SoFla housing market flooded with new inventory: report

Douglas Elliman Florida CEO Jay Parker
Douglas Elliman Florida CEO Jay Parker

Miami’s residential market is flooded with new inventory, as property owners look to capitalize on steadily rising sale prices throughout most of the area, a new report shows.

The Miami Beach/Barrier Islands market posted 1,057 closed sales during the third quarter for a year-over-year drop of 26.7 percent, according to the latest Elliman Report from Douglas Elliman Real Estate. The market had a 26.9 percent rise in listed inventory to 3,852 properties. The median sale price increased 9.8 percent to $405,000.

Sign Up for the undefined Newsletter

Closed sales in Miami’s Coastal Mainland market increased 3.3 percent to 4,893. Listed inventory jumped 42.7 percent to 10,695. The market’s median sale price declined 3.3 percent to $212,750.

Fort Lauderdale’s year-over-year luxury condo and townhome median sale prices dropped 8.7 percent to $956,200, while luxury single-family prices rose 26.2 percent to $1.64 million during the quarter. Luxury condos in Fort Lauderdale spent an average of 122 days on the market, a year-over-year decline from 201. Luxury single-family residences averaged 197 days on the market, up from 177.

The Palm Beach luxury market had a year-over-year increase in its median sale price and a decline in how long homes and condos stay on the market. The median price for luxury condos and homes jumped 97.2 percent to about $12.13 million. Properties spent an average of 133 days on the market, down from 161 during the third quarter of 2013. — Eric Kalis