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Douglas Elliman Releases Q3 2017 South Florida Sales Market Reports

Date: Oct 19, 2017
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Douglas Elliman Releases Q3 2017 South Florida Sales Market Reports

Hurricane Irma’s impact seen in closings; bright spot as luxury condomarket gains

MIAMI, FL (Oct. 19, 2017) Douglas Elliman today releases the third quarter 2017 South FloridaMarket Reports including Miami-Dade, Miami Beach, Sunny Isles, Ft. Lauderdale,Boca Raton, Jupiter, Wellington and Palm Beach. Authored by Jonathan Miller ofMiller Samuel Inc., the Douglas Elliman report reveals that a small part of theclosing volume was delayed in many markets due to the disruption from HurricaneIrma. Despite the disturbance, the luxury condo market showed rising prices andinventory on the decline. 

These SouthFlorida market reports are part of the Elliman Report series that began 23years ago. The third quarter report speaks to theresilience of South Florida, its continued growth and Miami’s increasing appealas a global elite city. The report analyzes the key data and trends, helpingclients to make informed decisions.

“The report reveals a mixed, but generallypositive, theme for the South Florida market as we head toward the end of theyear,” said Jay Phillip Parker, CEO of Douglas Elliman Florida. “WhileHurricane Irma may have caused a temporary disruption, it’s definitely back tobusiness as normal, and we anticipate fourth quarter sales to benefit from thespillover. Overall, the condo market in Miami Beach fared well, with standoutmarkets including Bal Harbour, the Bay Harbor Islands, Surfside, North Beachand North Bay Village. Fort Lauderdale, Palm Beach Gardens and Boca Ratoncontinue to be active and represent some of the better performing areas inSouth Florida.”

“Most of the condo markets we analyzedacross South Florida were the standouts, with modest price growth and inventorydrifting lower,” added Jonathan Miller of Miller Samuel Inc.

“The South Florida real estate market owesits resiliency to the lifestyle, proximity to Latin America, diversity, andentrepreneurial spirit. Sophisticated buyers continue to regard it as a solidinvestment to sell in the future, an investment diversification, and a safehaven for funds. We anticipate a robust end to 2017 and a strong pick up in2018 since development this cycle has been pared to demand,” added Parker.

Highlights of the Douglas Elliman Q3 South FloridaMarket Reports include:

MIAMI BEACH/BARRIER ISLANDS HIGHLIGHTS

Overview

- Housing price trendsshowed mixed results for the overall market

- After prior 2 quarters ofsales increases, the decline was due to disruption in closings in aftermath ofHurricane Irma

- Listing inventory edgednominally higher 

- Negotiability remainedstable as marketing time expanded

- 31% conventional financingof purchases was highest tracked in more than four years

- A nominal 3.5% of allsales were distressed

- Bal Harbor, Bay HarborIslands, Surfside, North Beach and North Bay Village condos saw gains insales/price trends

- Luxury condo market,starting at nearly $1.6M, showed price gains and sliding inventory

Key TrendMetrics (compared to same year ago period)

OVERALLMARKET

- Median sales price rose4.2% to $400,000- Average sales price was unchanged at $868,404
- Number of sales declined 11.8% to 690- Days on market was 139, up from 120-Listing discount was 8.9%, unchanged
- Listing inventory increased 1.4% to 5,895

LUXURY CONDO

- Median sales price increased 15.5% to $2,425,000

- Days on market was 196, up from 126

- Listing discount was 8.8%, down from 8.9%

- Listing inventory fell 8.5% to 1,130 units

- Entry threshold began at $1,590,000

LUXURY SINGLE FAMILY

- Median sales price shifted down 39.3% to $5,100,000

- Days on market was 265, up from 141

- Listing discount was 12.7%, down from 12.9%

- Listing inventory rose 33.9% to 217 units

- Entry threshold began at $4,350,000

____________________________________________________________________________

MIAMI COASTAL MAINLAND HIGHLIGHTS

Overview

- Sales declinedue to disruption in closings in aftermath of Hurricane Irma

- Price trendindicators moved higher as sales declined

- Listinginventory and negotiability expanded as marketing time declined

- Distressedsales continued to decline and remain a nominal part of market activity

- Both condo andsingle family price trends increased as sales declined

Key TrendMetrics (compared to same year ago period)

OVERALLMARKET

- Median sales price increased 5.4% to $300,500

- Average sales price rose 4.2% to $408,405
- Number of sales fell 11.8% to 3,482

- Days on market was 76 down from 103

- Listing discount was 5.4%, up from 5.2%
- Listing inventory rose 12.4% to 12,194 units

LUXURY CONDO

- Median sales price fell 5.4% to $691,500

- Days on market was 176 days, down from 187

- Listing discount was 7.5%, down from 7.9%

- Listing inventory rose 25.6% to 3,115

- Entry threshold began at $472,000

LUXURY SINGLE FAMILY

- Median sales price jumped 13.6% to $1,325,000

- Days on market was 174 days up from 213

- Listing discount was 7.7%, up from 7.6%

- Listing inventory declined 20.9% to 987 units

- Entry threshold began at $877,000

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FORTLAUDERDALE HIGHLIGHTS

Overview

- Condo andsingle family price trend indicators moved higher

- After prior 2quarters of sales increases, the decline was due to disruption in closings inaftermath of Hurricane Irma

- Luxury housingprice trends showed stability

- The overallmarket continues to be one of the better performing areas of South Florida

Key TrendMetrics (compared to same year ago period)

LUXURY CONDO

- Median sales price was unchanged at $1,100,000

- Days on market was 46, up from 31
- Listing discount was 6.5%, up from 6.3%

- Listing inventory increased 8.7% to 350

- Entry threshold began at $765,000

LUXURY SINGLE FAMILY

- Median sales price slipped 2.4% to $2,000,000

- Days on market was 205, down from 273
- Listing discount was 9.8%, down from 12.9%

- Listing inventory increased 0.6% to 347 units

- Entry threshold began at $1,200,000

____________________________________________________________________________

BOCA RATONHIGHLIGHTS

Overview

- After prior 4 quarters ofoverall sales increases, the decline was due to disruption in closings inaftermath of Hurricane Irma

- Median sales price forboth property types moved higher as marketing time expanded

- Luxury condo prices movedhigher as inventory declined while luxury single family prices declined andinventory expanded

- The overall marketcontinues to be one of the better performing areas of South Florida

Key TrendMetrics (compared to same year ago period)

LUXURYCONDO

- Median sales price rose 12.5% to $900,000

- Days on market was 139 days, up from 98 days

- Listing discount was 10.7%, up from 8.9%

- Listing inventory fell 9.6% to 292

- Entry threshold began at $550,000

LUXURY SINGLE FAMILY

- Median sales price declined 11% to $1,380,000

- Days on market was 164 days, up from 153
- Listing discount was 7.8%, down from 11.3%

- Listing inventory rose 7.1% to 470

- Entry threshold began at $935,000

____________________________________________________________________________

DELRAY BEACH HIGHLIGHTS

Overview

- Condo mediansales price showed gains while single family median sales price reflectedstability

- After prior 2quarters of overall sales increases, the decline was due to disruption inclosings in aftermath of Hurricane Irma

- Market east ofFederal Highway showed a shift in the mix to smaller but more sales

Key TrendMetrics (compared to same year ago period)

LUXURY SINGLE FAMILY

- Median sales price rose 15.6% to $1,775,000

- Days on market was 124, up from 103
- Listing discount was 18%, up from 8.8%

- Entry threshold began at $1,188,000

LUXURYCONDO

- Median sales price slipped 4.5% to $563,500

- Days on market was 123, up from 118
- Listing discount was 6%, up from 4.1%

- Entry threshold began at $355,000

____________________________________________________________________________

WELLINGTONHIGHLIGHTS

Overview

- Mostsubmarkets reflected a sharp drop in average sales size which skewed pricetrends lower

- Overallmarkets for condo and single family showed declines in listing inventory

- Marketingtimes for the overall condo and single family markets declined

Key TrendMetrics (compared to same year ago period)

LUXURY SINGLEFAMILY

- Median sales price declined 38% to $829,000

- Average sales square footage dropped 26.4% to 3,940

- Days on market was 110, down from 295
- Listing discount was 8.2%, down from 10.1%

- Listing inventory rose 29.7% to 275

- Entry threshold began at $640,000

LUXURY CONDO

- Median sales price jumped 65.6% to $525,000

- Days on market was 211, up from 128
- Listing discount was 7.6%, up from 3.4%

- Listing inventory declined 45.5% to 30

- Entry threshold began at $400,000

____________________________________________________________________________

PALM BEACHHIGHLIGHTS

Overview

- More activityin the lower half of the market as shift in mix pulled overall pricing lower

- Condo salesjumped as single family sales fell reflecting the shift in market focus tolower half of market

- Condos, singlefamily and luxury markets saw limited changes in listing inventory

Key TrendMetrics (compared to same year ago period)

LUXURY CONDOAND SINGLE FAMILY

- Median sales price declined 21.2% to $7,700,000

- Days on market was 252, down from 254
- Listing discount was 13.4%, down from 15.2%

- Listing inventory rose 4.4% to 95

- Entry threshold began at $4,865,000

____________________________________________________________________________

JUPITER / PALM BEACHGARDENS HIGHLIGHTS

Overview

- Jupiter:Housing price trends for the condo and single family markets moved higher asluxury showed softer conditions

- Jupiter: Afterstable sales for 3 quarters, the decline in activity is partially attributableto Hurricane Irma’s disruption

- Palm BeachGardens: The market remained one of the strongest South Florida marketsanalyzed

- Palm BeachGardens: Housing price rose market wide as sales slipped due to HurricaneIrma's disruption

Key TrendMetrics (compared to same year ago period)

JUPITERSINGLE FAMILY

- Median sales price increased 10.4% to $510,000

- Days on market was 68, up from 64
- Listing discount was 6.8%, up from 5.7%

- Listing inventory declined 12.9% to 392

JUPITER CONDO

- Median sales price increased 3.6% to $285,000

- Days on market was 59, up from 53
- Listing discount was 5.2%, up from 4.4%

- Listing inventory surged 71.3% to 257

PALM BEACHGARDENS SINGLE FAMILY

- Median sales price increased 11.4% to $479,000

- Days on market was 77, down from 86
- Listing discount was 6.7%, up from 6.3%

PALM BEACH GARDENS CONDO

- Median sales price rose 7.9% to $232,000

- Days on market was 55, down from 56
- Listing discount was 3.8%, down from 4.3%

About Douglas Elliman Real Estate

Established in 1911, Douglas Elliman Real Estate is the largest brokerage in the New York Metropolitan area and the fourth largest residential real estate company nationwide. With more than 7,000 agents, the company operates approximately 110 offices in Manhattan, Brooklyn, Queens, New Jersey, Long Island, the Hamptons & North Fork, Westchester, Greenwich, South Florida, Colorado and California. Moreover, Douglas Elliman has a strategic global alliance with London-based Knight Frank Residential for business in the worldwide luxury markets spanning 60 countries and six continents. The company also controls a portfolio of real estate services including Douglas Elliman Development Marketing; Manhattans largest residential property manager, Douglas Elliman Property Management with over 250 buildings; and DE Commercial. For more information on Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, please visit elliman.com.

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