SoFla housing market flooded with new inventory: report

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.

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