The Real Deal Miami

Miami prices higher and higher in Q3: report

By Mark Maurer | October 17, 2013 11:00AM


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.

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.