell all inventory at the current rate of sales, expanded to 9.1 months from 8.5 months in the prior year quarter.

DOWNLOAD: Douglas Elliman’s Q4 2016 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 Q4 2016 Sales Highlights

“Mixed housing prices trends with lower sales volume and more inventory”

• Median sales price increased 5.3% to $395,000 from the prior year quarter,
  but by property type, the trends varied.
• Condo median sales price increased 8.9% to $359,500, while single-family homes median sales price declined 3.4% to $1,550,000 respectively over the same period.
• The number of sales declined 21.5% to 663 sales, but the drop was skewed largely towards the condo market.
• The rate of sales helped inventory expand. Listing inventory increased 16.4% year-over-year to 6,016 with 17.2% more condo listings and 11% more single-family home listings.

DOWNLOAD: Douglas Elliman’s Q4 2016 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.