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It is with great pleasure that I share with you the just released third quarter 2019 “Elliman Reports” for the South Florida sales markets, the leading resource on the state of these markets. We are also excited to share new reports for the West Palm Beach, Manalapan, Coral Gables and St. Petersburg 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 of the South Florida markets show flat to rising prices, but a growing number are seeing luxury inventory decline such as Miami Beach, Miami Mainland, Wellington, West Palm Beach, and Palm Beach.

Miami Beach condo sales rose year over year after three straight quarters of declines. There was the highest condo market share of conventional financing sales in more than six years of tracking. Single-family price trend indicators showed mixed results as sales declined. In Miami Coastal Mainland, condo sales rose year over year for the fifth time in six quarters. The single-family median sales price set a new record for the thirteenth time in fifteen quarters.

In Fort Lauderdale, condo sales fell short of year-ago levels as price trend indicators showed mixed results. Single-family sales and price trend indicators pressed higher year over year as inventory declined.

Boca Raton/Highland Beach condo listing inventory fell annually for the fourth straight quarter as sales declined for the first time in a year. Single-family price trend indicators posted large gains over the year-ago quarter.

Single-family sales rose year over year for the sixth time in seven quarters in Delray Beach. Condo median sales price has increased year over year in fourteen of the past fifteen quarters.

In the Wellington market, condo price trend indicators continued to rise year over year as sales declined. Single-family price trend indicators rose as sales surged annually.

Condo price trend indicators in Palm Beach moved higher as the number of sales declined from year-ago levels. Single-family average sales price reached a record high for sales tracked since 2006.

Single-family price trend indicators showed mixed results in Jupiter as sales surged annually. Condo sales and price trend indicators rose year over year. In Palm Beach Gardens, single-family price trend indicators increased as sales fell short of the prior-year level. Condo price trend indicators were mixed as sales surged.

In Coral Gables, single family price trend indicators and the number of sales rose sharply year over year. Condo sales edged higher as price trend indicators fell short of year-ago levels.

In West Palm Beach, condo median sales price rose year over year for the thirtieth straight quarter.  Single-family average price per square foot did not see a year over year decline in thirty-one straight quarters.

In Manalapan, which includes Manalapan, Hypoluxo Island and Ocean Ridge, overall single-family price trend indicators rose year over year in the region as listing inventory declined. Condo sales in Ocean Ridge were limited as listing inventory declined and price trend indicators were mixed. The median sales price set a record and surged to $27,000,000.

On the West Coast of Florida, in St. Petersburg, single-family price trend indicators and number of sales rose year over year. Condo price trend indicators and number of sales increased annually.

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 305.697.3367 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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