Miami residential sales drop despite inventory increase

Miami /
Jul.July 18, 2014 10:30 AM

Residential 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


Related Articles

arrow_forward_ios
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
Clockwise from top left: One Sotheby’s Jorge Uribe, Compass' Ida Schwartz, Fortune International Group's Edgardo Defortuna and Royal Palm Companies' Dan Kodsi (Illustration by Kevin Rebong for The Real Deal)
Slowdown hits South Florida’s hot resi market: Here’s what that means
Slowdown hits South Florida’s hot resi market: Here’s what that means
arrow_forward_ios

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

Loading...