Douglas Elliman’s Q3 2019 Miami Mainland & Miami Beach Market Reports Posted on November 6, 2019 by Michael Light Douglas Elliman has just released the 3rd quarter 2019 Elliman Reports for Miami Coastal Mainland 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 2019 Market Reports: Douglas Elliman’s Q3 2019 Miami Coastal Mainland Market Report Douglas Elliman’s Q3 2019 Miami Beach & Barrier Islands Market Report Miami Coastal Mainland Q3 2019 Sales Highlights “The market was best characterized by rising sales and prices.” The total number of condo and single-family home sales increased by 4.6% to 4,045 from the same period last year and was 9.3% above the 3,700 quarter average of the past 5 years. By property type, the pattern is choppy, but the market continues to see more activity, albeit slowly. Market-wide listing inventory fell 3.5% to 11,139 over the same period as falling mortgage rates helped drive more sales, thereby eroding inventory levels. DOWNLOAD: Douglas Elliman’s Q3 2019 Miami Coastal Mainland Market Report Highlights *Please note that Miami Coastal Mainland includes Aventura, Brickell, Coconut Grove, Coral Gables, Downtown Miami, Palmetto Bay, Pinecrest and South Miami. Miami Beach & Barrier Islands Q3 2019 Sales Highlights “The rise in sales across property types overpowered the modest gain in listing inventory.” The median sales price market-wide was $410,000, up 3.8% from the prior-year quarter for the 2nd increase in the past 3 quarters. There were 850 sales in the 3rd quarter, up to 5.2% from the same period last year and 6.4% above the 5-year quarterly average of 799. Listing inventory edged up 1.4% to 6,176 over the same period and 2% above the 5-year quarterly average of 6,303. DOWNLOAD: Douglas Elliman’s Q3 2019 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 or Miami Beach, please contact Michael Light, Broker Associate at Douglas Elliman Real Estate and Founder/Owner of the Miami Luxury Homes Group. You may reach me directly at my office at (305) 350-9842, on my cell at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.
Douglas Elliman’s Q2 2019 Miami Mainland & Miami Beach Market Reports Posted on July 23, 2019 by Michael Light Douglas Elliman has just released the 2nd quarter 2019 Elliman Reports for Miami Coastal Mainland 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 Q2 2019 Market Reports: Douglas Elliman’s Q2 2019 Miami Coastal Mainland Market Report Douglas Elliman’s Q2 2019 Miami Beach & Barrier Islands Market Report Miami Coastal Mainland Q2 2019 Sales Highlights “The market was best characterized by rising sales and prices.” The number of condo sales rose 6.7% year-over-year to 2,196 – the 5th increase in the last 6 quarters. Single-family home sales rose 4.4% to 2,226 over the past year, the 3rd gain in the past 4 quarters. Rising sales are an emerging trend, but prices have been growing more consistently. The median sales price for condos and single-family homes on a year-over-year basis have not seen a decline for at least 22 quarters, the length of time this metric has been tracked. DOWNLOAD: Douglas Elliman’s Q2 2019 Miami Coastal Mainland Market Report Highlights *Please note that Miami Coastal Mainland includes Aventura, Brickell, Coconut Grove, Coral Gables, Downtown Miami, Palmetto Bay, Pinecrest and South Miami. Miami Beach & Barrier Islands Q2 2019 Sales Highlights “Condo market shifted to smaller sales as listing inventory stabilized.” The market share of condo sales increased for studio and 1-bedroom sales as the 2-bedroom and 3-bedroom market share slipped. This shift played a role in overstating the year-over-year decline in the overall condo price trend indicators. Condo median sales price decreased 7.9% to $350,000, and the average sales price fell 14.8% to $752,415 respectively from the year-ago quarter. The single-family market showed the opposite pattern with 5-bedroom sales being the only category to see an expansion in market share, accounting for 40.5% of all single-family sales. DOWNLOAD: Douglas Elliman’s Q2 2019 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 or Miami Beach, please contact Michael Light, Broker Associate at Douglas Elliman Real Estate and Founder/Owner of the Miami Luxury Homes Group. You may reach me directly at my office at (305) 350-9842, on my cell at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.
Douglas Elliman’s Q1 2019 Miami Mainland & Miami Beach Market Reports Posted on April 19, 2019 by Michael Light Douglas Elliman has just released the 1st quarter 2019 Elliman Reports for Miami Coastal Mainland 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 2019 Market Reports: Q1 2019 Miami Coastal Mainland Market Report Q1 2019 Miami Beach & Barrier Islands Market Report Miami Coastal Mainland Q1 2019 Sales Highlights “Median sales price rose annually for the 18th consecutive quarter.” Median sales price edged 0.6% higher to $311,950 from the prior year quarter, but market pricing remained softer at the top. After 2 quarters of market-wide year-over-year sales gains, the number of sales declined 7.5% to 3,104 from the same period a year ago. Market-wide listing inventory expanded 6.9% to 12,247, the 4th consecutive annual increase. As a result, the pace of the market eased. The months of supply, defined as the number of months to sell all listing inventory at the current rate of sales, increased by 15.7% to 11.8 months over the same period. DOWNLOAD: Douglas Elliman’s Q1 2019 Miami Coastal Mainland Market Report Highlights *Please note that Miami Coastal Mainland includes Aventura, Brickell, Coconut Grove, Coral Gables, Downtown Miami, Palmetto Bay, Pinecrest and South Miami. Miami Beach & Barrier Islands Q1 2019 Sales Highlights “Overall price trend indicators moved higher as listing inventory slipped.” Listing inventory slipped 0.3% year-over-year to 6,726, the 1st decline in 5 years. The overall trend in sales was choppy, falling 2% to 772 over the same period, the 2nd decline in 4 quarters. In the overall market, condo median sales price was unchanged from the year-ago quarter as single-family median sales price jumped 17.9% to $1,650,000. In the luxury market, representing the top 10% of all sales, condo median sales price increased 12.7% to $3,225,000 while single-family median sales price surged 60% to $10,100,000 respectively from the year-ago quarter. Luxury single-family price trends were skewed higher by a 71.4% surge in average sales size to 9,548 square feet. DOWNLOAD: Douglas Elliman’s Q1 2019 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 or Miami Beach, please contact Michael Light, Broker Associate at Douglas Elliman Real Estate and Founder/Owner of the Miami Luxury Homes Group. You may reach me directly at my office at (305) 350-9842, on my cell at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.
2008: Ten Years Later | Miami Real Estate Values From 2008-2018 Posted on February 28, 2019 by Michael Light Over the past few weeks, I have pulled data from the Multiple Listing Service (“MLS”) going back to 2008 to see where the market in Miami is now compared to the “time before the crash.” All of the data I have pulled is based on closed sales over $1M USD in Miami Coastal Mainland (including Aventura, Brickell, Coconut Grove, Coral Gables, Downtown Miami, Palmetto Bay, Pinecrest and South Miami) and Miami Beach & Barrier Islands (including 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). Most people know that my business is built on statistics. I advise my clients, I do not sell them. If a client wants to purchase a property, I pride myself on having the statistics to advise whether it is a good or bad investment. Obviously, not all buying decisions are based solely on stats, but knowing the market has always gotten me a lot further than how “beautiful” or “amazing” that kitchen looks or how the property was designed by “fill-in-the-blank-with-the-hot-architect-of-the-day.” People buy and sell on emotion all the time, but when that analytics professor from NYC or that money manager from Greenwich wants to buy, I want to make sure I am the numbers guy who can justify the purchase. No one knows the South Florida market statistics better than I do. 2018 Miami Mainland & Barrier Island Real Estate Closed Sales Above $1M USD: Total Number of Sales: 1716 (+116.7% over 2008) Total Sales Volume: $4,262,781,487 (+148.3% over 2008) Average Sales Price: $2,484,138 (+14.6% over 2008) Median Sales Price: $1,674,000 (+7.5% over 2008) Average Sales Price Per SQ/FT: $728.84 (+15.3% over 2008) Median Sales Price Per SQ/FT: $596.68 (+2.4% over 2008) 2008 Miami Mainland & Barrier Island Real Estate Closed Sales Above $1M USD: Total Number of Sales: 792 Total Sales Volume: $1,717,164,171 Average Sales Price: $2,168,137 Median Sales Price: $1,557,500 Average Sales Price Per SQ/FT: $631.90 Median Sales Price Per SQ/FT: $582.80 As you can see above, 2018 was the new king of the Miami market, crushing 2008 in the luxury sector. What if we look at the ultra-luxury market of $10M and above? Total Sales of $10M or More by Year: 2008 – 12 sales for a volume of $141,005,000 2009 – 2 sales for a volume of $28,900,000 2010 – 9 sales for a volume of $111,421,000 2011 – 13 sales for a volume of $191,175,495 2012 – 28 sales for a volume of $445,028,054 2013 – 23 sales for a volume of $383,025,000 2014 – 30 sales for a volume of $484,394,150 2015 – 31 sales for a volume of $531,233,501 2016 – 23 sales for a volume of $333,815,609 2017 – 24 sales for a volume of $405,851,545 2018 – 45 sales for a volume of $662,549,111 As of the date of this publication, there have already been 9 closings above $10M in the first 59 days of 2019…we are on pace to close 56 sales over $10M this year, surpassing the historic number of 45 in 2018 by 24.4%. Looking at volume, 2019 is on pace to close $947M+ of ultra-luxury properties, shattering the historic mark of $662M+ in 2018 by 43%! If you are from one of the high-tax states like New York, New Jersey, Connecticut or Illinois (I am a transplant from Chicago) and are moving to Miami or you are considering selling a luxury home or condo in South Florida, please contact Broker Michael Light. Michael is the Senior Director of Luxury Sales and a member of the elite Sports & Entertainment Division at Douglas Elliman Real Estate. You may reach Michael directly at (786) 566-1700 or michael@miamiluxuryhomes.com. Disclaimer: The information contained herein was derived from data retrieved from the Multiple Listing Service (MLS) during February 2019. All information contained herein is for informative purposes only and should not be relied upon without representation.
2019 Coconut Grove Real Estate Values | What do the 2018 Statistics Tell Us? Posted on January 29, 2019January 31, 2019 by Michael Light Well, 2018 is over and we are almost a month into 2019 already. As I do every January, I compile and analyze all of the sales in Coconut Grove (per MLS data – which takes me several weeks) over the last year and look at where our community is trending. As most of you know, I am a Groveite through and through. I met my wife in the Grove, was married in the Grove (St. Hugh), my reception was in the Grove (Villa Woodbine – which sadly may be torn down to make way for an all-boys school), I live in the Grove (North Grove), and I am the Senior Director of Luxury Sales at Douglas Elliman in our Grove office on SW 27th Avenue. As always, the media loves to report, regardless of ACTUAL market conditions, that the Miami market is failing/falling/crashing/(insert scary language here). Well, the market may be slowing down and stabilizing in certain areas of Miami, but like always, Coconut Grove showed increases in many key pricing indicators in 2018. Here are some takeaways from the 2018 numbers: Total sales volume jumped $37,364,744, from $474,227,625 in 2017, to a whopping $511,592,369 in 2018 – This signifies the first time in Coconut Grove history that sales volume broke the $500M barrier! The average sales price per sq/ft in ALL of the Grove jumped another 3.8% in 2018 Center Coconut Grove seemed like the big winner seeing all 4 major pricing indicators rise in 2018: average & median sales prices rose (+10.3% & +9.9%) along with average & median sales price per sq/ft (+10.7% & +3.3%) North & South Grove ($517.90 & $509.04) BOTH averaged over $500 per sq/ft for the first time ever In 2018, we saw a very significant real estate record set: 3550 Matheson Avenue became the highest sale in Coconut Grove history when it closed for $19,750,000 on 03/01/2018. The sale also set the record for the highest price-per-square-foot ever paid for a waterview home in the Grove when it closed at $1,791.55 shattering the previous record from 2017’s sale of PH02-N at Grove at Grand Bay which closed at $1,494.02. A further look back… In 2013, the average closed sales price per sq/ft for the entire Grove was $314.07. In 2018, that number was $446.51. That is an increase of 42.2% over the past 5 years! In 2013, the total sales volume for the entire Grove was $406,166,357. In 2018, that number was $511,592,369. That is an increase of 26% over the past 5 years and the first time sales volume ever broke the $500M mark for Coconut Grove! Below, I have laid out all of the 2018 Coconut Grove real estate statistics and then a year-over-year comparison of 2018 versus 2017. 2018 Coconut Grove Real Estate Sales by the Numbers: Total Number of Sales: 470 Total Sales Volume: $511,592,369 Average List Price: $1,183,965 Median List Price: $759,460 Average Sales Price: $1,088,494 (91.9% of List Price) Median Sales Price: $725,000 (95.5% of List Price) Average Sales Price Per SQ/FT: $446.51 Median Sales Price Per SQ/FT: $396.10 Days on Market: 145 Average / 99 Median Highest Priced Sale of 2018: 3550 Matheson Ave. Closed on 03/01/2018 @ $19,750,000 ($1,791.55 per sq/ft) Lowest Priced Sale of 2018: 3615 Thomas Ave. #8 Closed on 05/17/2018 @ $90,000 ($193.13 per sq/ft) Download: ALL 2018 Coconut Grove Closed Sales 2018 vs. 2017 ALL Coconut Grove Sales Year-Over-Year Numbers: Total Number of Sales: UP 40 (+9.3%) | 470 in 2018 vs. 430 in 2017 (465 in 2016) Total Sales Volume: UP $37,364,744 (+7.9%) | $511,592,369 in 2018 vs. $474,227,625 in 2017 ($402,149,863 in 2016) Average List Price: DOWN $18,448 (-1.5%) | $1,183,965 in 2018 vs. $1,202,413 in 2017 ($929,258 in 2016) Median List Price: DOWN $17,540 (-2.3%) | $759,460 in 2018 vs. $777,000 in 2017 ($689,000 in 2016) Average Sales Price: DOWN $14,361 (-1.3%) | $1,088,494 in 2018 vs. $1,102,855 in 2017 ($864,838 in 2016) Median Sales Price: DOWN $22,000 (-3.0%) | $725,000 in 2018 vs. $747,000 in 2017 ($655,000 in 2016) Average Sales Price Per SQ/FT: UP $16.31 (+3.8%) | $446.51 in 2018 vs. $430.20 in 2017 ($396.32 in 2016) Median Sales Price Per SQ/FT: DOWN $1.38 (-0.4%) | $396.10 in 2018 vs. $397.48 in 2017 ($364.21 in 2016) Coconut Grove Neighborhood Map To local Groveites looking to sell, and buyers purchasing property in Coconut Grove, I have broken down the statistics of the different areas of the Grove. Coconut Grove is locally referred to in parts, i.e. North, South, Center and West (for example, CocoWalk and the Mayfair Hotel & Spa are both located in Center Grove and Kennedy Park is located in North Grove). 2018 vs. 2017 NORTH Coconut Grove Sales by the Numbers: Total Number of Sales: 127 in 2018 | 156 in 2017 (126 in 2016) Average List Price: $1,542,612 in 2018 | $1,467,565 in 2017 ($1,283,971 in 2016) Median List Price: $1,130,000 in 2018 | $1,074,500 in 2017 ($897,000 in 2016) Average Sales Price: (+6.4%) $1,416,833 in 2018 | $1,332,103 in 2017 ($1,201,557 in 2016) Median Sales Price: (+6.9%) $1,050,000 in 2018 | $982,000 in 2017 ($845,000 in 2016) Average Sales Price Per SQ/FT: (+3.5%) $517.90 in 2018 | $500.49 in 2017 ($477.62 in 2016) Median Sales Price Per SQ/FT: (-1.3%) $451.15 in 2018 | $457.14 in 2017 ($430.53 in 2016) Days on Market: 184 Average | 154 Median in 2018 (139 Average | 95 Median in 2017) Highest Priced Sale of 2018: 1641 S. Bayshore Dr. Closed on 11/16/2018 @ $8,100,000 ($758.14 per sq/ft) Lowest Priced Sale of 2018: 2630 SW 28th St. #45 Closed on 02/22/2018 @ $140,000 ($290.46 per sq/ft) Download: 2018 North Coconut Grove Closed Sales 2018 vs. 2017 SOUTH Coconut Grove Sales by the Numbers: Total Number of Sales: 67 in 2018 | 51 in 2017 (56 in 2016) Average List Price: $2,210,348 in 2018 | $2,442,520 in 2017 ($1,933,845 in 2016) Median List Price: $1,690,000 in 2018 | $1,650,000 in 2017 ($1,597,500 in 2016) Average Sales Price: (-8.9%) $2,033,042 in 2018 | $2,231,874 in 2017 ($1,741,387 in 2016) Median Sales Price: (-4.9%) $1,540,000 in 2018 | $1,620,000 in 2017 ($1,450,000 in 2016) Average Sales Price Per SQ/FT: (+3.4%) $509.04 in 2018 | $492.21 in 2017 ($481.66 in 2016) Median Sales Price Per SQ/FT: (+4.4%) $478.84 in 2018 | $458.75 in 2017 ($485.38 in 2016) Days on Market: 177 Average | 141 Median in 2018 (170 Average | 123 Median in 2017) Highest Priced Sale of 2018: 3550 Matheson Ave. Closed on 03/01/2018 @ $19,750,000 ($1,791.55 per sq/ft) Lowest Priced Sale of 2018: 4131 Ventura Ave. Closed on 08/17/2018 @ $540,000 ($385.71 per sq/ft) Download: 2018 South Coconut Grove Closed Sales 2018 vs. 2017 CENTER Coconut Grove Sales by the Numbers: Total Number of Sales: 197 in 2018 | 149 in 2017 (189 in 2016) Average List Price: $759,332 in 2018 | $670,283 in 2017 ($528,617 in 2016) Median List Price: $535,000 in 2018 | $489,900 in 2017 ($459,000 in 2016) Average Sales Price: (+10.3%) $691,480 in 2018 | $627,154 in 2017 ($503,393 in 2016) Median Sales Price: (+9.9%) $510,000 in 2018 | $464,000 in 2017 ($440,000 in 2016) Average Sales Price Per SQ/FT: (+10.7%) $405.21 in 2018 | $366.03 in 2017 ($360.37 in 2016) Median Sales Price Per SQ/FT: (+3.3%) $352.66 in 2018 | $341.46 in 2017 ($329.49 in 2016) Days on Market: 123 Average | 66 Median in 2018 (117 Average | 74 Median in 2017) Highest Priced Sale of 2018: 3307 Devon Ct. Closed on 09/17/2018 @ $12,437,500 ($1,349.12 per sq/ft) Lowest Priced Sale of 2018: 3245 Virginia St. #60 Closed on 04/26/2018 @ $150,000 ($291.83 per sq/ft) Download: 2018 Center Coconut Grove Closed Sales 2018 vs. 2017 WEST Coconut Grove Sales by the Numbers: Total Number of Sales: 79 in 2018 | 74 in 2017 (94 in 2016) Average List Price: $816,700 in 2018 | $860,228 in 2017 ($663,363 in 2016) Median List Price: $650,000 in 2018 | $714,000 in 2017 ($599,000 in 2016) Average Sales Price: (-3.7%) $769,799 in 2018 | $799,298 in 2017 ($620,735 in 2016) Median Sales Price: (-2.7%) $615,000 in 2018 | $632,250 in 2017 ($576,300 in 2016) Average Sales Price Per SQ/FT: (+4.8%) $381.78 in 2018 | $364.16 in 2017 ($311.47 in 2016) Median Sales Price Per SQ/FT: (+1.6%) $360.02 in 2018 | $354.40 in 2017 ($296.65 in 2016) Days on Market: 108 Average | 67 Median in 2018 (156 Average | 98 Median in 2017) Highest Priced Sale of 2018: 3525 Royal Palm Ave. Closed on 02/12/2018 @ $4,250,000 ($739.65 per sq/ft) Lowest Priced Sale of 2018: 3615 Thomas Ave. #8 Closed on 05/17/2018 @ $90,000 ($193.13 per sq/ft) Download: 2018 West Coconut Grove Closed Sales If you, or someone you know, would like to purchase or sell real estate in Coconut Grove, please contact me, Michael Light, Founder/Owner of the Miami Luxury Homes group at Douglas Elliman Real Estate. I am a resident of Coconut Grove and have direct knowledge of the Coconut Grove real estate market. You may reach me directly at my Grove office at 305-350-9842, on my cell phone at 786-566-1700 or via email at michael@miamiluxuryhomes.com. Looking for past Coconut Grove market statistic articles? Here they are: 2017 Coconut Grove Market Report 2016 Coconut Grove Market Report 2015 Coconut Grove Market Report 2014 Coconut Grove Market Report Disclaimer: The statistics referenced herein were retrieved from the Multiple Listing Service (MLS) on January 21, 2019. Any closed sales not listed in the MLS are not included in the statistics referenced herein. The MLS search criteria used was 33133 zip code + map outline + city not equal to “Coral Gables.” The statistics separated into North, South, Center and West Grove were separated according to the map shown above and may not be accurate. In addition, the information contained herein is for informative purposes only and should not be relied upon.
Douglas Elliman’s Q4 2018 Miami Mainland & Miami Beach Market Reports Posted on January 23, 2019 by Michael Light Douglas Elliman has just released the 4th quarter 2018 Elliman Reports for Miami Coastal Mainland 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 2018 Market Reports: Q4 2018 Miami Coastal Mainland Market Report Q4 2018 Miami Beach & Barrier Islands Market Report Miami Coastal Mainland Q4 2018 Sales Highlights “Market-wide sales for 2018 increased annually for the first time in 4 years.” Median sales price rose year-over-year for the 17th straight quarter, up 5.9% to $320,000, tied for the highest level in more than 5 years. After 3 years of year-over-year quarterly declines, the number of sales increased for the 2nd straight quarter, up 10.6% to 3,518. Listing inventory rose 20.9% to 12,071 from the same quarter a year ago. Days on market, the number of days between the list price at the time of contract and the contract date, were 81 days, up from 44 days in the year-ago quarter. DOWNLOAD: Douglas Elliman’s Q4 2018 Miami Coastal Mainland Market Report Highlights *Please note that Miami Coastal Mainland includes Aventura, Brickell, Coconut Grove, Coral Gables, Downtown Miami, Palmetto Bay, Pinecrest and South Miami. Miami Beach & Barrier Islands Q4 2018 Sales Highlights “The 1st annual rise in market-wide sales in more than 5 years.” Single-family median sales price rose 10.7% to $1,591,750, and average sales price jumped 18.6% to $2,672,944 respectively from the same period a year ago. The number of single-family sales surged year-over-year in the 2 most recent quarters by 26.7% in the 3rd quarter and 63.6% in the 4th quarter. Listing inventory showed a nominal change over the same period, slipping 0.7% in the 3rd quarter and rising 0.5% in the 4th quarter. For the condo market, median sale price declined 11.8% to $330,000, and average sale price fell 15.6% to $676,402 respectively from the prior-year quarter. DOWNLOAD: Douglas Elliman’s Q4 2018 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 or Miami Beach, please contact Michael Light, Broker Associate at Douglas Elliman Real Estate and Founder/Owner of the Miami Luxury Homes Group. You may reach me directly at my office at (305) 350-9842, on my cell at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.
Douglas Elliman’s Q3 2018 Miami Mainland & Miami Beach Market Reports Posted on October 19, 2018 by Michael Light Douglas Elliman has just released the third quarter 2018 Elliman Reports for Miami Coastal Mainland 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 2018 Market Reports: Q3 2018 Miami Coastal Mainland Market Report Q3 2018 Miami Beach & Barrier Islands Market Report Miami Coastal Mainland Q3 2018 Sales Highlights “The market showed improving conditions with rising price trends as well as sales and inventory.” With a dozen consecutive quarters with year-over-year sales declines, the overall number of sales jumped 11.1% to 3,868 from the same quarter last year. Listing inventory rose 11.8% to 11,545 from the same period last year which is 3.2% higher than the 5-year quarter average of 11,192. Median sales price rose 4.8% to $315,000 from the year-ago quarter, the 16th consecutive quarterly increase. DOWNLOAD: Douglas Elliman’s Q3 2018 Miami Coastal Mainland Market Report Highlights *Please note that Miami Coastal Mainland includes Aventura, Brickell, Coconut Grove, Coral Gables, Downtown Miami, Palmetto Bay, Pinecrest and South Miami. Miami Beach & Barrier Islands Q3 2018 Sales Highlights “The market continued to show rising price trends, modest inventory growth and a surge in sales.” There were 808 overall market sales, up 50.7% more than the year-ago quarter. Listing inventory edged 3.3% higher to 6,089 listings. Days on market, the number of days from the last price change, if any, to the contract date edged up 4.2% to 149 days. Listing discount, the percentage difference between the asking price at the time of contract and the contract price rose to 10.3% from 8.9% in the same period a year ago. Price trend indicators showed mixed results as sales drifted to larger sized units. This was evidenced by the growth in the 3-bedroom and 4-bedroom condo market share. DOWNLOAD: Douglas Elliman’s Q3 2018 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 or Miami Beach, please contact Michael Light, Broker Associate at Douglas Elliman Real Estate and Founder/Owner of the Miami Luxury Homes Group. You may reach me directly at my office at (305) 350-9842, on my cell at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.
Douglas Elliman’s Q2 2018 Miami Mainland & Miami Beach Market Reports Posted on July 29, 2018 by Michael Light Douglas Elliman has just released the second quarter 2018 Elliman Reports for Miami Coastal Mainland 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 Q2 2018 Market Reports: Q2 2018 Miami Coastal Mainland Market Report Q2 2018 Miami Beach & Barrier Islands Market Report Miami Coastal Mainland Q2 2018 Sales Highlights “Rising prices and an uptick at the upper end of the market.” Median sales price rose 6.7% to $320,000 from the year-ago quarter, the 15th consecutive quarterly increase. The number of sales for the region slipped nominally by 0.3% to 4,191 units, 9.1% above the 5-year quarterly average of 3,843 units. Inventory edged up 2.7% to 11,184 listings over the same period, consistent with the 5-year quarterly average of 11,152 listings. DOWNLOAD: Douglas Elliman’s Q2 2018 Miami Coastal Mainland Market Report Highlights *Please note that Miami Coastal Mainland includes Aventura, Brickell, Coconut Grove, Coral Gables, Downtown Miami, Palmetto Bay, Pinecrest and South Miami. Miami Beach & Barrier Islands Q2 2018 Sales Highlights “More overall sales activity with a lower rate of inventory growth and a shift towards larger luxury units.” There were 1,025 sales in the quarter, up 10.7% from the year-ago quarter. Condo sales showed higher sales growth with an expansion of market share of 3, 4 and 5-bedroom units as well as an 8.6% rise in average sales square footage. Overall growth was 3.9% to 6,319 listings over the same period. The combination of rising sales and falling supply resulted in a slightly faster market pace. Overall median sales price rose 7% to $438,000, and the average sales price jumped 15.8% to $1,098,024 respectively from the prior-year quarter. DOWNLOAD: Douglas Elliman’s Q2 2018 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 or Miami Beach, please contact Michael Light, Broker Associate at Douglas Elliman Real Estate and Founder/Owner of the Miami Luxury Homes Group. You may reach me directly at my office at (305) 350-9842, on my cell at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.