Douglas Elliman’s 2016 Q3 Market ReportsNovember 7, 2016
Throughout the industry, the Douglas Elliman market reports have been known for their extensive insight into the local market and trends. Recently, Douglas Elliman has released their third quarter 2016 report, highlighting number of sales, median prices, absorption rate as well as other details on the market.
Download Douglas Elliman’s 2016 Q3 Market Report
Miami Beach & Barrier Islands Highlights
- Median sales price year to date rose 2.5% to $410,000 while median sales price for the third quarter declined 4.9% to $383,750 respectively from the same period last year.
- The only market segments to see both a gain in market share and an increase in market share were the 1-bedroom condo market and the 5-bedroom single-family market.
- Luxury condo price trend indicators declined as the shift in the mix skewed smaller. Luxury single-family price trend indicators showed mixed results over the same period as inventory expanded.
- In a continuing sign of overall market stability, the market share for distressed sales fell to 6.5% of all sales. The market remained dominated by “all cash buyers” accounting for 64.9% of condo sales and 51.9% of single-family sales.
Miami Coastal Mainland Highlights
- Overall median sales price increased 9.6% to $285,000 and average sales price edged up 0.4% to $391,918 respectively from the prior year quarter.
- The number of sales fell 15.1% to 3,950 over the same period with most of the decline attributed to the condo market. By property type, condo sales declined 25.8% to 1,840 while single-family sales slipped 2.8% to 2,110.
- The absorption rate for the overall market, defined as the number of months to sell inventory on the market at the current rate of sales, expanded to 8.2 months from 7.1 months in the prior year quarter.
- The luxury market, representing the top 10% of all sales, was more clearly divided among property types with the single family market out performing the condo market.
Fort Lauderdale Highlights
- The median sales price of a condo rose 2.4% to $285,000 and the median sales price of a single family increased 7.5% to $315,000 respectively from the year ago quarter.
- Median sales price for luxury condos fell 15.2% to $1,100,000 as luxury single families surged 57.7% to $2,050,000 respectively from the prior year quarter.
- Days on market, the number of days from the last listing price change if any, to the contract date, increased significantly.
- The average marketing time for condos was up 56.7% to 141 days and for single families was up 43.5% to 122 days respectively from the year ago quarter. Marketing time for luxury condos averaged 181 days while luxury single families averaged 273.
If you are interested in more information about the Miami market or are interested in purchasing real estate within the Miami are please contact us for more information.