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DOUGLAS ELLIMAN RELEASES EXCLUSIVE 4TH QUARTER 2019 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 fourth quarter 2019 “Elliman Reports” for the Florida sales markets, the leading resource on the state of these markets. We are also excited to share a new report for the Tampa market. 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 Miami Beach and Miami Coastal Mainland were the clear stand-outs this quarter with rising prices, rising sales, and falling inventory. Listing inventory was down across most of the markets we cover in Florida, and this is indicative of sellers either pulling overpriced listings that were stale or being priced right and sold.

Miami Beach condo listing inventory declined for the second time in the past three quarters. Single-family sales rose annually for the first time in four quarters. In Miami Coastal Mainland, condo listing inventory declined year over year for the second straight quarter. Single-family median sales price increased to a new record.

Boca Raton/Highland Beach condo listing inventory fell year over year for the fifth consecutive quarter. Single-family listing inventory fell year over year in four of the last five quarters.

In Coral Gables, single-family price trend indicators declined year over year as sales expanded, and listing inventory declined. Condo median sales price jumped year over year as listing inventory fell annually for the second straight quarter.

Single-family price trend indicators and sales rose year over year for the third consecutive quarter in Delray Beach. Condo price trend indicators surged, yet average sales size only saw a modest gain.

In Fort Lauderdale, condo sales rose sharply as listing inventory declined year over year for the second straight quarter. Single-family sales and price trend indicators rose higher year over year as inventory declined.

Single-family sales surged as price trend indicators fell short of year-ago levels in Jupiter.  Condo price trend indicators saw no annual declines for the second straight quarter. In Palm Beach Gardens, single-family price trend indicators showed mixed results as sales rose above the prior-year level. Condo price trend indicators moved higher as sales surged sharply from the prior year.

In Manalapan, which includes Manalapan, Hypoluxo Island, and Ocean Ridge, single-family price trend indicators showed mixed results as listing inventory declined for the third straight quarter. Condo sales in Ocean Ridge remained limited as listing inventory jumped.

Condo price trend indicators in Palm Beach continued to rise year over year as the number of sales declined from year-ago levels. Single-family price trend indicators showed mixed results as sales moved higher year over year, and single-family listing inventory declined for the first time in five quarters.

On the West Coast of Florida, in St. Petersburg, all single-family price trend indicators rose year over year for the sixteenth straight quarter. Condo price trend indicators and the number of sales declined year over year after four straight quarters of increases.

In South Tampa, all luxury price trend indicators moved higher year over year for the second time in three quarters. In Greater Downtown Tampa, the downtown condo market saw year over year growth in both price trend indicators and sales.

In the Wellington market, condo price trend indicators continued to increase year over year as sales fell sharply. Single-family price trend indicators showed mixed results as sales declined.

In West Palm Beach, condo price trend indicators showed mixed results as the number of sales moved higher on a year over year basis. Single-family price trend indicators also showed mixed results as both sales and listing inventory declined year over 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 305.697.3367 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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