AgentMarkets & Economy

South Florida real estate trends show strong recovery, records in 2015

  • In a New Douglas Elliman market report, South Florida is successfully recovering from the downtown.
  • Several records were set in key sales stats.
  • Across South Florida, distressed sales have dropped off significantly.

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In a year-end Douglas Elliman market report, the theme that unites South Florida real estate trends just may be recovery. In large part, single-family homes outperformed condos, and prices inched upward. As inventories climbed, sales volumes slid. Several records were set. In Palm Beach, records were set on price per-square-foot, which came in at more than $2,000. Across the region, distressed sales fell off precipitously. In the Miami Beach/Barrier Islands submarket, year-to-date prices inched up, but compared to a year ago, the median sales price declined, while the average price increased. According to the report, the average price in this submarket is a whopping $946,683. That’s a jump of more than 5 percent from last year. Days on market fell from 53 to 49. But the big news might be the record-setting jump in the luxury single family segment. You’ll need to spend $6.250 million just to meet the threshold, and the median sales price was a record $12.5 millio...