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DOUGLAS ELLIMAN RELEASES EXCLUSIVE 1ST QUARTER 2020 ELLIMAN REPORT FOR THE MIAMI, BOCA RATON, FORT LAUDERDALE, AND PALM BEACH MARKETS

It is with great pleasure that I share with you the just released first quarter 2020 “Elliman Reports” for the Florida sales markets, the leading resource on the state of these markets. Our market reports are produced in conjunction with Miller Samuel to provide you and your clients with the most comprehensive and objective market insight available.

An overall assessment shows that after noticeably stronger results in the first two and a half months of the quarter, listing inventory growth slowed as market awareness of Coronavirus occurred in mid-March.

Boca Raton/Highland Beach condo listing inventory fell year over year for the sixth consecutive quarter with the most significant decline in the current quarter. Single-family listing inventory declined annually over the past four quarters at a rising rate.

In Coral Gables, single-family median sales price rose year over year for the second time in three quarters. Condo price trend indicators fell as the number of sales expanded.

Single-family median sales price in Delray Beach hasn’t shown a year over year decline in four quarters. Condo listings fell annually for four straight quarters.

In Fort Lauderdale, condo price trend indicators pressed higher as sales slipped year over year. Single-family sales and price trend indicators posted substantial annual gains.

Single-family sales price trend indicators and sales showed substantial annual gains in Jupiter.  Condo sales declined as price trend indicators pressed higher from year-ago levels. In Palm Beach Gardens, single-family sales price trend indicators were mixed as sales jumped year over year. Condo sales and price trend indicators showed robust annual increases.

In Manalapan, which includes Manalapan, Hypoluxo Island, and Ocean Ridge, single-family price trend indicators posted sizable year over year increases. The number of sales fell for the third straight quarter on a year over year basis. Listing inventory edged higher year over year after three consecutive, quarters of declines.

Miami Beach overall listing inventory declined year over year for condos and single-family properties. In Miami Coastal Mainland, overall listing inventory declined sharply year over year for both property types.

Listing inventory for condos, single-family properties and, luxury fell sharply from year-ago levels in Palm Beach. All three condo price trend indicators rose year over year for the third straight quarter. This quarter saw the most significant year over year increase in single-family sales in six years.

On the West Coast of Florida, in St. Petersburg, listing inventory for single-family properties slipped as condos surged from year-ago levels. All three single-family price trend indicators rose year over year together for the seventeenth straight quarter. All three condo price trend indicators were skewed lower by aa significant year over year drop in average sales size.

In South Tampa, listing inventory across the region and property type showed year over year declines. In Greater Downtown Tampa, Downtown and David Island showed significant price gains from the year-ago quarter. Listing inventory growth across the region was either low or saw declines from the prior year.

In the Wellington market, condo price trend indicators and sales rose as listing inventory declined from the prior year. Single-family sales and price trend indicators moved higher year over year as listing inventory dropped sharply.

In West Palm Beach, condo price trend indicators were mixed as sales and listing inventory increased year over year. Single-family price trend indicators increased as sales and listing inventory slipped from the prior year.

This update is brought to you by The Kawas Team, specializing in South Beach luxury homes.  The Kawas Team can help you find the right property.  If you would like additional information on pre-construction sales, call 305.608.6681 to speak with an expert.  Visit our website for information on the many new projects throughout the many Miami luxury neighborhoods and beyond.

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