Miami’s residential market completed its most first-quarter residential sales in at least eight years during the first three months of 2014, a new report shows.
The coastal communities in Miami posted a combined 5,133 closed sales during the first quarter for a year-over-year gain of 3.9 percent, according to the latest Elliman Report from Douglas Elliman Real Estate. Miami’s year-over-year median sale price rose 16.1 percent to $244,000. Homes and condos spent an average of 58 days on the market, the fastest in the eight years that Douglas Elliman has produced the quarterly report.
Fort Lauderdale’s year-over-year luxury condo and townhome median sale prices jumped 28.6 percent to more than $1.1 million, while luxury single-family prices rose 32.7 percent to nearly $2 million during the quarter. Luxury condos in the market spent an average of 113 days on the market, a decline of nearly 36 percent. Luxury single-family residences averaged 189 days on the market, a gain of 1.1 percent.
The Palm Beach luxury market had a substantial year-over-year surge 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 jumped 51.1 percent to about $10 million. Properties spent an average of 176 days on the market, down 48.8 percent from the first quarter of 2013. — Eric Kalis