Miami’s coastal housing market keeps climbing

Miami /
Apr.April 17, 2014 12:00 PM

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


Related Articles

arrow_forward_ios
Kim Kretowicz, Jorge Portela, Shelly Argy Poston and Sandra Fiorenza (Sandra Fiorenza, JLL, Colliers, Gridline Properties, Getty)
Movers & Shakers: Sandra Fiorenza joins Douglas Elliman
Movers & Shakers: Sandra Fiorenza joins Douglas Elliman
Ron DeSantis and Peter Thiel (Illustration by The Real Deal with Getty)
Peter Thiel on Florida real estate: “becoming like California”
Peter Thiel on Florida real estate: “becoming like California”
Ethan and Ruthie Assouline (Getty, Assouline Team)
Assouline Team returns to Elliman after stretch at Compass
Assouline Team returns to Elliman after stretch at Compass
Joe Azar with rendering of Clara Bay Harbor and Chetrit Group’s project in the Miami River district (LinkedIn, Clara Homes, Getty images)
Compass agent Joe Azar jumps to Elliman
Compass agent Joe Azar jumps to Elliman
Bragi Sigurdsson (BragiMiami.com, Getty)
Bragi Sigurdsson leaves Elliman to start Side-backed firm
Bragi Sigurdsson leaves Elliman to start Side-backed firm
Affiliated Development co-founder Nick Rojo along with 9445 Fontainebleau Boulevard in Miami (left) and the Bohemian apartment project in Lake Worth Beach (right) (Getty Images, Affiliated Development, Google Maps, MSA Architects)
“Slamming on the brakes”: South Florida’s record rent hikes slow
“Slamming on the brakes”: South Florida’s record rent hikes slow
Arno De Vos ( Arno De Vos, Getty)
Arno De Vos leaves Douglas Elliman for Cervera
Arno De Vos leaves Douglas Elliman for Cervera
Julie Jones (Getty)
Florida Luxurious Properties sues ex-partner Julie Jones over Elliman jump
Florida Luxurious Properties sues ex-partner Julie Jones over Elliman jump
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...