The second quarter 2020 “Elliman Reports” for the Florida sales markets have been released. These market reports are produced in conjunction with Miller Samuel to provide you with the most comprehensive and objective market insight available.
After a robust first quarter, the COVID-19 market shutdown during much of the second quarter caused sales to fall sharply. In other words, this is what a shut down during a global pandemic looks like. We expect a more active third quarter conditioned on how the second wave looks.
Miami Beach condo price trend indicators moved higher as the number of sales dropped during the shutdown. Single-family price trend indicators continued to decline along with sales and listing inventory year over year. Price trend indicators of luxury condos pressed higher as listing inventory showed a slight gain. Download Miami Beach report.
In Miami Coastal Mainland, condo listing inventory and the number of sales declined, as the median sales price reached a new record. Single-family median sales price rose to a new record as both sales and listing inventory fell sharply. Price trend indicators of luxury condos showed mixed results, as the number of sales saw a significant decline. Download Miami report.
In Coral Gables, single-family listing inventory declined as would-be sellers delayed their plans as the market paused. Condo sales and listing inventory declined year over year. Luxury condo and luxury single-family listing inventory saw significant annual declines too. Download Coral Gables report.
In Fort Lauderdale, condo sales dropped at the highest rate in more than thirteen years as all price trend indicators rose annually. Single-family sales fell at the most significant rate since 2007 as median sales price stabilized. Price trend indicators for luxury condos increased above year-ago levels at their most robust rate in six quarters. Download Ft. Lauderdale report.
Single-family sales price trend indicators and sales continued to show substantial year over year growth in Jupiter. Condo price trend indicators rose year over year for the fourth straight quarter. In Palm Beach Gardens, single-family sales fell at their most significant rate in fourteen years. Condo price trend indicators rose year over year for the third consecutive quarter. Condo price trend indicators jumped as the largest average sales size in two years skewed them higher in Palm Beach. Single-family listing inventory fell by the largest rate in seven years of tracking. Luxury listing inventory showed a substantial drop as price trend indicators surged year over year. Download Palm Beach report.
Boca Raton/Highland Beach condo sales declined year over year at its highest rate in 13 years as median sales price increased. Single-family sales declined year over year at its highest rate in 13 years as median sales price surged. The median sales price of a luxury condo declined while luxury single-family median sales price rose. Download Boca Raton/Highland Beach report.
Single-family sales declined in Delray Beach at the most significant year over year rate in over thirteen years as the market paused. Condo median sales price was unchanged year over year, the eighteenth straight quarter without a decline. Luxury single-family listing inventory declined annually as luxury condo listing inventory saw a significant gain. Download Delray Beach report.