The second quarter of the year was a banner one for several parts of the South Florida luxury real estate market. Prices reached record highs, but inventory began to expand and days on market increased. Douglas Elliman recently released its Q2 2016 South Florida Market Reports covering Miami Beach, Miami Mainland, Fort Lauderdale, Boca Raton and West Palm Beach. Housing trends in Miami Overall in the Miami Beach/Barrier Islands part of South Florida, prices trended upwards 12.1 percent year-over-year in the second quarter of 2016, reaching a record high average sales price of $1,017,679. The market has been moving fairly rapidly in the past few years, but those trends have taken a bit of halt recently. The median sales price in Miami Beach and the Barrier Island also jumped by 2.4 percent annually in Q2, reaching $435,000. These increases in prices are having an impact on local inventory levels as well. Listing inventory increased 35.8 percent annually, but sales decrease...
- The median sales price increased 7.7 percent to a record of $280,000 since Q1, while the average sales price inched up 2.7 percent to $404,020 in the Miami coastal and mainland area covered.
- Inventory rose most notably for Miami Coastal Mainland luxury condos and townhomes by 78.3 percent since Q2 2015 to 3,103.
- With rising prices and inventory, the South Florida market also saw an uptick in days on market.