Residential sales rose in the fourth quarter in South Florida’s top markets, according to the latest Elliman Reports.
The reports, authored by Jonathan Miller of Miller Samuel, showed that Miami and Miami Beach, which have lagged behind other cities in South Florida in recent years, outperformed the rest. The figures do not include new development sales.
Miller said that sales have increased and inventory has declined over the past two years. “Now we’re starting to see more and more instances of inventory declining, which tells us two things: that sales are burning off supply to a modest degree, and also overpriced product is being removed from the market,” he added.
Some exceptions to the upward trend in the fourth quarter were Jupiter and Palm Beach Gardens, where home and condo sales fell, and in Manalapan, Hypoluxo Island and Ocean Ridge, where home sales fell, year-over-year.
Coastal Miami mainland
On the coastal mainland, which includes Aventura, downtown Miami, Brickell, Coconut Grove, Coral Gables, South Miami, Pinecrest and Palmetto Bay, residential sales in the fourth quarter totaled 3,754, a 6.7 percent increase from the previous year. The median sales price was $335,000, up 4.7 percent from the fourth quarter of 2018.
The listing inventory declined by 9.5 percent to 10,954 residential properties.
Condo sales rose 7 percent to 1,886; with the median price increasing by less than 1 percent to $250,500. Single-family home sales rose 6.4 percent to 1,868; and the median price rose 5.2 percent to $405,000.
Miami Beach and the barrier islands
In the fourth quarter, residential sales grew by 14.3 percent in Miami Beach and the barrier islands, year-over-year, to 775 closings.
Elliman defines this market as including Bal Harbour, Bay Harbour Islands, Fisher Island, Golden Beach, Indian Creek, Key Biscayne, Miami Beach and Miami Beach’s Mid-Beach, North Beach and South Beach neighborhoods, North Bay Village, Sunny Isles Beach and Surfside make up Miami Beach and its barrier islands. South Beach includes properties in the 33139 ZIP code and those in the 33140 ZIP code south of 30th Street.
Residential properties sold for a median price of $400,000, up 5.6 percent from the same period in 2018. The listing inventory also declined on the beaches, down 3.2 percent to 6,452 houses, condos and townhouses.
Condo sales jumped 15.3 percent to 699 closings. The median price for condos increased by 6.1 percent to $350,000. Single-family home sales also rose, by 5.6 percent, to 76 closings. But the median price for houses dropped by 18.3 percent to $1.3 million, which could be a sign of fewer waterfront properties trading hands.
In Broward County’s Fort Lauderdale, condo sales totaled 492 in the fourth quarter, an 8.4 percent year-over-year increase. The median sales price was $300,000, a 3.2 percent drop. The condo inventory fell by nearly 9 percent to 1,430 properties on the market.
Single-family home sales increased 15.7 percent to 464; with a median sales price of $414,500, a 15.2 percent increase.
West Palm Beach
Condo sales rose in West Palm Beach to 646 closings, a 6.6 percent jump. The median sales price fell by 4.3 percent to $129,250. The listing inventory declined by 5.5 percent to 1,153 condos.
Single-family home sales totaled 464, a 7.2 percent drop. The median price rose by 10.2 percent to $304,500.
Boca Raton and Highland Beach
The condo market outperformed the single-family home market in Boca Raton and Highland Beach. Condo sales rose by 8.4 percent to 682, while single-family home sales increased by 1 deal, to 564.
The median price for a condo was $225,000, up 2.3 percent year-over-year. For single-family houses, it was $475,000, a 5.6 percent increase.
Listing inventory fell for both condos and houses: down 4.1 percent to 1,348 condos; and down 20.4 percent to 1,071 houses.
In the small town of Palm Beach, 14 houses sold in the fourth quarter – just one more than in the fourth quarter of 2018, but marking a 7.7 percent increase. The median price fell by 14.6 percent to $3.83 million.
Condo sales took a tumble, dropping 10.4 percent to 60 closings. The median condo price increased by 7.6 percent to $633,750.
The listing inventory of condos rose by 3 percent to 311, while the inventory of houses fell by 6.3 percent to 148.