DOUGLAS ELLIMAN RELEASES EXCLUSIVE 4TH 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 fourth 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. Single family surged to record average and median sales prices as days on market fell to a new low. Condo price trend indicators showed strong annual gains as listing inventory fell for the first time in three quarters. All luxury single family price trend indicators jumped to new records, helped by the surge in average sales size to a new record.

Sales in Coral Gables rose sharply higher year over year, rebounding quickly from the spring market lockdown. Single family sales and median sales price surged to a record high as listing inventory fell to a record low. Condo listing inventory fell to a record low as the number of sales surged by its highest annual rate in nearly seven years, and luxury condo price trend indicators surged as listing inventory fell for the fifth time in six quarters.

In Delray Beach, single family and condo listing inventory for the overall and luxury markets fell from year-ago levels. Single family sales surged to a record level as listing inventory dropped to a four-year low and condo sales fell annually for the second time in three quarters. Single family sales size expanded while condo average sales size declined, helping to skew price trends.

Single family and condo listing inventory in Fort Lauderdale for the overall and luxury markets fell from year-ago levels. All condo price trend indicators rose year over year as the number of sales jumped for the second straight month. There were no year over year declines in single family price trend indicators, collectively for the sixth consecutive quarter and single family median sales price increased annually for the eighth consecutive quarter.

Single family and condo sales in Jupiter surged as listing inventory declined. Price trend indicators for both property types pressed higher year over year. In Palm Beach Gardens, single family sales increased to their highest number in more than five years. Condo listing inventory fell faster than the number of sales over the past year, keeping the market pace brisk.

In Manalapan, which includes Manalapan, Hypoluxo Island, and Ocean Ridge, sales nearly tripled year over year as price trends showed mixed results. Sales rose the most year over year in a decade. Listing inventory fell at its fastest rate in at least two years, and the average price per square foot rose year over year for the first time in three quarters.

In Miami Beach/Barrier Islands, single family and condo price trend indicators and sales rose against the backdrop of falling listing inventory. The market saw the most condo sales in more than five years, while price trend indicators were skewed higher by larger sized sales. Record price trend indicators and the number of sales for single families reached. Luxury condo price trend indicators continued to jump year over year, aided by the rise in average sales size.

In Miami Coastal Mainland, record single family and condo price trend indictors and sales rose as listing inventory declined. 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 surged year over year by their largest amount in seven years. Luxury condo price trend indicators continued to rise year over year, but listing inventory fell at its largest rate in nearly seven years.

Single family and condo price trend indicators and sales moved higher while listing inventory fell in Palm Beach. Single family sales more than quadrupled from the year-ago quarter, the largest increase in sales in more than a decade. Condos surged at the highest rate in two years to the most sales for a fourth-quarter in fourteen years. Luxury listing inventory dropped significantly year over year for the fourth straight quarter.

On the West Coast of Florida, in St. Petersburg, single family and condo price trend indicators and sales increased as listing inventory declined. Single family sales saw the largest year over year surge in six years. Condo listing inventory has declined year over year for the first time in six quarters. Year over year, sales for market areas including Snell Isle, Historic Old Northeast, and Downtown have roughly doubled.

In South Tampa, single family sales rose sharply for the second straight quarter on a year over year basis. Condo sales surged annually as listing inventory fell to its lowest level in at least two years. In Greater Downtown Tampa, Harbour Island, and Hyde Park sales surged from year-ago levels and Davis Island sales and listing inventory decreased from the prior-year quarter.

In the Wellington market, single family sales surged as condo sales declined, while both saw a drop in listing inventory. Single family sales rose year over year at the highest rate tracked in fifteen years, and condo median sales price increased annually for the seventeenth consecutive quarter. Luxury single family median sales price nearly doubled from the prior year, helped by the increase in average sales size.

In West Palm Beach, single family sales surged as condo sales declined, while both saw a drop in listing inventory. Condo median sales price increased annually year over year during all four quarters of 2021. Single family median sales price increased at the highest annual rate in more than nine years. Luxury single family median sales price nearly doubled from the prior year.

• Click here for Miami Beach/Barrier Islands Sales
• Click here for Miami Coastal Mainland Sales
• Click here for Boca Raton Sales
• Click here for Boca Raton – Royal Palm Sales
• Click here for West Palm Beach Residential Sales
• Click here for Fort Lauderdale Sales
• Click here for Palm Beach Sales
• Click here for Wellington Sales
• Click here for Delray Beach Sales
• Click here for Jupiter / Palm Beach Gardens Sales
• Click here for Coral Gables Residential Sales
• Click here for Manalapan, Hypoluxo Island & Ocean Ridge Sales
• Click here for Tampa Sales
• Click here for St. Petersburg Residential Sales

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.