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.
- 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.