MIAMI BEACH/BARRIER ISLANDS HIGHLIGHTS
Overview
- Single family sales surged as condo sales declined after a large burst of activity on the prior quarter
- Condo price trend indicators declined from year ago levels, consistent with drop in average sales size
- Luxury condo price trend indicators declined at same rate as average sales size
- Luxury single-family sales size rose sharply driving price trend indicators higher
- Luxury condo inventory increased as luxury single family inventory declined
- Marketing time expanded as older listings were absorbed as negotiability expanded
Key Trend Metrics (compared to same year ago period)
OVERALL MARKET
- Median sales price slipped 6.7% to $378,750
- Average sales price increased 0.3% to $888,424
- Number of sales slipped 10.4% to 678
- Days on market was 146, up from 73
- Listing discount was 10.9%, up from 810%
- Listing inventory increased 3.8% to 6,668
LUXURY CONDO
- Median sales price declined% to $2,200,000
- Average price per square foot decreased 13.5% to $1,047
- Days on market was 222, up from 92
- Listing discount was 12.6%, up from 11.3%
- Listing inventory rose 20.5% to 1,459 units
- Entry threshold began at $1,305,000, down from 1,520,000
LUXURY SINGLE FAMILY
- Median sales price surged 33.3% to $8,000,000
- Average price per square foot jumped 40.3% to $1,494
- Days on market was 349, up from 170
- Listing discount was 16.7%, up from 16.4%
- Listing inventory fell 6.2% to 183 units
- Entry threshold began at $5,900,000, up from 15.7%
MIAMI COASTAL MAINLAND HIGHLIGHTS
Overview
- Overall price trend indicators and the number of sales continued to rise year over year
- Year to date, overall sales and all price trend indicators were above the level seen in 2017
- Listing inventory trended higher for the fourth consecutive month
- Market share of purchases with conventional financing was the highest in the five years this metric has been tracked
- Nearly all luxury condo and single-family price trend indicators continued to rise year over year higher
- Luxury condo inventory declined as luxury single family inventory expanded
Key Trend Metrics (compared to same year ago period)
OVERALL MARKET
- Median sales price increased 5.9% to $320,000
- Average sales price rose 7.2% to $445,007
- Number of sales rose 10.6% to 3,518
- Days on market was 81 up from 44
- Listing discount was 5.6%, down from 5.7%
- Listing inventory rose 20.9% to 12,071 units
LUXURY CONDO
- Median sales price slipped 3.8% to $812,500
- Average price per square foot rose 4% to $470
- Days on market was 178 days, up from 155
- Listing discount was 7.8%, down from 8.1%
- Listing inventory declined 18.9% to 2,505
- Entry threshold began at $610,000, up 27.1%
LUXURY SINGLE FAMILY
- Median sales price rose 6.7% to $1,387,500
- Average price per square foot jumped 16.8% to $479
- Days on market was 130 days up from 67
- Listing discount was 8.5%, up from 8.4%
- Listing inventory rose 12.6% to 1,111 units
- Entry threshold began at $890,000, up 3.5%
FORT LAUDERDALE HIGHLIGHTS
Overview
- Condo sales rose above year ago levels for the fourth consecutive quarter
- Condo listing inventory rose year over year for the first time in six quarters
- Single-family price trend indicators were mixed as condos moved higher
- Condo luxury price trend indicators surged without any skew in average sales size
- Single-family luxury price trend indicators showed mixed results as average sales size declined
Key Trend Metrics (compared to same year ago period)
LUXURY CONDO
- Median sales price increased 25.8% to $1,550,000
- Average price per square foot rose 21.1% to $619
- Days on market was 131, down 34.5%
- Listing discount was 5.6%, down from 7.7%
- Listing inventory fell 28.7% to 256 units
- Entry threshold began at $1,095,000 up 41.3%
LUXURY SINGLE FAMILY
- Median sales price rose 7.4% to $2,125,000
- Average price per square foot slipped 4% to $572
- Days on market was 176, down from 190
- Listing discount was 9.5%, down from 16.4%
- Listing inventory declined 7.4% to 338 units
- Entry threshold began at $1,500,000, up 22%
BOCA RATON HIGHLIGHTS
Overview
- Condo median sales price hasn’t seen a year over year decline in ten quarters
- Sales for condos and single-families have increased year over year for two consecutive quarters
- Luxury condo and luxury single family price trends moved higher, consistent with rise in sales size
Key Trend Metrics (compared to same year ago period)
LUXURY CONDO
- Median sales price rose 9.4% to $902,500
- Average price per square foot rose 32.8% to $466
- Days on market was 108 days, up from 101
- Listing discount was 6.7%, down from 8.9%
- Listing inventory declined 13.7% to 308
- Entry threshold began at $590,000, up 9.6%
LUXURY SINGLE FAMILY
- Median sales price rose 5.6% to $2,112,500
- Average price per square foot rose 5.8% to $402
- Days on market was 187 days, down from 217
- Listing discount was 9.7%, down from 12.5%
- Listing inventory edged up 1.7% to 408
- Entry threshold began at $1,286,200 up 0.7%
DELRAY BEACH HIGHLIGHTS
Overview
- Single-family sales and median sales price have been rising year over year for four consecutive quarters
- Condo median sales price showed twelve consecutive quarters without a year over year decline
- Luxury single family price per square foot moved higher as the other indicators were pulled down sharply by drop in sales size
Key Trend Metrics (compared to same year ago period)
LUXURY SINGLE FAMILY
- Median sales price declined 10.9% to $1,741,250
- Days on market was 156, up from 104
- Listing discount was 5.9%, down from 10.4%
- Entry threshold began at $1,150,000, down 3.4%
LUXURY CONDO
- Median sales price rose 14.5% to $537,500
- Days on market was 102, up from 66
- Listing discount was 6.9%, up from 4.9%
- Entry threshold began at $325,000, down 1.5%
WELLINGTON HIGHLIGHTS
Overview
- Condo median sales price year over year for the tenth consecutive quarter
- Condo sales rose annual for three of the last four quarters
- All single-family price trend indicators increased year over year for the third consecutive quarter
- Luxury condo price trend indicators pulled lower by sharp decline in average sales size while the opposite occurred for luxury single-family price trends
Key Trend Metrics (compared to same year ago period)
LUXURY CONDO
- Median sales price slipped 1.8% to $665,000
- Average square footage declined 18.3% to 1,878
- Days on market was 77, down from 148
- Listing discount was 4.5%, down from 8.2%
- Listing inventory jumped 52.2% to 35
- Entry threshold began at $435,000, down 17.9%
LUXURY SINGLE FAMILY
- Median sales price jumped 88.2% to $2,000,000
- Average square footage rose 1.7% to 4,662
- Days on market was 195, up from 115
- Listing discount was 8.9%, up from 7.7%
- Listing inventory declined 33.6% to 186
- Entry threshold began at $1,010,000 up 47.4%
PALM BEACH HIGHLIGHTS
Overview
- Condos continued to dominate with the highest sales share since the financial crisis
- Single family and luxury price trend indicators skewed significantly lower by the sharp decline in average sales size
- Most fourth quarter market wide sales in 5 years
- Luxury inventory returned to more modest levels after limited availability over the past two years
Key Trend Metrics (compared to same year ago period)
LUXURY CONDO AND SINGLE FAMILY
- Median sales price declined 57.8% to $6,426,750
- Average price per square foot fell 22.5% to $1,443
- Average sales size dropped 52.1% to 4,515 square feet
- Days on market was 100, down from 496
- Listing discount was 9.1%, down from 18.3%
- Listing inventory jumped 104.1% to 100
- Entry threshold began at $4,250,000, down 59.9%
JUPITER / PALM BEACH GARDENS HIGHLIGHTS
Overview
JUPITER
- Single-family price trend indicators and sales moved higher
- Condo sales and price trend indicators all rose for the third consecutive quarter
PALM BEACH GARDENS
- Single-family price trend indicators showed double-digit gains as sales decreased
- Condo sales slipped again as price trend indicators continued to rise
Key Trend Metrics (compared to same year ago period)
JUPITER SINGLE FAMILY
- Median sales price jumped 15.4% to $525,000
- Days on market was 70, up from 62
- Listing discount was 5.8%, up from 5.6%
- Listing inventory declined 5.7% to 413
JUPITER CONDO
- Median sales price rose 11.3% to $310,000
- Days on market was 60, up from 59
- Listing discount was 4.1%, down from 5.2%
- Listing inventory rose 5.2% to 304
PALM BEACH GARDENS SINGLE FAMILY
- Median sales price increased 10.6% to $470,000
- Days on market was 82, unchanged
- Listing discount was 7.8%, up from 6.6%
- Listing inventory rose 5.2% to 527
PALM BEACH GARDENS CONDO
- Median sales price rose 2.1% to $240,000
- Days on market was 52, up from 48
- Listing discount was 3.9%, down from 4.6%
- Listing inventory jumped 41.7% to 299
