The South Florida housing market fared well in the first quarter of the year, with increased prices and inventory that drove down time on market, according to a new report from Douglas Elliman Real Estate, authored by Jonathon Miller of Miller Samuel Inc.
Delray Beach and Fort Lauderdale performed the best out of all the South Florida markets, with both prices and sales up in the first quarter. Miami Beach and Miami Coastal Mainland both had multi-year price highs, as well as an inventory increase.
Pending sales rose year-over-year across the majority of South Florida, according to the report. The inventory of luxury properties was inconsistent across the area, with rising and falling patterns varying by location and type of property.
“What we saw this past quarter was a strong and consistent demand for South Florida real estate,” said Douglas Elliman CEO for Florida, Jay Phillip Parker. “Buyers saw the opportunity to jump into the market, as sellers seemed to decide that this was a good time to sell — with the result being increased pricing governed by increased inventory and homes spending less time on the market.”
In the Miami Beach area:
- The median sales price rose for the third consecutive quarter, up 11.7 percent from last year to $430,000.
- Days on the market this year decreased to 80 from 143 last year.
- Number of sales dropped 3.3 percent to 788.
In Fort Lauderdale:
- The median sales price set a seven-year record — $2.08 million for single-family homes and $1.31 million for condos.
- Inventory for both luxury condos and luxury single-family homes fell.
In Delray Beach:
- Pending sales surged in the first quarter.
- Median sales price for luxury single-family homes increased 48.3 percent to $2.08 million.
- Median sales price for luxury condos increased 20.1 percent to $696,500.
- Luxury single-family homes spent 126 days on the market, up from 100, while luxury condos spent 88 days on market, down from 103.