Douglas Elliman’s Q1 2021 Miami Mainland, Coral Gables & Miami Beach Market Reports

Douglas Elliman has released the 1st quarter 2021 Elliman Reports for Miami Coastal Mainland, Coral Gables 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 2021 Market Reports:

Douglas Elliman’s Q1 2021 Miami Coastal Mainland Market Report

Douglas Elliman’s Q1 2021 Coral Gables Market Report

Douglas Elliman’s Q1 2021 Miami Beach & Barrier Islands Market Report

Miami Coastal Mainland Q1 2021 Sales Overall Highlights

“The market was characterized by record pricing as well as falling supply.” 

• Condo sales rose annually for the 3rd straight quarter as listing inventory fell for the 7th time.
• All single-family price trend indicators set new records collectively for the 4th straight quarter.
• Listing inventory for all property types fell sharply to the lowest on record.

Aventura

• All price trend indicators surged year over year to new records.
• The number of sales jumped annually for the 3rd consecutive quarter.

Brickell

• Median sales price posted year over year record gains.
• The number of sales nearly doubled year over year at a record rate.

Coconut Grove

• Condo price trend indicators surged to new records.
• Condo listing inventory declined year over year to a new low.
• Single family price trend indicators continued to show year over year mixed results.
• Single family listing inventory and months of supply fell sharply to record lows.

Downtown Miami

• Condo price trend indicators rose sharply to new records.
• Condo listing inventory dropped annually to a new low.
• Single family price trend indicators surged year over year.
• Single family listing inventory and months of supply fell sharply to record lows.

Palmetto Bay

• Single family median sales price and average price per square foot rose to new records.
• Listing inventory fell year over year at the highest rate to a new low.

Pinecrest

• All price trend indicators rose to new records.
• Listing inventory fell year over year at the highest rate to a new low.

South Miami

• All price trend indicators rose to new records.
• Listing inventory fell year over year at the highest rate to a new low.

DOWNLOAD: Douglas Elliman’s Q1 2021 Miami Coastal Mainland Market Report Highlights

*Please note that Miami Coastal Mainland includes Aventura, Brickell, Coconut Grove, Downtown Miami, Palmetto Bay, Pinecrest and South Miami.

Coral Gables Q1 2021 Sales Overall Highlights

“The brisk market conditions continued into the new year with record highs for pricing and sales but with chronically low listing inventory.” 

• The Coral Gables housing market saw sharply rising prices, heavy sales volume and listing inventory falling to new lows.
• A byproduct of these market conditions was a blistering pace.
• Single-family sales jumped 46.3% to 139 from the year-ago quarter as their listing inventory plunged 59.8% to a record low of 153 over the same period.

DOWNLOAD: Douglas Elliman’s Q1 2021 Coral Gables Market Report Highlights

*Please note that this only includes the City of Coral Gables.

Miami Beach & Barrier Islands Q1 2021 Sales Overall Highlights

“The market was characterized by record pricing, heavy sales volume, and a sharp decline in listing inventory.”

• All single-family price trend indicators surged to record highs as sales nearly tripled to a record.
• All condo price trend indicators surged year over year at a record rate to new highs.
• With the sharp rise in luxury condo sales and drop in listing inventory, the market pace was the fasted in 7 years.

Sunny Isles Beach

• The number of sales nearly doubled year over year.
• Price trend indicators pressed higher year over year.

Bal Harbour

• The number of sales rose sharply year over year for the 2nd consecutive quarter.
• Price trend indicators drifted lower year over year.

Bay Harbor Islands

• Price trend indicators surged higher year over year.
• Price trend indicators and sales posted large annual gains.

Surfside

• Condo sales more than doubled from the year-ago quarter.
• Condo price trend indicators continued to show mixed year-over-year trends.
• Single family sales more than doubled annually for the 2nd time in 3 quarters.
• Single family price trends rose collectively year over year for the 3rd straight quarter.

North Bay Village

• The number of sales continued to rise sharply above prior-year levels.
• Price trend indicators moved higher from the prior-year quarter.

Miami Beach Islands

• The number of sales nearly quintupled from the year-ago quarter.
• All price trend indicators jumped above prior-year levels.

North Beach

• Price trend indicators rose sharply year over year.
• Sales surged year over year after 4 straight declines.

Mid-Beach

• Price trend indicators rose sharply year over year.
• Sales surged year over year for the 3rd consecutive quarter.

South Beach

• Price trend indicators rose to new records year over year.
• Sales surged year over year for the 2nd consecutive quarter.

Key Biscayne

• Condo sales rose sharply year over year for the 3rd consecutive quarter.
• Condo price trend indicators continued to surge from year-ago levels.
• Single family sales surged year over year for the 5th consecutive quarter.
• Single family price trend indicators pressed higher year over year.

Fisher Island

• The number of sales more than tripled from the prior-year quarter.
• The price trend indicators showed mixed annual gains.

DOWNLOAD: Douglas Elliman’s Q1 2021 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.

If you, or someone you know, are interested in purchasing real estate in Miami, Coral Gables or Miami Beach or simply would like to learn more about the real estate market in South Florida, please contact Michael Light, Broker Associate and Senior Director of Luxury Sales at Douglas Elliman Real Estate as well as Founder/Owner of The Light Group. You may reach Michael directly at his office at (305) 350-9842, on his cell at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.