The Light Group Is Once Again Honored With Douglas Elliman’s Pinnacle Award At The 2024 Ellie’s Posted on March 15, 2024March 16, 2024 by Sarah Elles Boggs After a whirlwind of a year in Miami’s exciting real estate world, we are very honored to have been recognized at Douglas Elliman for our performance in 2023. Each spring, the company tallies up the sales figures using several different metrics in order to see which agents and teams are performing at their peak. For the second year in a row, The Light Group has taken home an Ellie for the Pinnacle Award, meaning that we have transacted in the top 3% of all Douglas Elliman agents nationwide. This metric includes offices in markets such as New York, California, Texas, Colorado and of course Florida. Being honored at this level is quite a feat as there are over 7,000 agents in 113 offices all vying for the prize. The Metrics Given that we service several different types of transactions, there were three main metrics that contributed to our status as a Pinnacle Team. GCI (gross commission income) is a value that reflects the volume of closings we have facilitated over the last year, which is different than the number of transactions. The Light Group was honored for our GCI in both rental and sale transactions as well as for the number of rental transactions we facilitated during 2023. We are doubly proud to have orchestrated the systems needed in order to facilitate so many types of transactions. Whether helping our clients to list properties, find a location for a purchase, finding a tenant for a rental investment or finding a rental property for a tenant, we are well-equipped to help with transactions of all sizes. Quality of service is something that we regard with the highest importance, we are diligent in assisting as many new and existing Miamians as possible. The Light Group Team Naturally, none of this could have been possible without the dedication of our carefully-formulated team. Each member of The Light Group Team at Douglas Elliman has been chosen for a purpose and embraces their position proudly. Clients of The Light Group do not experience agents who simply show up to open a door and sign a contract. Miami real estate is more than just showings and closings, rather it is curating the lifestyle our clients have in mind. We utilize our ever-evolving knowledge of the local markets, neighborhood characteristics and sweet spots of opportunity together with our finely-tuned systems and processes, negotiation prowess and communication skills to usher our clients in or out of their properties seamlessly. Looking Ahead While naysayers are always whispering in the wings, Miami’s luxury real estate market is showing no signs of slowing down. The limit on luxury continues to be pushed upward and sales have been so brisk that we are relying more and more upon our insider contacts to be the first brokers with offerings such as The Four Seasons Private Residences in Coconut Grove and The Residences at Mandarin Oriental on Brickell Key. On Miami Beach, new developments are experiencing similar demand with quiet sales offerings at The Ritz Carlton South Beach and The Shore Club Private Residences. Many people have the misconception that working in real estate is easier when the market flourishes in the way that Miami has over recent years. Nothing could be farther from the truth. When the real estate market is booming, it becomes even more competitive and strong relationships are necessary in order to compete for the needs of our valued clients. We are very eager to see how the luxury and ultra-luxury markets continue to evolve over the coming years. If you have considered making a move or an investment, we would be honored to work with you as well. Please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman in order to go over your Miami area real estate goals and needs. You may reach Michael directly 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.
Buying Or Selling Property Abroad? We Can Help Via The Douglas Elliman | Knight Frank Global Connection Posted on May 25, 2023May 27, 2023 by Sarah Elles Boggs Naturally, we spend an immense amount of time obsessing over Miami and Miami Beach and all that these communities offer, but today we wanted to take a moment and recognize that there are glamorous and enriched markets all over the globe. This sentiment was brought on as I was scrolling through the happenings this weekend in the South of France. What a weekend they are prepared for! This is the closing weekend for the Cannes Film Festival 2023, where movie stars and film executives offer previews of their upcoming works and fashion designers flaunt their talent by dressing these stars for their premieres. While this is happening in Cannes, just an hour drive to the north (or a short helicopter ride away), the Monaco Grand Prix is preparing to race through what is Memorial Day Weekend in the United States. The global elite is congregated in this small area, which reminds us of the unique offering that Douglas Elliman is able to embrace through our partnership with Knight Frank Residential. Douglas Elliman Knight Frank Global Connection Offices 2023 Each year, Knight Frank and Douglas Elliman team up to bring the annual Wealth Report, which utilizes sales figures and demographic information to report where and how the global elite are investing their wealth. This is an incredibly powerful tool both for the agents of each company but also for investors who are looking to profit from sweet spots in various markets. The 2023 Wealth Reports can be found here, free of charge. While the reports are invaluable to all who utilize them, the partnership between the two real estate powerhouse companies goes a step further. There are a select few brokers who have been invited to be a part of the Douglas Elliman | Knight Frank Global Connection. We are proud to be in this group of brokers again for 2023. What this means for you is that we are able to assist you in your real estate decisions across the globe, wherever Knight Frank or Douglas Elliman has a presence. If you have aspired to own a villa in Lake Como, we are a phone call away. Using our partnership with Knight Frank, we are able to pair you up with a select power broker in Lake Como who will be able to offer the same insider service that we are able to offer in South Florida. Being a Global Connect broker also benefits our local clients. Those who list with The Light Group receive additional marketing and advertising through the Douglas Elliman | Knight Frank networks and publications, putting your property in the spotlight among the global elite. When Knight Frank brokers from abroad have a client whose interest has been piqued on the Miami area, we are among a select few local brokers who receive the phone call, particularly in the Coconut Grove and Downtown Miami/Brickell areas. It is an honor and a service that we are very proud to maintain. If you are interested in learning about real estate markets abroad, please contact Broker Michael Light. Michael is the Senior Director of Luxury Sales at Douglas Elliman Real Estate, a member of the exclusive Sports & Entertainment Division at Douglas Elliman and a Global Agent for Knight Frank Residential. You may reach Michael directly at (786) 566-1700 or michael@miamiluxuryhomes.com. Photo Credit: Julien Lanoy via Unsplash
The Light Group Is Honored With Pinnacle Award At 2023 Ellies Posted on March 22, 2023March 25, 2023 by Sarah Elles Boggs What a year it has been! We are extremely honored to be recognized at Douglas Elliman for our performance over the last year, taking home an Ellie for the Pinnacle Award. This means that our services allowed more people to receive new sets of keys this year than nearly any other team in the company. Recipients of the Pinnacle Award have transacted in the top 3% of all Douglas Elliman agents nationwide. This includes markets such as New York, Miami/Palm Beach, Aspen, Los Angeles, Dallas and Houston. With over 6,500 agents under the Elliman umbrella, this is quite a feat and we are very proud to have helped so many with their real estate needs. How Was This Honor Earned? The three specific areas of business that were recognized were our rental transactions, GCI (gross commission income) and sales volume. Rentals are a very important part of Miami real estate since many people rent prior to deciding which neighborhood or building to settle into on a more long-term basis. The volume and commission awards recognize that The Light Group is well-equipped to help with transactions of all sizes, and our commitment to doing as much of that as possible without sacrificing quality of service. Quality of service is something very dear to our hearts and we are purposely fortunate to have so many happy clients. None of this honor could have been possible without the dedication and persistence of our team. Everyone in The Light Group embraces their position proudly and is eager to serve, including not just showing real estate and closing deals, but also making sure the paperwork is buttoned up, inspections and repairs are as seamless as possible for our clients, our marketing team that communicates to the world how much we love where we live and what we do, and of course the fearless negotiations. We really do have a dream team and are very excited to see what this new year will bring. With new and exciting changes coming to the marketplace in 2023 including new buildings rising all around us, we are also honored to have created neighbors in some of the most prime locations in South Florida. We have been fortunate enough to work in historical buildings, trophy homes, Coconut Grove luxury buildings such as Park Grove, waterfront new construction residences such as Elysee in Edgewater as well as buildings that are set to be delivered in years to come such as The Perigon Unit 1206. Moving Forward Together This new year has already brought many opportunities to continue bringing success to our clients’ goals. We are very eager to see what else is to come as Miami continues to evolve and welcome new neighbors. If you have considered making a move and are looking for a real estate team to assist in reaching your goals, we would be honored to work with you as well. Please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman in order to go over your Miami area real estate goals and desires. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.
Celebrating a Banner Year for Douglas Elliman Florida Posted on April 7, 2022 by Michael Light We are thrilled to announce that Douglas Elliman Florida has achieved another record-breaking year, closing 2021 with $14.6 Billion in total sales volume – more than doubling our previous record set in 2020, with over 7,259 total transactions and closing $40 Million in daily sales! In such a competitive Florida real estate market, our achievements speak to the dedication, expertise, knowledge and perseverance demonstrated by each of the real estate professionals within our 22 offices across Florida from Miami to Palm Beach to Ponte Vedra and everywhere in between. Douglas Elliman (Coast to Coast) Not only did Douglas Elliman have a record year in Florida, but the brokerage shattered its national sales reporting $51.2 Billion in sales last year, up from $29.1 Billion the year prior. The firm also reported an overall 32,405 transaction for 2021 – a record, up from 22,686 the year prior. Douglas Elliman is the leading luxury real estate firm from coast to coast operating in New York, The Hamptons, Connecticut, New Jersey, Florida, California, Colorado, Massachusetts and Texas, with approximately 6,500 agents and 100 offices nationwide. The Light Group at Douglas Elliman The Light Group is also proud to announce that our small team was in the top 4% of the entire company nationwide last year! We could not have done this without the amazing support of our clients, and we want to say THANK YOU! We are so grateful for the opportunity that our clients have given us, and we will continue to work hard to help you turn what you love into where you live! Please do not hesitate to contact us if you are interested in buying or selling in Florida. You may reach Broker and Executive Director of Luxury Sales, Michael Light, directly at 786.566.1700 or via email at michael@miamiluxuryhomes.com.
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.