Miami residential sales drop despite inventory increase

Residential sales in Miami are declining despite substantial increases in properties going on the market, a new report shows.

The Miami Beach/Barrier Islands market posted 1,334 closed sales during the second quarter for a year-over-year drop of 15.1 percent, according to the latest Elliman Report from Douglas Elliman Real Estate. The market had a 34.3 percent rise in listed inventory to 3,681 properties. The median sale price increased 5.4 percent to $390,000.

Closed sales in Miami’s Coastal Mainland market dropped 2.3 percent to 4,792. Listed inventory jumped 34.5 percent to 9,082. The market’s median sale price climbed 11.9 percent to $235,000.

Fort Lauderdale’s year-over-year luxury condo and townhome median sale prices jumped 16.3 percent to nearly $1.1 million, while luxury single-family prices rose 17 percent to $2.1 million during the quarter. Luxury condos in Fort Lauderdale spent an average of 140 days on the market, a decline of 14.1 percent. Luxury single-family residences averaged 235 days on the market, a gain of 42.4 percent.

The Palm Beach luxury market had a year-over-year drop in its median sale price and a major decline in how long homes and condos stay on the market. The median price for luxury condos and homes slipped 12.1 percent to about $6.7 million. Properties spent an average of 149 days on the market, down 57.3 percent from the second quarter of 2013. — Eric Kalis