Douglas Elliman has just released the first quarter 2018 Elliman Reports for Miami Coastal Mainland and Miami Beach & Barrier Islands. Produced in conjunction with Miller Samuel to provide you with the most comprehensive and objective market insight available, the Douglas Elliman Reports are recognized as the industry standard for providing the state of the residential real estate market, which includes an extensive suite of tools to help readers objectively identify and measure market trends, provide historical context to current information and provide comprehensive analysis of the results.
Download Douglas Elliman’s Q1 2018 Market Reports:
Q1 2018 Miami Coastal Mainland Market Report
Q1 2018 Miami Beach & Barrier Islands Market Report
Miami Coastal Mainland Q1 2018 Sales Highlights
“The pattern of rising prices, with both sliding sales and rising inventory, continued.”
- Median sales price rose 6% to $309,999 from the year-ago level and the highest result in at least 5 years.
- This also represents the 14th consecutive quarter with a year-over-year increase in median sales price.
- Listing inventory rose 12.5% to 11,459 and sales slipped 3.8% to 3,355 respectively from the prior year quarter, helping to slow the pace of the market.
- Despite the decline in closed sales, the number of pending sales rose 7.2% and new pending sales, those signed in the 1st quarter, surged 23.3% and will likely close in the following quarter.
DOWNLOAD: Douglas Elliman’s Q1 2018 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 Q1 2018 Sales Highlights
“Rising prices, more inventory with fewer closed sales but surging contract volume.”
- The median sales price for condos and single-family home sales rose 11.7% to $430,000 from the prior year quarter, the 3rd consecutive quarter with rising prices.
- There were 788 sales to close in the quarter, down 3.3% over the same period. However, pending sales rose 22.5% to 518 and new pending sales, those that were signed in the 1st quarter, surged 54% to 385 respectively from the same period last year.
- Listing inventory rose 9.4% to 6,748 over the same period resulting in a slower market pace. The absorption rate, the number of months to sell all inventory at the current rate of sales, expanded 13.2% to 25.7 months from 22.7 months in the prior-year quarter.
DOWNLOAD: Douglas Elliman’s Q1 2018 Miami Coastal Mainland 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.
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.