Just released first quarter 2020 “Elliman Report” for the Miami and Miami Beach market. Our market reports are produced in conjunction with Miller Samuel to provide you with the most comprehensive and objective market insight available.
Takeaways of the report
Final two weeks of March 2020
Listing inventory for both property types declined quarter over quarter, reflecting market conditions at the end of the quarter. The recent change in market conditions began in early March and has been measured in terms of days. Awareness of the global pandemic known as COVID-10 cooled conditions with two significant rate cuts by the Federal Reserve and the statewide shutdown of non-essential businesses.
New Year 2020 through mid-March 2020. The median sales price for condos rose 6% to $4264,000 and the median sales price for single-family properties increased by 7.7% to $404,000, respectively, from the year-ago quarter. The number of sales by property type pressed higher.