Douglas Elliman’s Q3 2020 Miami Mainland, Coral Gables & Miami Beach Market Reports

 
Douglas Elliman has released the 3rd 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 Q3 2020 Market Reports:

Douglas Elliman’s Q3 2020 Miami Coastal Mainland Market Report

Douglas Elliman’s Q3 2020 Coral Gables Market Report

Douglas Elliman’s Q3 2020 Miami Beach & Barrier Islands Market Report

Miami Coastal Mainland Q3 2020 Sales Overall Highlights

“Sales rose higher year over year, rebounding quickly from the restraint of spring market activity at the onset of the COVID crisis.” 

• The overall number of condo and single-family home sales pressed 17.6% higher than the 5-year quarterly average of 3,645.
• There were 4,286 sales to close, up 6% from prior-year quarter and up 60.4% from the prior quarter (Q2 2020), as the COVID lockdown restrained spring market activity.
• All price trend indicators for their overall markets by property types and their respective luxury submarkets saw large year-over-year price gains.

Aventura

• The number of sales surged quarter over quarter after the shutdown.
• Price trend indicators showed mixed results as compared to year-ago levels.

Brickell

• The number of sales surged quarter over quarter after the shutdown.
• Price trend indicators showed mixed results as compared to year-ago levels.

Coconut Grove

• The number of condo sales were unchanged from the prior-year quarter.
• Condo price trend indicators showed mixed results as compared to year-ago levels.
• The number of single family sales surged quarter over quarter after the shutdown.
• Two of the three price trend indicators rose sharply above year-ago levels.

Downtown Miami

• The number of condo sales surged quarter over quarter after the shutdown.
• Condo price trend indicators rose sharply above year-ago levels.
• The number of single family sales surged quarter over quarter after the shutdown.
• Single family price trend indicators rose sharply above year-ago levels.

Palmetto Bay

• The number of sales surged quarter over quarter after the shutdown.
• Price trend indicators rose sharply above year-ago levels.

Pinecrest

• The number of sales surged quarter over quarter after the shutdown.
• Price trend indicators rose sharply above year-ago levels.

South Miami

• The number of sales surged quarter over quarter after the shutdown.
• Price trend indicators rose sharply above year-ago levels.

DOWNLOAD: Douglas Elliman’s Q3 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 Q3 2020 Sales Overall Highlights

“Total market sales pressed higher year over year, rebounding quickly from the restraint of spring market activity at the onset of the COVID crisis.” 

• The overall number of sales, when combining condo and single-family homes, pressed higher.
• There were 274 sales to close, up 25.2% from the prior-year quarter, but more than double the prior quarter (Q2 2020), as the COVID lockdown restrained spring market activity.
• Single-family listing inventory fell year over year for the 4th straight quarter, down 19.8% to 316 as would-be sellers came back to the market.

Douglas Elliman’s Q3 2020 Coral Gables Market Report Highlights

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

Miami Beach & Barrier Islands Q3 2020 Sales Overall Highlights

“Sales rose higher year over year, rebounding quickly from the restraint of spring market activity at the onset of the COVID crisis.”

• The overall number of condo and single-family home sales pressed 16.5% higher than the 5 year quarterly average of 802.
• There were 934 sales to close, up 9.9% from the prior-year quarter, and up 86.4% from the prior quarter (Q2 2020), as the COVID lockdown restrained spring market activity

Sunny Isles Beach

• The number of sales surged quarter over quarter after the shutdown.
• Price trend indicators rose sharply above year-ago levels.

Bal Harbour

• The number of sales surged quarter over quarter after the shutdown.
• Price trend indicators rose sharply above year-ago levels.

Bay Harbor Islands

• The number of sales surged quarter over quarter after the shutdown.
• Price trend indicators showed mixed results as compared to year-ago levels.

Surfside

• The number of sales surged quarter over quarter after the shutdown.
• Condo price trend indicators showed mixed results as compared to year-ago levels.
• Single-family home sales surged quarter over quarter after the shutdown.
• Single-family home price trend indicators increased above year-ago levels.

North Bay Village

• The number of sales surged quarter over quarter after the shutdown.
• Price trend indicators showed mixed results as compared to year-ago levels.

Miami Beach Islands

• The number of sales surged quarter over quarter after the shutdown.
• Price trend indicators showed mixed results as compared to year-ago levels.

North Beach

• The number of sales surged quarter over quarter after the shutdown.
• Price trend indicators rose sharply above year-ago levels.

Mid-Beach

• The number of sales surged quarter over quarter after the shutdown.
• Price trend indicators pressed higher as compared to year-ago levels.

South Beach

• The number of sales surged quarter over quarter after the shutdown.
• Price trend indicators showed mixed results as compared to year-ago levels.

Key Biscayne

• The number of condo sales surged quarter over quarter after the shutdown.
• Condo price trend indicators rose sharply above year-ago levels.
• The number of single-family home sales surged quarter over quarter after the shutdown.
• Single-family home price trend indicators rose sharply above year-ago levels.

Fisher Island

• Condo price trend indicators fell short of year-ago levels.
• The number of condo sales surged quarter over quarter after the shutdown.

DOWNLOAD: Douglas Elliman’s Q3 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.