The 2024 Douglas Elliman | Knight Frank Wealth Report Is Here – Tides Are Changing In Miami Posted on March 6, 2024March 8, 2024 by Sarah Elles Boggs The Douglas Elliman | Knight Frank Wealth Report is here again for the 18th year, and there is some very special news about the Miami luxury and ultra-luxury market. In the 2024 report, we see that Miami has hit an unmistakable inflection point. Change is upon us and there is no going back. So where are we headed? To browse the 2024 Douglas Elliman | Knight Frank Wealth Report in its entirety, you may click here for a free copy to download immediately. Out With The Old – Miami Has Changed It used to be that mentions of Miami Beach conjured up thoughts of Cocaine Cowboys and wild Spring Breakers. This is no longer the case. The Cocaine Cowboys days are now just a Netflix novelty and w hile the Spring Breakers are still interested in Miami, the sentiment is not shared. This shift has been in the works for years, with locals calling for a stop to the unhinged lawlessness. After a particularly wild season in 2023, Miami Beach introduced strict new guidelines for peak weekends in order to quell the interest. There was even a cute PSA that was released, letting Spring Breakers know that we are breaking up with them. The PSA and hefty guidelines seem to have been effective. According to Google Trends, Miami was the #1 searched city for Spring Break destinations in most of the United States, yet the season has been extremely peaceful this year. You can see on this live walking tour of the beach today, the sand is clean and everybody is relaxing. Now that we have made our point about having outgrown our past, we can embrace the future of Miami and Miami Beach. Luxury Competition The Miami Beach luxury real estate market has been on an upward trajectory for a few year (since COVID to be exact), but we are now entering into uncharted territory. Even billionaires now struggle to get a slice of the South Florida waterfront, according to the Wealth Report. Developers have been working tirelessly to keep up with the demand for sophisticated boutique developments in prime locations. While Miami Beach and Miami have long been havens for vacation properties, one of the main differences we are seeing is that buyers are searching for full-time residences. The world has learned that Jeff Bezos saved $600 million for relocating his home base to Indian Creek Island in Miami Beach. This is not an uncommon phenomenan. Kenneth Griffin relocated both his personal and professional headquarters to Mainland Miami, bringing thousands of hungry financiers with him. The Wealth Report indicates that driver’s license changes are up 78% in the first 9 months of 2023, an indicator of the volume of new Miamians we are gaining. Rendering of the Ritz Carlton/Sagamore South Beach Growing Pains The unprecedented growth of the Magic City has not come without pain. The single family market has cooled as buyers began to pull back from the demands of sellers, although growth was still pronounced. Our local infrastructure is also hustling to keep up with the demands. We brushed on this yesterday for 305 Day, speaking about the increased competition for a limited number of private school spots. In the meantime, UHNW parents are bringing their New York A-game in order to win a coveted spot for their students. Another growing pain is one that we cannot get around. Miami has only so much land, and what we do have is largely built-out. The only solution is vertical construction. This lack of supply will protect current pricing and force it to continue upward in the coming years. Future-Focused Strategy Because we are still early in the migration cycle, it is incredibly possible to reserve a property in the preconstruction phase and sell it once the development comes to fruition. Multiple investors have undertaken this strategy, whether they could not decide which project is a better fit or if they were strictly looking at the transaction for the upside potential in a trophy asset, and it pays. Griffin’s Citadel has not even completed the build-out of their temporary office space in the Brickell Financial District and we are still waiting for the first renderings of their permanent headquarters on Brickell Bay Drive. We like to use Citadel as an example as they are the largest and most public example of the financial migration, but there are dozens of similar companies that are coming along with them. Considering we have already experienced the growth that is well-documented in the Douglas Elliman | Knight Frank Wealth Report, this inflection point is a permanent trajectory toward a higher level of luxury and wealth in Miami. The Perigon Miami Beach Penthouse West Kitchen | Image Courtesy of MAST Capital To browse the 2024 Douglas Elliman | Knight Frank Wealth Report in its entirety, you may click here for a free copy to download immediately. If you, or someone you know, are interested in purchasing luxury real estate in Miami and/or Miami Beach, please contact Broker Michael Light, Founder/Owner of the Miami Luxury Homes Group at Douglas Elliman Real Estate, Global Ambassador for Knight Frank, Executive Director of Luxury Sales at Douglas Elliman and a member of its elite Sports & Entertainment Division. Michael has over 15 years of experience working with influential buyers from all over the world and is an expert on educating buyers on market statistics and trends. You may reach Michael directly on his cell phone at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.
For 305 Day, Let’s Discuss Miami Truth And Miami Hype Posted on March 5, 2024March 7, 2024 by Sarah Elles Boggs Today is 305 Day. Miami’s official hype day. For those who are new to The 305, this is the unofficial Miami Day named after our signature area code. Miami actually became The 305 back in 1947 along with the rest of Florida, but over the years it became a Miami thing as population grew. Those were the days. As Miamians, we love finding reasons to celebrate, even if we are celebrating an area code. As proof, there are endless ways to celebrate 305 Day. Budget-friendly travelers can purchase flights from Miami International for $30.50. Axios Miami embraces things we love about our city (and things that annoy us too). If you do not find a 305 Cafecito at 3:05 on 3/05, I really don’t know what to tell you. Your loyalty to the city will be in question. We are our own best hype men (and women). Kenneth Griffin’s Gift One of the newer Miami hype men in town, Citadel’s Kenneth Griffin, made a very generous $50 million gift to the University of Miami. The funds will go toward research and cancer treatments for Sylvester Comprehensive Cancer Center and the gift is among the 10 largest health-related philanthropic gifts over the last decade in Florida, according to UM. During the 305 Day ceremony Griffin said, “I was born in Florida, I will die in Florida. This will be my home. I will do everything I can to help make this truly one of the greatest cities in the world.” He also expressed pride in having a 305 phone number and politely declined the offer to be named Mr. 305. Miami-Dade County Mayor Daniella Levine Cava bestowed the honor to him, however he stated that Puerto Rican rapper Pitbull will always be Mr. 305. Ken Griffin Miami How Is Miami Really Doing? The fanfare for 305 Day is indeed fun, but there have been some very real concerns voiced recently when the topic of the Magic City is brought up. Is there truth behind our hype, with regard to our luxury real estate market? Let’s have a look at the truth behind the comments from some of our critics. Miami Is Overpriced. This comment has been around since the beginning of time, but the fact of the matter is very simple. The market determines the price. Developers do not determine pricing from thin air. The properties are priced at the amount they will sell for. Since our market is thriving, inventory is being absorbed quickly, that is a clear indicator that the inventory is priced correctly. Granted, there are some listings that lag on the market. These are the listings that are either priced incorrectly or they need a specific type of buyer (i.e. a buyer who is willing to take the time and effort to renovate). Turnkey properties that are well priced are being absorbed incredibly quickly. Miami is Not Affordable. I will not argue with some folks who have been around Miami for many years that prices have increased substantially. There was a time not so long ago where it was unheard of to charge $500/square foot in Brickell. According to the 2024 Douglas Elliman | Knight Frank Wealth Report, which is released tomorrow, the average price in Miami is currently over $1,500 per square foot. Prices rose 6.5% in the last year alone, with no sign of retreat and no matter what happens with interest rates. While this is a steep jump, it is also a realistic one. Both the neighborhoods and the real estate products that are offered today are far more elevated compared to what was offered 15 years ago. Once COVID cleared and people were no longer tied geographically to particular areas, a mass migration began and has not stopped. Miami simply offers the climate, culture, financial climate, and lifestyle to attract the global elite. Despite the increases, Miami is still far more affordable than leading global cities. Miami is in a bubble. I can see where skeptics would claim that we are in a bubble, except that this rapid and dramatic growth is sustainable. The Citadel effect is market-changing from an evolutionary standpoint. Their company motto is Citadel – Identifying the Highest and Best Uses of Capital. Their move was highly calculated and they are laying deep roots in the community. Citadel founder Ken Griffin even said as stated above, “I was born in Florida, I will die in Florida. This will be my home. I will do everything I can to help make this truly one of the greatest cities in the world.” Those are not the words of a company chief who is relocating just for a tax break, only to relocate again when the political climate changes. Their temporary office space is not even complete and the entire tri-county area is waiting for renderings of their new $1B waterfront headquarters that will soon be built at 1201 Brickell Bay Drive in the Financial District. Citadel is here to stay along with their ancillary companies and all of the brilliant minds that keep that machine going. The only aspect of the new market that is showing signs of strain is the infrastructure Miami is working with at the moment. We were not equipped for such an influx of luxury buyers. Private schools are at capacity for instance, creating a highly competitive arena and causing some moves to be delayed. This is getting rectified as quickly as possible, but it is a small growing pain that we are experiencing. Miami has an oversupply of new luxury condo developments. I do agree that there is a lot of product to choose from, and it can be overwhelming to the untrained eye. There are so many beautiful projects with exclusive amenities, but to those of us who live and breathe Miami condos, there are distinct differences. We can help you to sort through the projects to identify the view you have in mind as well as the layout and amenity mix that fits your expection. While there is a lot of supply, that does not mean oversupply. The projects are selling quickly and people are migrating from all over. The city is still very affordable compared to other elite cities and so remains very much in demand. With the finance and tech sectors booming, we will continue to see our population increase. Rendering of Bentley Residences Dezervator Sunny Isles Miami | Image Courtesy of Dezer Properties Gil Dezer, the developer behind super-luxury towers in Sunny Isles Beach, addresses these issues specifically with The Real Deal. Even Californians are relocating to Miami. Dezer is behind such towers as Porsche Design Tower, Bentley Residences Sunny Isles and Armani/Casa. Bentley Residences broke ground last week. It is currently over 50% sold with prices starting in the $5 million range. He expects delivery in 2027. Truth or Hype? Miamians love hype. We love to hype our city. 305 till we die! While you will never be at a loss for hype in Miami, this time there is a mountain of truth behind the hype. Happy 305 Day! Dale! If you, or someone you know, would like to purchase or sell real estate in Miami or Miami Beach, please contact me, Michael Light, Founder/Owner of the Light Group at Douglas Elliman Real Estate. I am a resident of Coconut Grove and have direct knowledge of the local real estate market including insider/unreleased tips. You may reach me directly at my CocoWalk office at 305-350-9842, on my cell phone at 786-566-1700 or via email at michael@miamiluxuryhomes.com.
Douglas Elliman’s Q4 2023 Miami Mainland, Coral Gables & Miami Beach Market Reports Posted on January 27, 2024 by Michael Light Douglas Elliman has released the 4th quarter 2023 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 2023 Market Reports: Douglas Elliman’s Q4 2023 Miami Coastal Mainland Market Report Douglas Elliman’s Q4 2023 Coral Gables Market Report Douglas Elliman’s Q4 2023 Miami Beach & Barrier Islands Market Report Miami Coastal Mainland Q4 2023 Sales Overall Highlights “Price trend indicators pressed higher across the market.” +10% Median Sales Price – Median sales price remained at a record high for the 3rd time. -9% Closed Sales – Sales declined annually for the 7th straight quarter. +9.1% Total Inventory – Listing inventory rose year over year for the 5th time in 6 quarters. Aventura All price trend indicators showed mixed year-over-year results. Listing inventory increased annually for the 5th time. Brickell Median sales price increased year over year. Listing inventory increased annually for the 2nd time. Coconut Grove Condo price trend indicators surged annually. Condo listing inventory increased annually for the 1st time in 3 quarters. Single family price trend indicators showed mixed annual results. Single family listing inventory increased annually for the 2nd time in 3 quarters. Downtown Miami Condo price trend indicators increased annually. Condo listing inventory increased annually for the 5th time. Single family price trend indicators reached record highs. Single family listing inventory declined annually for the 3rd time. Palmetto Bay Price trend indicators increased annually. Listing inventory declined annually for the 3rd time. Pinecrest Price trend indicators showed mixed annual results. Listing inventory declined annually for the 2nd time. South Miami Price trend indicators surged year over year. Listing inventory declined annually for the 3rd time. DOWNLOAD: Douglas Elliman’s Q4 2023 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 2023 Sales Overall Highlights “Listing inventory expanded across most submarkets but remained sharply below pre-pandemic levels.” Coral Gables Single Family Year Over Year +26.6% Median Sales Price +1.6% Closed Sales -18.1% Total Inventory +3 Days of Marketing Time Single family listing inventory fell annually for the 2nd time in 6 quarters. Coral Gables Condos Year Over Year +12% Median Sales Price +12.2% Closed Sales +73.3% Total Inventory -3 Days of Marketing Time Condo median sales rose for the 2nd time in 3 quarters. DOWNLOAD: Douglas Elliman’s Q4 2023 Coral Gables Market Report Highlights *Please note that this only includes the City of Coral Gables. Miami Beach & Barrier Islands Q4 2023 Sales Overall Highlights “While listing inventory increased, it remains far below pre-pandemic levels.” +13% Median Sales Price – All price trend indicators increased collectively year over year for the 2nd time. +3 Months of Supply -12.5% Closed Sales – Sales declined annually for the 7th straight quarter +12.6% Total Inventory – Listing inventory rose year over year for the 5th consecutive quarter. +15 Days of Marketing Time 6.7% Discount Off List Price Sunny Isles Beach Median sales price increased year over year for the 5th time. Listing inventory rose annually for the 5th straight quarter. Bal Harbour Median sales price increased year over year for the 6th time in 7 quarters. Listing inventory rose annually for the 4th straight quarter. Bay Harbor Islands All price trend indicators surged year over year. Listing inventory rose annually for the 5th straight quarter. Surfside Condo sales increased year over year for the 1st time in 5 quarters. Condo listing inventory rose year over year for the 5th straight quarter. Single family median sales price increased year over year for the 1st time in 3 quarters. Single family listing inventory was unchanged year over year. North Bay Village Median sales price increased year over year for the 1st time in 3 quarters. Listing inventory declined annually for the 1st time in 5 quarters. Miami Beach Islands Median sales price increased year over year for the 5th time. Listing inventory rose annually for the 5th straight quarter. North Beach Median sales price increased year over year for the 4th time. Listing inventory rose annually for the 4th straight quarter. Mid-Beach Median sales price increased year over year for the 4th time. Listing inventory rose annually for the 4th straight quarter. South Beach Median sales price increased year over year for the 2nd time. Listing inventory rose annually for the 3rd time in 4 quarters. Key Biscayne Condo sales increased year over year for the 1st time in 8 quarters. Condo listing inventory increased annually for the 1st time in 8 quarters. Single family price trend indicators increased year over year. Single family sales stabilized annually for the 1st time in 9 quarters. Fisher Island Price trend indicators declined year over year. Listing inventory expanded year over year for the 2nd time. DOWNLOAD: Douglas Elliman’s Q4 2023 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 and/or selling 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 Executive 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. If you are interested in the Delray Beach, Palm Beach, Naples, Sarasota, Tampa and/or St. Augustine market reports, CLICK HERE.
Douglas Elliman Q3 2023 Market Reports – Sales Shrink Slightly, Yet Prices Continue Upward Posted on November 7, 2023 by Sarah Elles Boggs While the market in the third quarter of 2023 has slowed a bit, prices continue to rise, according to the Douglas Elliman Market Reports that are compiled quarterly by consulting group Miller Samuel. Some of this change is to be expected, as the end of the summer (the third quarter) is historically the slowest time of year for Miami real estate. The kids are starting back to school, we are still in the midst of the balmy ending of hurricane season and high season doesn’t start until the temperatures begin to drop in early October. Other aspects of the change are specific to the post-pandemic market conditions. We are still seeing low inventory due to the droves of northerners flocking to the sunshine state in effort to hide from cold temperatures and high taxes. Additionally, mortgage rates are still quite high, which slows things down a bit. The Fed’s pause on rate increases has helped to garner additional traffic in the marketplace from those who are looking to leverage their purchases, but we do not expect to see any decreases to the interest rates for at least a few more quarters. Despite these rates, the demand and lack of inventory continues to push prices northward. Douglas Elliman Market Report Miami Costal Mainland Single Family Sales 2023 Q3 In the single family home market, inventory decreased 17% to 1,839 listings by the end of the third quarter, with sales also falling 5% to 1,600 closings. The average sale price held relatively steady at $786,443, which is up slightly from $749,347 from the third quarter of 2022. With just 4.5 months’ of supply, we are still firmly in a seller’s market even though inventory is up just a titch. Douglas Elliman Market Report Miami Costal Mainland Condo Q3 2023 Condominium resales also took a dip. The sales volume fell 16% to 1,861 transactions at a median price of $440,000. The median price from this time last year was $408,250 which represents an 8% difference. With an increased marketing time of 65 days on market, we are currently sitting with 5.4 months of supply. This is closer to a balanced market and undoubtedly if you factor in the developer inventory, we would be in a balanced market. These figures are representative of the macro area along the Coastal Mainland Miami, which includes everything from the Upper Eastside all the way down to Pinecrest including Edgewater, the Design District, Midtown Miami, Downtown Miami, Brickell, the Miami River area, Coconut Grove, Coral Gables, Key Biscayne and Pinecrest/South Miami. If you would like to see the individual matrixes for your area, you may find it in the full market report below. Download the Q3 2023 Douglas Elliman Market Report in its entirety here. Something important to make note of with the market reports is that they measure only those deals that are entered into the MLS (Multiple Listing Service). This excludes off-market transactions and most developer sales as developers rarely keep up-to-date listings of their inventory in the MLS. If you need or want to move in the Miami area, or if you are searching for a real estate investment, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman, to discuss pre-qualification requirements. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com. Image Credit: The Elser Hotel Downtown Miami
The Capital Of Capital: Miami’s Luxury Real Estate Market Experiences Double-Digit Gains Posted on May 16, 2023May 18, 2023 by Sarah Elles Boggs While the majority of the world’s luxury real estate markets are experiencing their first losses since the 2008 financial crisis, Miami surges ahead. According to a recent study undertaken by Knight Frank and published in Mansion Global, Miami is the only city in the United States to experience any gains at all, with local luxury real estate prices rising 11% from the first quarter of 2022. The only city in the world with larger luxury real estate price increases than Miami was Dubai. “The slowdown in growth has overwhelmingly been driven by sharply higher interest rates following a recent tightening in global monetary policy,” said Liam Bailey, Knight Frank’s global head of research, in the report. Due to low interest rates, the obvious favorable climate, and the attractive tax climate, the Miami luxury real estate market was already on the upswing when COVID hit in 2020. During this time, as we were all in lockdown, many realized that not only is Miami financially a great choice, the lifestyle is far richer than depicted in the media. While the vibrant nightlife and tourism communities are certainly there, Miami is also a lovely place to raise a family and conduct business. Rendering of Rivage Bal Harbour Porte Cochere Remote workers began to choose Miami. Celebrities such as Tom Brady and Gisele Bündchen moved their family to Miami Beach, as did Jared and Ivanka Kushner. Around this time, Mayor Suarez was deep in the throes of his mission to make Miami an international epicenter of not only lifestyle, but business as well. His mission has been successful, the Magic City is now a hotspot for tech companies as well as the venture capital elite. Starwood Capital and Citadel are moving their headquarters to Miami and contributing to the thriving luxury real estate market as executives snap up homesteads for their families. Record-setting deals have been inked at a regular pace since the pandemic began to clear. We are now a true “Capital of Capital.” Is there a downside? Of course, as with any astronomical growth, there are growing pains. Inventory shortages have plagued us for a few years now, causing prices to increase further and pricing locals out of their own market. Supply chain issues cause delays in the delivery of new luxury residential towers. Even the private school systems are creaking under the pressure of the influx of new full-time residents. Fiancial Times has reported that so many families are relocating from Manhattan, our private schools are even more competitive than ever. Legacy families are being left behind as wealthy New Yorkers bring their private school bloodsport games down to Florida. For many families, there is no way to compete. One private school in Palm Beach received an $18 million gift from a newcomer. Naturally, his children were admitted. There is even talk from some of New York’s more prestigious private schools to open satellite campuses in Miami to accommodate these expat Manhattanites, but this takes time. For now, we will have to battle it out for the slots available in Ransom Everglades, Belen Jesuit, Miami Country Day and others of the sort. The Shore Club Residences Terrace View Looking Forward… As we adjust to the new neighbors and the new levels of density, there are so many beautiful towers to look forward to. The Perigon Miami Beach is active in their sales process and it is going very well. The Shore Club Residences in Miami Beach is also performing well. On the mainland, Villa Miami and Edition Residences Miami Edgewater are quite busy, with sales swiftly being completed. Overall, things look bright. There is no end in sight for the Miami luxury real estate boom of 2023 as long as Mayor Suarez continues to deliver a favorable business climate to match our lovely weather, culture and tax scenario. After the growing pains work themselves out and these new towers are delivered, we really will be sitting pretty and those who thought to buy in during the growing pains will have fatter pockets to show for it. To speak more specifically about an investment or if you need/wish to move, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com. We would be honored to assist you. Knight Frank Prime Global Cities Index Q1 2023 via Mansion Global
Douglas Elliman’s Q1 2021 Miami Mainland, Coral Gables & Miami Beach Market Reports Posted on March 20, 2021May 28, 2021 by Michael Light Douglas Elliman has released the 1st quarter 2021 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 Q1 2021 Market Reports: Douglas Elliman’s Q1 2021 Miami Coastal Mainland Market Report Douglas Elliman’s Q1 2021 Coral Gables Market Report Douglas Elliman’s Q1 2021 Miami Beach & Barrier Islands Market Report Miami Coastal Mainland Q1 2021 Sales Overall Highlights “The market was characterized by record pricing as well as falling supply.” Condo sales rose annually for the 3rd straight quarter as listing inventory fell for the 7th time. All single-family price trend indicators set new records collectively for the 4th straight quarter. Listing inventory for all property types fell sharply to the lowest on record. Aventura All price trend indicators surged year over year to new records. The number of sales jumped annually for the 3rd consecutive quarter. Brickell Median sales price posted year over year record gains. The number of sales nearly doubled year over year at a record rate. Coconut Grove Condo price trend indicators surged to new records. Condo listing inventory declined year over year to a new low. Single family price trend indicators continued to show year over year mixed results. Single family listing inventory and months of supply fell sharply to record lows. Downtown Miami Condo price trend indicators rose sharply to new records. Condo listing inventory dropped annually to a new low. Single family price trend indicators surged year over year. Single family listing inventory and months of supply fell sharply to record lows. Palmetto Bay Single family median sales price and average price per square foot rose to new records. Listing inventory fell year over year at the highest rate to a new low. Pinecrest All price trend indicators rose to new records. Listing inventory fell year over year at the highest rate to a new low. South Miami All price trend indicators rose to new records. Listing inventory fell year over year at the highest rate to a new low. DOWNLOAD: Douglas Elliman’s Q1 2021 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 Q1 2021 Sales Overall Highlights “The brisk market conditions continued into the new year with record highs for pricing and sales but with chronically low listing inventory.” The Coral Gables housing market saw sharply rising prices, heavy sales volume and listing inventory falling to new lows. A byproduct of these market conditions was a blistering pace. Single-family sales jumped 46.3% to 139 from the year-ago quarter as their listing inventory plunged 59.8% to a record low of 153 over the same period. DOWNLOAD: Douglas Elliman’s Q1 2021 Coral Gables Market Report Highlights *Please note that this only includes the City of Coral Gables. Miami Beach & Barrier Islands Q1 2021 Sales Overall Highlights “The market was characterized by record pricing, heavy sales volume, and a sharp decline in listing inventory.” All single-family price trend indicators surged to record highs as sales nearly tripled to a record. All condo price trend indicators surged year over year at a record rate to new highs. With the sharp rise in luxury condo sales and drop in listing inventory, the market pace was the fasted in 7 years. Sunny Isles Beach The number of sales nearly doubled year over year. Price trend indicators pressed higher year over year. Bal Harbour The number of sales rose sharply year over year for the 2nd consecutive quarter. Price trend indicators drifted lower year over year. Bay Harbor Islands Price trend indicators surged higher year over year. Price trend indicators and sales posted large annual gains. Surfside Condo sales more than doubled from the year-ago quarter. Condo price trend indicators continued to show mixed year-over-year trends. Single family sales more than doubled annually for the 2nd time in 3 quarters. Single family price trends rose collectively year over year for the 3rd straight quarter. North Bay Village The number of sales continued to rise sharply above prior-year levels. Price trend indicators moved higher from the prior-year quarter. Miami Beach Islands The number of sales nearly quintupled from the year-ago quarter. All price trend indicators jumped above prior-year levels. North Beach Price trend indicators rose sharply year over year. Sales surged year over year after 4 straight declines. Mid-Beach Price trend indicators rose sharply year over year. Sales surged year over year for the 3rd consecutive quarter. South Beach Price trend indicators rose to new records year over year. Sales surged year over year for the 2nd consecutive quarter. Key Biscayne Condo sales rose sharply year over year for the 3rd consecutive quarter. Condo price trend indicators continued to surge from year-ago levels. Single family sales surged year over year for the 5th consecutive quarter. Single family price trend indicators pressed higher year over year. Fisher Island The number of sales more than tripled from the prior-year quarter. The price trend indicators showed mixed annual gains. DOWNLOAD: Douglas Elliman’s Q1 2021 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.
Douglas Elliman’s Q4 2020 Miami Mainland, Coral Gables & Miami Beach Market Reports Posted on February 15, 2021March 27, 2021 by Michael Light 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.
Douglas Elliman’s Q3 2020 Miami Mainland, Coral Gables & Miami Beach Market Reports Posted on November 20, 2020 by Michael Light 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.