As the top 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 its second quarter 2016 Elliman Reports for Miami Coastal Mainland and Miami Beach & Barrier Islands. Most importantly, the Miami Beach & Barrier Islands set a decade-high price record and housing prices in the Miami Coastal Mainland increased, showing an increase in luxury sales.
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 Q2 2016 MARKET REPORTS:
Q2 2016 Miami Coastal Mainland Market Report
Q2 2016 Miami Beach & Barrier Islands Market Report
Miami Coastal Mainland Q2 2016 Sales Highlights
- Overall median sales price increased 7.7% to $280,000 from the prior year quarter. This pattern was consistent with the 6.7% rise in average sales price to $441,915.
- The number of distressed sales dropped 44.3% from the prior year quarter bringing their market share down to 16.7% of all sales. However the number of non-distressed sales slipped only 1.2% respectively from the year ago quarter.
- The absorption rate, the number of months to sell all inventory at the current rate of sales, expanded to 8.8 months from 6.6 months in the prior year quarter.
- The luxury single-family market, with a 16-month absorption period, moved much faster than luxury condos.
DOWNLOAD: Douglas Elliman’s Q2 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 Q2 2016 Sales Highlights
- Average sales price increased 12.1% to $1,071,679, the first time this metric has exceeded the $1,000,000 threshold in the decade this metric has been tracked.
- The rise in average sales price was the result of higher-end housing entering the market and the continued decline of lower-priced distressed housing. The market share of distressed sales fell to 5.3% of all sales.
- Median sales price of a Miami Beach luxury condos increased 20.5% to $2,850,000 from the prior year quarter.
- Median sales price of a Miami Beach luxury single-family homes rose 3.7% to $8,050,000 from the prior year quarter.
- The luxury condo market, representing 10% of condo sales, saw a surge in price indicators but those gains were largely caused by the 26.2% rise in size to 3,035 square feet, suggesting a stable market.
- The monthly absorption rate, the number of months to sell all listings at the current rate of sales, rose to 19.4 months, nearly double the year-ago pace.
DOWNLOAD: Douglas Elliman’s Q2 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.
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.