Miami’s coastal housing market surging

Miami’s residential market completed its most fourth-quarter residential sales in at least seven years during the last three months of 2013, a new report shows.

The coastal communities in Miami posted a combined 5,227 closed sales during the fourth quarter for a year-over-year gain of 0.4 percent, according to the latest Elliman Report from Douglas Elliman Real Estate. Miami’s year-over-year median sale price rose 14.3 percent to $240,000. Homes and condos spent an average of 63 days on the market, the fastest in the seven years that Douglas Elliman has produced the quarterly report.

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Fort Lauderdale’s condo market outperformed its single-family sector. Year-over-year condo and townhome sales jumped 10.6 percent to 52, while single-family closings dropped 6.5 percent to 43 during the quarter. The median condo price slipped one percent to $912,500, while the single-family median increased 1.8 percent to $1.76 million.

The Palm Beach luxury market had a substantial year-over-year decline in its median sale price and a major increase in how long homes and condos stay on the market. The median price for luxury condos and homes plunged by 15.6 percent to $6.75 million. Properties spent an average of 379 days on the market, up 25.1 percent from the fourth quarter of 2012. — Eric Kalis