Prices Up, Sales Up For Boca, Delray Real Estate

News

NEW YORK, NY (BocaNewsNow.com) (Source: Douglas Elliman Advisory) — Douglas Elliman Real Estate, the third largest residential real estate company nationwide, today releases the second quarter 2018 South Florida Market Reports, covering Miami Beach, the Barrier Islands, the Miami Coastal Mainland, Fort Lauderdale, Boca Raton, Delray Beach, Wellington, Palm Beach, Jupiter, and Palm Beach Gardens.

Overall, the South Florida markets performed well this quarter, as measured by price, sale, and inventory trends. Miami Beach, Delray Beach and Wellington were the best-performing markets; all with rising prices and sales. “We saw several record-breaking numbers in South Florida,” said Jay Phillip Parker, Douglas Elliman’s Chief Executive Officer for Florida. “Miami had a particularly healthy quarter. Miami Beach experienced the most second quarter sales in three years with a noticeable shift to larger luxury condo sales year-over-year. Additionally, the number of sales in the Miami Coastal Mainland was well above the five-year quarterly average.” The other South Florida markets experienced price highs with the exception of Palm Beach.

 In Palm Beach, the community experienced the highest combined number of condo and single family sales in three years. In Boca Raton, the listing inventory for luxury properties declined this past quarter, unlike the rest of the market. Listing inventory for all other property types was varied across the remaining South Florida markets.

 “The outlook for South Florida continues to improve,” said Jonathan Miller, President and CEO of Miller Samuel Inc. and author of the report. “While inventory is rising across the region more than it is falling, the rate of growth is generally modest. Prices are generally up in most markets and sales in nearly as many. All in all, this is a fairly well-performing market.”

 

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MIAMI BEACH/BARRIER ISLANDS HIGHLIGHTS

 

Overview

– Price trend indicators posted strong gains across the overall and luxury markets

– Number of sales and pending sales moved up from year ago levels

– Although listing inventory has been rising for more than four years the rate of growth has eased considerably in past year

– Overall days on market and listing discount expanded as older listing inventory was cleared from the market

– Most second quarter sales in three years

– Luxury condo average sales size surged and pending sales posted strong gains

– Luxury listing inventory slipped

 

Key Trend Metrics (compared to same year ago period)

OVERALL MARKET

– Median sales price rose 7% to $438,000

– Average sales price increased 15.8% to $1,098,024
– Number of sales increased 10.7% to 1,025

– Days on market was 148, up from 139

– Listing discount was 11%, up from 9.7%
– Listing inventory increased 3.9% to 6,319

 

LUXURY CONDO

– Median sales price surged 47.6% to $3,370,000

– Days on market was 196, up from 194

– Listing discount was 12.7%, up from 11.4%

– Listing inventory fell 20.3% to 959 units

– Entry threshold began at $1,900,000

 

LUXURY SINGLE FAMILY

– Median sales price jumped 34.5% to $10,760,000

– Days on market was 262, down from 292

– Listing discount was 16.5%, up from 14.5%

– Listing inventory jumped 32.3% to 209 units

– Entry threshold began at $4,950,000

 

 

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MIAMI COASTAL MAINLAND HIGHLIGHTS

 

Overview

– Overall conditions reflect rising prices, stable sales and modest inventory gains

– Median sales price increased year over year for the 15th consecutive quarter

– Highest market share of conventional financing in more than five years of recording

– One in four single family sales and half of condo sales were purchased with cash

– Number of sales well above the 5-year quarterly average

– Listing inventory edged higher for second quarter after six consecutive quarters of year over year declines

 

Key Trend Metrics (compared to same year ago period)

OVERALL MARKET

– Median sales price increased 6.7% to $320,000

– Average sales price rose 8.8% to $456,591
– Number of sales fell 0.3% to 4,191

– Days on market was 86 up from 79

– Listing discount was 5.6%, up from 5.5%
– Listing inventory rose 2.7% to 11,184 units

 

LUXURY CONDO

– Median sales price rose 6.4% to $814,951

– Days on market was 176 days, up from 169

– Listing discount was 8.1%, up from 7.7%

– Listing inventory declined 6.3% to 2,537

– Entry threshold began at $580,000

 

LUXURY SINGLE FAMILY

– Median sales price rose 6.7% to $1,600,000

– Days on market was 125 days down from 133

– Listing discount was 7.9%, up from 7.7%

– Listing inventory slipped 1.1% to 1,012 units

– Entry threshold began at $960,000

 

 

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FORT LAUDERDALE HIGHLIGHTS

 

Overview

– Sharp price gains in the overall condo and single family markets

– All condo price indicators set new records

– Overall condo market showed a large burst in year over year sales in last two quarters

– Large gain in conventional financial market share for both property types

– Luxury listing inventory fell sharply across property types

 

Key Trend Metrics (compared to same year ago period)

LUXURY CONDO

– Median sales price increased 9.8% to $1,281,600

– Days on market was 81, up from 68
– Listing discount was 6.8%, up from 5.6%

– Listing inventory fell 31.8% to 255 units

– Entry threshold began at $975,000

 

LUXURY SINGLE FAMILY

– Median sales price rose 35% to $2,265,000

– Days on market was 167, up from 155
– Listing discount was 9.2%, up from 8.2%

– Listing inventory declined 15.6% to 298 units

– Entry threshold began at $1,500,000

 

 

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BOCA RATON HIGHLIGHTS

 

Overview

– Overall price trends for both condos and single families increased year over year

– Sales slipped an inventory edged higher for both property types from the year ago quarter

– Share rise in average sales size and price trend indicators for luxury condos

– Unlike overall market, listing inventory for luxury properties declined

– Luxury pending sales are up year over year

 

Key Trend Metrics (compared to same year ago period)

LUXURY CONDO

– Median sales price rose 24.8% to $1,051,250

– Average sales price surged 31.3% to $1,394,111

– Days on market was 128 days, up 14.3%

– Listing discount was 8.3%, unchanged

– Listing inventory fell 21.1% to 243

– Entry threshold began at $645,000

 

LUXURY SINGLE FAMILY

– Median sales price declined 4.8% to $1,900,000

– Average sales price rose 1.8% to $2,605,203

– Days on market was 142 days, down from 165
– Listing discount was 9.6%, up from 9.5%

– Listing inventory declined 25.8% to 419

– Entry threshold began at $1,250,000

 

 

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DELRAY BEACH HIGHLIGHTS

 

Overview

– Most price trend indicators for the overall market by condo and single family moved higher

– The number of sales for condos and single families market wide increased

– Marketing time fell across the overall market

– The negotiability of luxury single family and condos tightened

 

Key Trend Metrics (compared to same year ago period)

LUXURY SINGLE FAMILY

– Median sales price surged 12.3% to $1,737,500

– Days on market was 148, up from 118
– Listing discount was 8.7%, down from 11%

– Entry threshold began at $1,260,000

 

LUXURY CONDO

– Median sales price declined 10% to $575,750

– Days on market was 80, down from 116
– Listing discount was 5.5%, down from 5.8%

– Entry threshold began at $390,000

 

 

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WELLINGTON HIGHLIGHTS

 

Overview

– Overall market price trend indicators moved higher over both property types

– Listing inventory and sales were up slightly across most segments of the market

– Luxury single family prices and sales size were up sharply

– Smaller luxury condo sales size skewed most price indicators lower

 

Key Trend Metrics (compared to same year ago period)

LUXURY CONDO

– Median sales price fell 23.2% to $437,500

– Average square footage fell 11.9% to 2,034

– Days on market was 182, up from 160
– Listing discount was 5.9%, unchanged

– Listing inventory rose 8.3% to 52

– Entry threshold began at $350,000

 

LUXURY SINGLE FAMILY

– Median sales price jumped 34.4% to $2,150,000

– Average square footage rose 17.3% to 4,877

– Days on market was 176, up from 167
– Listing discount was 14.9%, up from 14.4%

– Listing inventory rose 4.3% to 218

– Entry threshold began at $845,000

 

 

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PALM BEACH HIGHLIGHTS

 

Overview

– Highest combined number of condo and single family sales in three years

– Listing inventory fell across the market by property type

– Condo price trends declined, skewed by shift to smaller sized sales

– Luxury inventory and days on market expanded

 

Key Trend Metrics (compared to same year ago period)

LUXURY CONDO AND SINGLE FAMILY

– Median sales price declined 20.8% to $12,537,970

– Days on market was 148, down from 140
– Listing discount was 17.7%, up from 15.3%

– Listing inventory rose 30.2% to 69

– Entry threshold began at $6,786,250

 

 

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JUPITER / PALM BEACH GARDENS HIGHLIGHTS

 

Overview

Jupiter

– Single family price trend indicators increased as sales and inventory declined

– Condo price trend indicators rose sharply as sales declined

 

Palm Beach Gardens

– Single family price trend indicators were mixed as sales and inventory declined

– Condo price trend indicators for the overall markets continued to rise

 

 

Key Trend Metrics (compared to same year ago period)

JUPITER SINGLE FAMILY

– Median sales price increased 7.3% to $515,000

– Days on market was 60, down from 69
– Listing discount was 5.2%, down from 6.5%

– Listing inventory declined 8% to 402

 

JUPITER CONDO

– Median sales price rose 12.9% to $315,000

– Days on market was 65, up from 62
– Listing discount was 4.6%, down from 4.9%

– Listing inventory rose 11.7% to 277

 

PALM BEACH GARDENS SINGLE FAMILY

– Median sales price increased 4.8% to $492,500

– Days on market was 77, down from 86
– Listing discount was 6.9%, down from 7.6%

– Listing inventory declined 2.5% to 516

 

PALM BEACH GARDENS CONDO

– Median sales price rose 3% to $242,000

– Days on market was 52, down from 62
– Listing discount was 4.4%, down from 4.6%

– Listing inventory jumped 21% to 236

 

 

About Douglas Elliman Real Estate

Established in 1911, Douglas Elliman Real Estate is the largest brokerage in the New York Metropolitan area and the third largest residential real estate company nationwide. With more than 7,000 agents, the company operates approximately 113 offices in New York City, Long Island, The Hamptons, Westchester, Connecticut, New Jersey, Florida, California, Colorado and Massachusetts. Moreover, Douglas Elliman has a strategic global alliance with London-based Knight Frank Residential for business in the worldwide luxury markets spanning 60 countries and six continents. The company also controls a portfolio of real estate services including Douglas Elliman Development Marketing, Douglas Elliman Property Management and Douglas Elliman Commercial. For more information on Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, please visitelliman.com.

 

 

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