Douglas Elliman’s Q3 2016 Miami & Miami Beach Market Reports

 
The Douglas Elliman market reports are recognized as the industry standard for providing details on the state of the residential real estate market, and Douglas Elliman has just released the third quarter 2016 Elliman Report. The report, produced in conjunction with Miller Samuel, 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 Q3 2016 MARKET REPORTS:

Q3 2016 Miami Coastal Mainland Market Report

Q3 2016 Miami Beach & Barrier Islands Market Report

Miami Coastal Mainland Q3 2016 Sales Highlights

• Rising prices for the overall market, but at a slower pace.
• Overall median sales price increased 9.6% to $285,000 and average sales price edged up .04% to $391,918 respectively from the prior year quarter.
• The number of sales fell 15.1% to 3,950 over the same period with most of the decline attributed to the condo market. By property type, condo sales declined 25.8% to 1,840 while single-family sales slipped 2.8% to 2,110.
• The absorption rate for the overall market, defined as the number of months to sell inventory on the market at the current rate of sales, expanded to 8.2 months from 7.1 months in the prior year quarter.
• The luxury market, representing the top 10% of all sales, was more clearly divided among property types with the single-family market outperforming the condo market.

DOWNLOAD: Douglas Elliman’s Q3 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 Q3 2016 Sales Highlights

• Median price up year to date, but with longer marketing times and more inventory.
• Median sales price year to date rose 2.5% to $410,000, while median sales price for the 3rd quarter declined 4.9% to $383,750 respectively from the same period last year.
• The only market segments to see both a gain in market share and an increase in market share were the 1-bedroom condo market and the 5-bedroom single-family market.
• Luxury condo price trend indicators declined as the shift in the mix skewed smaller. Luxury single-family price trend indicators showed mixed results over the same period as inventory expanded.
• In a continuing sign of overall market stability, the market share for distressed sales fell to 6.5% of all sales. The market remained dominated by “all cash buyers” accounting for 64.9% of condo sales and 51.9% of single-family sales.

DOWNLOAD: Douglas Elliman’s Q3 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.

The Miami & Miami Beach markets are stabilizing because of the exponential growth over the past 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.