The Real Deal Miami

Miami residential sales drop despite inventory increase

Latest Elliman report shows Q2 decline in transactions, but prices keep rising

marketdataResidential sales in Miami are declining despite substantial increases in properties going on the market, a new report shows.

The Miami Beach/Barrier Islands market posted 1,334 closed sales during the second quarter for a year-over-year drop of 15.1 percent, according to the latest Elliman Report from Douglas Elliman Real Estate. The market had a 34.3 percent rise in listed inventory to 3,681 properties. The median sale price increased 5.4 percent to $390,000.

Closed sales in Miami’s Coastal Mainland market dropped 2.3 percent to 4,792. Listed inventory jumped 34.5 percent to 9,082. The market’s median sale price climbed 11.9 percent to $235,000.

Fort Lauderdale’s year-over-year luxury condo and townhome median sale prices jumped 16.3 percent to nearly $1.1 million, while luxury single-family prices rose 17 percent to $2.1 million during the quarter. Luxury condos in Fort Lauderdale spent an average of 140 days on the market, a decline of 14.1 percent. Luxury single-family residences averaged 235 days on the market, a gain of 42.4 percent.

The Palm Beach luxury market had a year-over-year drop 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 slipped 12.1 percent to about $6.7 million. Properties spent an average of 149 days on the market, down 57.3 percent from the second quarter of 2013. — Eric Kalis