MIAMI BEACH/BARRIER ISLANDS HIGHLIGHTS
Overview
- Number of sales surged year over year the most in at least four years
- Number of sales rose annually for the fifth quarter in seven quarters
- Modest gain in listing inventory overpowered by more sales as the pace of the market move faster
- Slight extension of marketing time as negotiability eased
- Market share of purchase mortgages exceeded one-third of all sales, the highest in five years
- Sharp rise in all luxury price trend indicators across both property types
Key Trend Metrics (compared to same year ago period)
OVERALL MARKET
- Median sales price slipped 1.3% to $395,000
- Average sales price increased 15.3% to $979,382
- Number of sales surged 50.7% to 808
- Days on market was 149, up from 143
- Listing discount was 10.3%, up from 8.9%
- Listing inventory increased 3.3% to 6,089
LUXURY CONDO
- Median sales price surged 33.8% to $2,542,500
- Average price per square foot rose 11.4% to $1,235
- Days on market was 174, down from 186
- Listing discount was 11%, up from 8.9%
- Listing inventory rose 10% to 1,243 units
- Entry threshold began at $1,447,400
LUXURY SINGLE FAMILY
- Median sales price more than doubled to $11,100,000
- Average price per square foot rose 59.2% to $1,463
- Days on market was 308, down from 265
- Listing discount was 14.6%, up from 12.7%
- Listing inventory fell 19.8% to 174 units
- Entry threshold began at $5,850,000
MIAMI COASTAL MAINLAND HIGHLIGHTS
Overview
- All price trend indicators and the number of sales increased year over year
- Listing inventory trended higher for the third consecutive month
- After twelve quarters of year over year sales declined, the number of sales saw sharp rise
- Total pending sales and new pending sales rose above year ago levels
- Market share of purchases with conventional financing exceed 50% in the more than five years this metric has been tracked
- Nearly all luxury condo and single-family price trend indicators moved higher
- Condo luxury inventory slipped as single-family luxury inventory expanded
Key Trend Metrics (compared to same year ago period)
OVERALL MARKET
- Median sales price increased 4.8% to $315,000
- Average sales price rose 6.2% to $433,838
- Number of sales rose 11.1% to 3,868
- Days on market was 83 up from 76
- Listing discount was 5.6%, up from 5.4%
- Listing inventory rose 11.8% to 11,545 units
LUXURY CONDO
- Median sales price rose 16.8% to $807,500
- Average price per square foot rose 10.9% to $480
- Days on market was 157 days, up from 143
- Listing discount was 7.6%, up from 7.5%
- Listing inventory declined 5.3% to 2,949
- Entry threshold began at $550,000
LUXURY SINGLE FAMILY
- Median sales price rose 8.7% to $1,439,999
- Average price per square foot slipped 2.1% to $424
- Days on market was 131 days up from 120
- Listing discount was 9.1%, up from 7.7%
- Listing inventory rose 15.9% to 1,144 units
- Entry threshold began at $875,000
FORT LAUDERDALE HIGHLIGHTS
Overview
- Condo sales surged higher and single-family sales increased well above year-ago levels
- Condo listing inventory was unchanged and single-family inventory expanded from the prior year
- Price trend indicators across both property types showed mixed results
- Condo luxury price trend indicators expanded, and luxury listings declined sharply
- Single-family luxury price trend indicators showed mixed results as luxury listings moved higher
Key Trend Metrics (compared to same year ago period)
LUXURY CONDO
- Median sales price increased 18.2% to $1,300,000
- Average price per square foot rose 8.9% to $561
- Days on market was 156, unchanged
- Listing discount was 5.3%, down from 6.5%
- Listing inventory fell 30% to 245 units
- Entry threshold began at $900,000
LUXURY SINGLE FAMILY
- Median sales price declined 18.8% to $1,625,000
- Average price per square foot rose 6.8% to $610
- Days on market was 153, down from 205
- Listing discount was 9.5%, down from 9.8%
- Listing inventory increased 22.2% to 424 units
- Entry threshold began at $1,095,000
BOCA RATON HIGHLIGHTS
Overview
- Condo and single-family price trend indicators and the number of sales all moved higher
- Single-family and condo listing inventory expanded
- Price trend indicators for luxury condos skewed lower by large drop in average sales size
- Luxury listing inventory declined for both property types.
Key Trend Metrics (compared to same year ago period)
LUXURY CONDO
- Median sales price declined 16.7% to $750,000
- Average price per square foot rose 3.4% to $425
- Days on market was 120 days, down from 139
- Listing discount was 7.2%, down from 10.7%
- Listing inventory declined 4.1% to 280
- Entry threshold began at $565,000
LUXURY SINGLE FAMILY
- Median sales price jumped 21.5% to $1,676,250
- Average price per square foot rose 5.4% to $353
- Days on market was 174 days, up from 164
- Listing discount was 11.5%, up from 7.8%
- Listing inventory declined 13.4% to 407
- Entry threshold began at $1,190,000
DELRAY BEACH HIGHLIGHTS
Overview
- Although the price trend indicators were somewhat mixed, housing prices were generally above year-ago levels
- Single-family listing inventory expanded as condo listing inventory declined
- Luxury listing inventory expanded across both property types
- The negotiability of luxury properties continued to tighten
Key Trend Metrics (compared to same year ago period)
LUXURY SINGLE FAMILY
- Median sales price declined 10.4% to $1,590,000
- Days on market was 163, up from 124
- Listing discount was 9.1%, down from 18%
- Entry threshold began at $1,220,000
LUXURY CONDO
- Median sales price declined 9.5% to $510,000
- Days on market was 125, edged up from 123
- Listing discount was 5.7%, down from 6%
- Entry threshold began at $355,000
WELLINGTON HIGHLIGHTS
Overview
- Median sales price for condo and single-family price trend indicators moved higher
- The number of sales slipped as listing inventory expanded
- Luxury single-family price trend indicators moved higher as listing inventory declined
Key Trend Metrics (compared to same year ago period)
LUXURY CONDO
- Median sales price fell 10.2% to $471,500
- Average square footage rose 8.1% to 2,041
- Days on market was 187, down from 211
- Listing discount was 5.6%, down from 7.6%
- Listing inventory rose 30% to 42
- Entry threshold began at $360,000
LUXURY SINGLE FAMILY
- Median sales price increased 3.1% to $855,000
- Average square footage rose 14.4% to 4,507
- Days on market was 204, up from 110
- Listing discount was 19.7%, up from 8.2%
- Listing inventory declined 14.9% to 234
- Entry threshold began at $750,000
PALM BEACH HIGHLIGHTS
Overview
- Highest sales market share of condos since the financial crisis
- The majority of price trend indicators moved higher
- Most total third quarter market-wide sales in five years
- Luxury inventory rose year over year for the first time in 2018
Key Trend Metrics (compared to same year ago period)
LUXURY CONDO AND SINGLE FAMILY
- Median sales price declined 35.2% to $5,000,000
- Average price per square foot rose 14.3% to $1,548
- Days on market was 78, down from 252
- Listing discount was 15.5%, up from 13.4%
- Listing inventory slipped 7.4% to 88
- Entry threshold began at $4,200,000
JUPITER / PALM BEACH GARDENS HIGHLIGHTS
Overview
JUPITER
- Single-family price trend indicators were mixed as sales declined
- Condo sales and price trend indicators moved higher
PALM BEACH GARDENS
- Single-family price trend indicators were mixed as sales expanded
- Condo sales slipped as price trend indicators moved higher
Key Trend Metrics (compared to same year ago period)
JUPITER SINGLE FAMILY
- Median sales price slipped 2% to $500,000
- Days on market was 59, down from 68
- Listing discount was 5.1%, down from 6.8%
- Listing inventory declined 1.8% to 385
JUPITER CONDO
- Median sales price rose 6.4% to $297,500
- Days on market was 54, down from 59
- Listing discount was 4.8%, down from 5.2%
- Listing inventory rose 17.9% to 303
PALM BEACH GARDENS SINGLE FAMILY
- Median sales price slipped 1.5% to $472,000
- Days on market was 80, up from 77
- Listing discount was 6.7%, unchanged
- Listing inventory declined 33.8% to 444
PALM BEACH GARDENS CONDO
- Median sales price rose 5% to $243,500
- Days on market was 58, up from 55
- Listing discount was 4.1%, up from 3.8%
- Listing inventory increased 25.5% to 246
