Douglas Elliman’s Q2 2020 Miami Mainland, Coral Gables & Miami Beach Market Reports

 
Douglas Elliman has released the 2nd quarter 2020 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 Q2 2020 Market Reports:

Douglas Elliman’s Q2 2020 Miami Coastal Mainland Market Report

Douglas Elliman’s Q2 2020 Coral Gables Market Report

Douglas Elliman’s Q2 2020 Miami Beach & Barrier Islands Market Report

Miami Coastal Mainland Q2 2020 Sales Overall Highlights

“After a robust first quarter, the COVID-19 market shutdown during much of the second quarter caused sales to see substantial declines.” 

• There were 1,149 condo sales, down 47.7% and 1,523 single-family sales, down 31.6% from the year-ago quarter.
• The number of condo listings fell 11.1% to 7,046, year over year.
• Single-family listings declined 27.6% to 2,653 as would-be sellers either pulled their listing or delayed placing them on the market during the market shutdown.

Aventura

• Sales fell sharply year over year during the market shutdown.
• Price trend indicators showed mixed results during the market shutdown.

Brickell

• Sales fell sharply year over year during the market shutdown.
• Price trend indicators showed mixed results during the market shutdown.

Coconut Grove

• Condo sales fell sharply year over year during the market shutdown.
• Condo price trend indicators showed mixed results during the market shutdown.
• Single-family price trend indicators showed mixed results during the market shutdown.
• Single-family listing inventory continued to show significant declines from the prior-year quarter.

Downtown Miami

• Condo price trend indicators mostly moved higher year over year.
• Condo listing inventory and number of sales declined during the shutdown.
• Single-family price trend indicators continued to rise.
• Single-family listing inventory and the number of sales fell sharply year over year.

Palmetto Bay

• Sales and listing inventory fell sharply year over year during the market shutdown.
• Price trend indicators showed mixed results as marketing time fell.

Pinecrest

• Sales and listing inventory fell sharply year over year during the market shutdown.
• Price trend indicators showed mixed results as marketing time fell.

South Miami

• Price trend indicators and average sales size rose year over year.
• Listing inventory slipped as the number of sales declined sharply.

DOWNLOAD: Douglas Elliman’s Q2 2020 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 Q2 2020 Sales Overall Highlights

“After a robust first quarter, the COVID-19 market shutdown during much of the second quarter caused sales to drop.” 

• The decline in sales represented what a spring housing market looks like when it is shut down to fight a pandemic.
• There were 98 single-family home sales to close, down 18.3% and 32 condo sales to close, down 61.4%, respectively, from the same year-ago period.
• Single-family home listings declined 23.5% to 342 as would-be sellers either pulled their listing or delayed placing their listing on the market during the market shutdown.
• The number of condo listings fell 19.5% to 223 year over year.

DOWNLOAD: Douglas Elliman’s Q2 2020 Coral Gables Market Report Highlights

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

Miami Beach & Barrier Islands Q2 2020 Sales Overall Highlights

“After a robust first quarter, the COVID-19 market shutdown during much of the second quarter caused sales to see substantial declines”

• There were 415 condo sales, down 51.8% and 86 single-family home sales, down 16.5% from the year-ago quarter.
• The number of condo listings rose 2.7% to 5,722 year over year.
• Single-family home listings declined 11.5% to 671 as would-be sellers wither pulled their listing or delayed placing them on the market during the market shutdown.

Sunny Isles Beach

• The number of sales saw a substantial decline due to the market shutdown.
• Price trend indicators showed mixed year over year results.

Bal Harbour

• The number of sales saw a substantial decline due to the market shutdown.
• Price trend indicators declined year over year.

Bay Harbor Islands

• The number of sales saw a substantial decline due to the market shutdown.
• Price trend indicators showed mixed year over year results.

Surfside

• All condo price trend indicators were skewed higher by the jump in sale size.
• Condo sales saw a substantial decline due to the market shutdown.
• Single-family home sales saw a substantial decline due to the market shutdown.
• Single-family home price trend indicators declined year over year.

North Bay Village

• All condo price trend indicators were skewed higher by the jump in sales size.
• Condo sales saw a substantial decline due to the market shutdown.

Miami Beach Islands

• The number of sales moved higher.
• Price trend indicators declined year over year.

North Beach

• The number of sales saw a substantial decline due to the market shutdown.
• Price trend indicators declined year over year.

Mid-Beach

• The number of sales saw a substantial decline due to the market shutdown.
• Price trend indicators showed mixed year-over-year results.

South Beach

• The number of sales saw a substantial decline due to the market shutdown.
• Price trend indicators showed rising year-over-year trends.

Key Biscayne

• Condo sales saw a substantial decline due to the market shutdown.
• Condo price trend indicators showed rising year-over-year trends.
• Single-family home sales rose despite the market shutdown.
• Single-family home price trend indicators slid year over year.

Fisher Island

• Price trend indicators and average sales size continued to move higher.
• The number of sales saw a decline due to the market shutdown.

DOWNLOAD: Douglas Elliman’s Q2 2020 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.