Miami Outperformed the Beach in the First Quarter of 2015
Curbed Miami
by Sean McCaughan
Douglas Elliman just published their 1Q 2015 Real Estate Market Reportscovering Miami, Fort Lauderdale, Boca Raton, and Palm Beach. As always, report author Jonathan Miller of Miller Samuel, lover of charts and graphs, is back to break down the Miami market for us. Take it away Jonathan!
We’re now in the thick of the spring market. To look at how 2015 has been shaping up, Douglas Elliman published our first quarter research on the South Florida real estate market. A market snapshot, or market selfie, if you will.
The Miami Mainland outperformed Miami Beach as sales rose higher than a year ago. Condo prices were way up in both markets as new product – skewed towards the upper end – actually closes. Lower priced distressed sales fell sharply across the region also helping overall housing prices rise. In Miami Beach, sales of distressed condos (foreclosures and REO) fell 48.7% and single family distressed sales fell 71.4% from last year.
Outside of Miami, Boca Raton saw a strong luxury market and falling inventory, somewhat unusual for the region. Fort Lauderdale market was generally stable while Palm Beach continues to remain unusually tight with the combination of rising sales and falling inventory.—Jonathan Miller
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