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The 5 Miami markets where home prices jumped the most in Q1

by Joe Ward

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A period of instability in Miami’s housing market is finally easing, as 2017 looks to be a year where doomsday predictions for the market give way to stability and growth, according to Douglas Elliman’s first quarter 2017 report.

“We’re entering into a new period that I refer to as a reset,” said Jay Parker, CEO of Douglas Elliman Florida. “We are seeing somewhat better results than we did in 2016. The market in general is showing signs of stability.”

Douglas Elliman’s report shows that some luxury markets, after years of skyrocketing prices and inventory, are settling into a period of growth in home prices. In fact, luxury areas lead the way in increases in median home cost, as four of the five markets with the biggest jump in price are in ritzy areas. Though some luxury markets had median home price increases, many also saw the average property’s days on market climb, suggesting that inventory is still a problem in some of these markets.

Here are the five markets with the biggest spike in median home price in Q1 2017, according to Douglas Elliman.

1. Bal Harbour:

Median condo sales price (year-over-year change): $1.5 million (107 percent)

Number of sales closed: 29 (-3.3 percent)

Days on market: 179 (88.7 percent)

 

2. Fisher Island:

Median condo sales price (year-over-year change): $7 million (104.4 percent)

Number of sales closed: 3 (-25 percent)

Days on market: 234 (397.2 percent)

 

3. Miami Beach:

Median condo sales price (year-over-year change): $3.79 million (56 percent)

Number of sales closed: 9 (no change)

Days on market: 289 (252.3 percent)

 

4. South Miami:

Median single-family home sales price (year-over-year change): $528,000 (26.6 percent)

Number of sales closed: 23 (-8 percent)

Days on market: 68 (36 percent)

 

5. Coconut Grove:

Median single-family home sales price (year-over-year change): $1.72 million (25.6 percent)

Number of sales closed: 14 (-26.3 percent)

Days on market: 108 (18.7 percent)

Note: Coconut Grove had one of the highest increases in median price for single-family homes, but its median condo price actually fell by nearly 11 percent to $587,500.

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Comments

  • Sebastian Acosta says:

    This report is highly misrepresenting the reality. You are using Bal Harbor new construction from Oceana to determine that the whole price of the area has changed 107%? This is absolutely not true specially when the price of resales is going down across the board in luxury real estate in Miami.

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