CALL OR TEXT US TO
SPEAK WITH AN EXPERT
(305) 608 6681
Blog Search Back to News

DOUGLAS ELLIMAN RELEASES EXCLUSIVE 3RD 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 third 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.

Sales in Boca Raton/Highland Beach rose sharply higher year over year, rebounding quickly from the restraint of spring market activity at the onset of the COVID crisis. In a rebound from the prior quarter, condo and single family sales saw their largest annual rise in seven years. All single family price trend indicators rose year over year as sales saw its largest jump in nearly nine years. All luxury condo price trend indicators showed a substantial year over year increase.

Total market sales in Coral Gables pressed higher year over year, rebounding quickly from the restraint of spring market activity at the onset of the COVID crisis. Single family sales surged, and listing inventory fell from the prior-year quarter as the lockdown ended. Condo listing inventory declined annually for the fifth consecutive quarter, and luxury single family listing inventory declined sharply year over year for five straight quarters.

In Delray Beach, total market sales pressed higher year over year, rebounding quickly from the restraint of spring market activity at the onset of the COVID crisis. Single family sales increased at their highest year over year rate in five years, and condo sales reached their highest third-quarter total in twenty-two years of tracking. Both single family and condo luxury listing inventory fell sharply from the prior year total.

Sales rose higher year over year in Fort Lauderdale, rebounding quickly from the restraint of spring market activity at the onset of the COVID crisis. All condo price trend indicators rose year over year as the number of sales jumped. Single family sales surged, and listing inventory fell sharply from the prior-year quarter. Single family median sales price increased annually for the eighth consecutive quarter.

Single family sales in Jupiter jumped year over year as listing inventory dropped sharply. There were the most third-quarter condo sales in fifteen years. In Palm Beach Gardens, there were the most third quarter single family sales in fifteen years. Condo listing inventory declined annually for the sixth straight quarter.

In Manalapan, which includes Manalapan, Hypoluxo Island, and Ocean Ridge, sales rose higher year over year, rebounding quickly from the restraint of spring market activity at the onset of the COVID crisis.  Single family sales surged from the year-ago quarter, rising for the first time five quarters. Listing inventory declined annually for the third time in the four recent quarters, and all price trend indicators slipped from year-ago levels as listing discount rose to the highest level in more than a year.

Miami Beach/Barrier Islands sales rose higher year over year, rebounding quickly from the restraint of spring market activity at the onset of the COVID crisis.  Condo price trend indicators increased as sales and listing inventory edged higher. Overall single family price trend indicators set new records as sales surged year over year and luxury condo price trend indicators jumped year over year, aided by a shift to larger sized sales.

In Miami Coastal Mainland, sales rose higher year over year, rebounding quickly from the restraint of spring market activity at the onset of the COVID crisis. Condo price trend indicators and sales moved higher as listing inventory slipped to a three-year low. Single family price trend indicators set new records as sales rose to their highest level in more than five years. Luxury condo price trend indicators increased year over year as listing inventory declined annually for the second time in three quarters.

Sales in Palm Beach rose higher year over year, rebounding quickly from the restraint of spring market activity at the onset of the COVID crisis. All three condo price trend indicators increased year over year for the fifth straight quarter. Single family sales nearly tripled from the year-ago quarter as listing inventory fell sharply. Luxury listing inventory fell significantly year over year for the third consecutive quarter.

On the West Coast of Florida, in St. Petersburg, sales rose higher year over year, rebounding quickly from the restraint of spring market activity at the onset of the COVID crisis. Single family price median sales price has risen annually each quarter for nearly nine years. Condo listing inventory has declined year over year for the first time in six quarters. Markets including Snell Isle, Historic Old Northeast, and Downtown have all seen large year over year gains in sales levels.

In South Tampa, single family sales fell annually for the third time in four quarters as inventory posted a large decline. Condo listing inventory declined for the fifth consecutive quarter as the overall price trend indicators pressed higher. In Greater Downtown Tampa, downtown price trend indicators and sales rose above prior-year quarter levels. Davis Island sales and price trend indicators increased as listing inventory slipped.

In the Wellington market, condo sales surged annually at their highest rate in eleven years as listing inventory edged higher for the second straight quarter. Single family median sales price rose annually for the twelfth straight quarter as listing inventory dropped sharply. Luxury condo median sales price more than doubled year over year as listing inventory saw a significant annual decline.

In West Palm Beach, condo median sales price has risen in all but one quarter on a year over year basis for more than eight years. Single family listing inventory has fallen at a rising year over year rate for five consecutive quarters, and luxury condo listing inventory has posted large annual gains for three of the past four quarters.

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 305.680.3566 to speak with an expert.  Visit our website for information on the many new projects throughout the many Miami luxury neighborhoods and beyond.

SOBE Luxury Homes
The premier address for Miami and Miami Beach Real Estate

Located in Miami Beach, we are here to assist and facilitate you in your search for Miami real estate. Whether you are looking to buy or sell your primary residence, second home or investment property, our team of dedicated luxury residential sales and leasing specialists can help you achieve your ultimate objectives.

Over the years, we have provided first class service to all of our clients, whether they are buying a small apartment or a palatial home. The SoBe Luxury Homes team will be knowledgeable, responsive and ready to find you the home of your dreams.

Welcome to SoBe Luxury Homes. We hope you enjoy your stay.