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:
- 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:
- 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.