Miami Beach

For Miami Beach, 2015’s first quarter has been one of growth and easing for both the lower-tier and luxury markets. Overall median sales price rose 13 percent year-over-year to $437,750 – which is relatively affordable considering the area – while the number of sales declined 13.3 percent despite a 19 percent bump in listing inventory.

As sales have slowed, so has the pace at which a property leaves the market, inching up to an average of 53 days on the market per property from 51 in the first quarter of 2014.

For Miami Beach’s luxury market, which starts at $1.8 million for condos and $5.3 million for single-family, increases were recorded across the board. Median sales prices were up 13 percent for condos ($2.5 million) and 1.8 percent for single-family ($7.1 million). Generally, strong demand and low inventory push prices to such levels, but listing inventory for both property types rose double digits in this year’s first quarter, leading to questions of overvaluation.

In its report, Douglas Elliman wrote that strong price gains for luxury condos were the result of a continuing shift towards a higher-end market.