Douglas Elliman has just released the second 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 Q2 2018 Market Reports:
Miami Coastal Mainland Q2 2018 Sales Highlights
“Rising prices and an uptick at the upper end of the market.”
- Median sales price rose 6.7% to $320,000 from the year-ago quarter, the 15th consecutive quarterly increase.
- The number of sales for the region slipped nominally by 0.3% to 4,191 units, 9.1% above the 5-year quarterly average of 3,843 units.
- Inventory edged up 2.7% to 11,184 listings over the same period, consistent with the 5-year quarterly average of 11,152 listings.
Miami Beach & Barrier Islands Q2 2018 Sales Highlights
“More overall sales activity with a lower rate of inventory growth and a shift towards larger luxury units.”
- There were 1,025 sales in the quarter, up 10.7% from the year-ago quarter. Condo sales showed higher sales growth with an expansion of market share of 3, 4 and 5-bedroom units as well as an 8.6% rise in average sales square footage.
- Overall growth was 3.9% to 6,319 listings over the same period. The combination of rising sales and falling supply resulted in a slightly faster market pace.
- Overall median sales price rose 7% to $438,000, and the average sales price jumped 15.8% to $1,098,024 respectively from the prior-year quarter.
*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 Real Estate and Founder/Owner of the Miami Luxury Homes Group. You may reach me directly at my office at (305) 350-9842, on my cell at (786) 566-1700 or via email at email@example.com.