1Q 2017 Elliman Reports for South Florida, produced in conjunction with Miller Samuel to provide you with the most comprehensive data available just released.
After a year of what could be described as a “reset” the first quarter of 2017 Miami Beach housing market showed more stability. The market remained weaker at the top and while sales and inventory showed mixed results, conditions were generally stronger across the overall market. The number of condo sales and listing inventory moved higher. In contrast, single-family sales and listing inventory slipped. Combined, the number of sales for Miami Beach edged 0.6% higher to 815 sales and listing inventory rose 6.4% to 6,166 respectively over the same period. The paces of the market was essentially unchanged. The absorption reate, the number of months to sell all inventory at the current rate of sales, edged up nominally to 22.7 months from 21.5 months in the prior quarter.
Luxury price trend indicators, reflecting the top 10% of all sales, showed large price gains, largely from a shift in the mix to higher quality properties. Luxury condo median sales price jumped 14.2% to $3,025,000 from the year ago quarter. Luxury single-family price indicators such as median sales price surged 56.5% to $11,425,000 over the same period.