Douglas Elliman’s Q4 2020 Miami Mainland, Coral Gables & Miami Beach Market Reports

 
Douglas Elliman has released the 4th 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 Q4 2020 Market Reports:

Douglas Elliman’s Q4 2020 Miami Coastal Mainland Market Report

Douglas Elliman’s Q4 2020 Coral Gables Market Report

Douglas Elliman’s Q4 2020 Miami Beach & Barrier Islands Market Report

Miami Coastal Mainland Q4 2020 Sales Overall Highlights

“Record single family and condo price trend indicators and sales rose against backdrop of falling listing inventory.” 

• Condo price trend indicators and sales moved higher as listing inventory slipped to a 3-year low.
• Single family price trend indicators set new records as sales surged year over year by their largest amount in 7 years.
• Market-wide sales rose year over year for the 6th time in 7 quarters.

Aventura

• Price trend indicators showed mixed results as compared to year-ago levels.
• The number of sales surged year over year for the 2nd straight quarter.

Brickell

• The number of sales surged year over year for the 2nd straight quarter.
• Median sales price increased annually for the 4th consecutive quarter.

Coconut Grove

• Condo median sales price rose annually for the 4th time in 5 quarters.
• Condo number of sales declined from the prior-year quarter.
• Single family price trend indicators showed mixed annual results.
• Single family sales increased year over year for the 4th time in 5 quarters.

Downtown Miami

• Condo median sales price raised its year-over-year streak to 27 quarters.
• Condo sales rose annually for the 1st time in 3 quarters.
• Single family sales rose annually for the 6th time in 7 quarters.
• Single family median sales price has consistently increased annually for nearly 7 years.

Palmetto Bay

• Single family median sales price rose year over year for the 3rd time in 4 quarters.
• The number of sales rose annually for the 1st time in 3 quarters.

Pinecrest

• The number of sales nearly doubled year over year in the final quarter of 2020.
• Median sales price rose year over year for the 1st time in 3 quarters.

South Miami

• Median sales price slipped year over year for the 1st time in 3 quarters.
• The number of sales roughly doubled year over year in the 2nd half of 2020.

DOWNLOAD: Douglas Elliman’s Q4 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 Q4 2020 Sales Overall Highlights

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

• Record low mortgage rates and chronically low inventory kept market conditions tight.
• The single family market continued to see significant year-over-year sales growth and large gains in the price trend indicators.
• The single family average sales price surged 47.5% to a record $1,935,488 and median sales price jumped 31.9% to a record $1,175,000, respectively, from the prior-year quarter.
• These records were made possible by the 10.5% rise in average sales size to 3,102 square feet.

DOWNLOAD: Douglas Elliman’s Q4 2020 Coral Gables Market Report Highlights

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

Miami Beach & Barrier Islands Q4 2020 Sales Overall Highlights

“Single family and condo price trend indicators and sales rose against the backdrop of falling listing inventory.”

• The market saw the most condo sales in more than 5 years, while price trend indicators were skewed higher by larger sized sales.
• Luxury condo price trend indicators continued to jump year over year, also aided by the rise in average sales size.
• Single family price trend indicators set records as the number of sales surged from year-ago levels.

Sunny Isles Beach

• The number of sales surged year over year.
• Price trend indicators continued to see large annual gains.

Bal Harbour

• The number of sales jumped year over year for the 1st time in 4 quarters.
• Price trend indicators showed mixed results year over year.

Bay Harbor Islands

• Price trend indicators showed mixed results year over year.
• The number of sales rose year over year for the 3rd time in 4 quarters.

Surfside

• Condo sales surged year over year for the 2nd consecutive quarter.
• Condo price trend indicators showed mixed results as compared to year-ago levels.
• Single family sales surged year over year for the 2nd consecutive quarter.
• Single family price trends rose sharply above the same period last year.

North Bay Village

• The number of sales surged year over year after 3 straight quarters of declines.
• Price trend indicators and the average sales size slid from the prior-year quarter.

Miami Beach Islands

• All price trend indicators skewed lower by the drop in average sales size.
• The number of sales surged annually over the last 3 quarters.

North Beach

• Price trend indicators showed mixed results as compared to year-ago levels.
• The number of sales decreased year over year for the 4th straight quarter.

Mid-Beach

• Price trend indicators showed mixed results as compared to year-ago levels.
• The number of sales surged from the same period last year.

South Beach

• Price trend indicators showed mixed results as compared to year-ago levels.
• The number of sales pressed higher than the year-ago quarter.

Key Biscayne

• The number of condo sales nearly doubled year over year.
• Condo price trend indicators continued to see gains despite the drop in average sales size.
• Single family sales rose over 6-fold from the prior-year quarter.
• Single-family home price trend indicators roughly doubled from the same period a year ago.

Fisher Island

• Condo price trend indicators rose sharply, aided by a jump in average sales size.
• The number of condo sales more than doubled from the prior-year quarter.

DOWNLOAD: Douglas Elliman’s Q4 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.