Douglas Elliman’s Q1 2017 Miami Mainland & Miami Beach Market Reports

 
Douglas Elliman has just released the first 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 Q1 2017 MARKET REPORTS:

Q1 2017 Miami Coastal Mainland Market Report

Q1 2017 Miami Beach & Barrier Islands Market Report

Miami Coastal Mainland Q1 2017 Sales Highlights

“After the 2016 “reset,” greater stability entered the overall market in 2017.” 

• While the total number of sales declined 2.7%, condo sales fell 13.4% to 1,666 and single-family sales increased 9.7% to 1,821 respectively over Q1 2016.
• The overall absorption rate, defined as the number of months to sell all condo and single-family inventory at the current rate of sales, fell 17% to 8.8 months from 10.6 months in the prior year quarter. In other words, the pace of the market moved faster than it did in 2016.
• Median sales price for condos and single-family homes increased 12.5% to $292,500 from the prior year quarter. Average sales price followed the same pattern, edging up 0.3% to $405,266.

DOWNLOAD: Douglas Elliman’s Q1 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 Q1 2017 Sales Highlights

“After a year of what could be described as a “reset,” the market showed improvement.”

• Combined, the number of sales for Miami Beach edged 0.6% higher to 815 sales and listing inventory rose 6.4% to 6,166 respectively over Q1 2016.
• The pace of the market was essentially unchanged. The absorption rate, the number of months to sell all inventory at the current rate of sales, edged up nominally to 22.7 months from 21.5 months in the prior year quarter.
• Luxury price trend indicators, reflecting the top 10% of all sales, showed large price gains, largely from a shift in the mix to higher quality properties. Luxury condo median sales price jumped 14.2% to $3,025,000 from the year ago quarter. Luxury single-family price indicators such as median sales price surged 56.5% to $11,425,000 over the same period.

DOWNLOAD: Douglas Elliman’s Q1 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.