Miami prices higher and higher in Q3: report

From left: Jay Parker and Jonathan Miller
From left: Jay Parker and Jonathan Miller

Miami median home prices hit a five-year high in the third quarter, skyrocketing 23 percent — from $195,000 to $240,000 year-over-year, according to a new market report released today by residential brokerage Douglas Elliman.

And Miami’s listing inventory continued to slip – by 8.2 percent, from 11,468 units this time last year to 10,531 units, according to the quarterly report, prepared by appraisal firm Miller Samuel.

Average sales prices in the Miami market were $379,733 for condos and $460,336 for single-family homes. Both numbers declined – 4.9 percent and 15.4 percent, respectively – from the second quarter but jumped year-over-year.

“It is a market that is noticeably better than it was in 2008,” Elliman’s Florida CEO Jay Parker told The Real Deal.

Sign Up for the undefined Newsletter

In Palm Beach, the average sales price fell 49.7 percent, from $930,790 in the second quarter to $468,480. The median sales price was $320,000, a 51.5 percent drop from $660,000 last quarter.

Palm Beach’s luxury listing inventory plummeted by 70.9 percent year-over-year, from 134 to 39 units. Condos and townhouses dropped by 6.6 percent, though availability of single-family homes increased, by 4.1 percent.

Fort Lauderdale saw 633 sales of both condominiums and single-family homes — the most overall sales for a quarter since 2006. Median sales for condos grew 31.5 percent, from $200,000 to $263,000, from this time last year. For single-family homes, median sales increased 24 percent, from $221,750 to $275,000.

“Considering that the summers are usually slow, this relatively aggressively third quarter is especially encouraging to me,” Parker said.