Miami’s Real Estate Market is Hot: Douglas Elliman and StreetEasy Release Q2 Residential Market Reports

Posted by & filed under Condo, Market Watch, Residential, Single Family.

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Second quarter real estate digits are in and we continue to see strength in the Miami market.

Here are a few highlights according to Douglas Elliman’s report:

Overview

  • Highest sales activity in 7 years.
  • Market share of distressed sales down sharply.
  • Prices up in most segments of the market, average sales price highest in 5 years.
  • Inventory dropped, most of decline from distressed listings.
  • Overall market seeing larger price increases now than luxury, which began to recover last year.

Key Trend Metrics (compared to same year ago period)

  • Median sales price increased 19.1% to $234,000
  • Number of sales jumped 15.4% to 6,416
  • Listing inventory dropped 18.8% to 9,490 units
  • Days on market was 64, down from 68
  • Listing discount was 6.1%, down from 7.4%

And here are a few highlights according to StreetEasy’s report:

Overview

  • New Developments – This quarter, there was 65% fewer new development sales compared to a year ago. This is a segment of the market that is truly constrained by the low inventory. Two-thirds of new development closings this quarter were under $300K.
  • Condo Resales – This segment of the market had a decrease of 11.1% in the number of transactions this quarter compared to a year ago. However, average PPSF jumped 34.3% to $341.
  • Single-Family Home Resales – 22% of all single-family homes sold this quarter were over $500K. Average PPSF climbed to $227, a 17% increase from a year ago.
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