Douglas Elliman Releases Q2 2020 South Florida Market Reports

Douglas Elliman has just released their Q2 2020 Market Reports for South Florida, which were prepared by Miller Samuel, a leading independent appraisal firm. The reports, which cover the areas such as Boca Raton, Delray Beach, Fort Lauderdale, Miami Beach, and the Miami Coastal Mainland, have revealed that the COVID-19 market shutdown during much of the second quarter caused sales to fall sharply in South Florida, despite the strength of the market in the first quarter.

Miami Beach/Barrier Islands

Overview:

• Condo price trend indicators moved higher as the number of sales dropped during the shutdown

• Single-family price trend indicators continued to decline along with sales and listing inventory year over year

• Luxury condo price trend indicators pressed higher as listing inventory showed a slight gain

Key Trend Metrics (Year to Year)

Overall:

• Median sales price rose 10.3% to $480,000

• Average price per square foot edged up 6.1% to $659

• Number of sales dropped 34.9% to 501 

• Listing inventory decreased by 0.5% to 6,393 units

Luxury Condo:

• Median sales price increased by 11.6% to $2,850,000

• Average price per square foot rose 4.8% to $1,231

• Number of sales fell 37.7% to 43

• Listing inventory slipped 3.0% to 1,095 units

Luxury Single Family: 

• Median sales price decreased by 22.6% to $7,200,000

• Average price per square foot jumped 17.2% to $1,388

• Number of sales had no change at 9 

• Listing inventory increased by 25.4% to 173 units

Miami Coastal Mainland

Overview:

• Condo listing inventory and number of sales declined, median sales price reached a new record

• Single-family median sales price rose to a new record as both sales and listing inventory fell sharply

• Luxury condo price trend indicators showed mixed results as the number of sales saw a significant decline 

Key Trend Metrics (Year to Year)

Overall:

• Median sales price rose 4.4% to $355,000

• Average price per square foot increased by 5.1% to $289

• Number of sales dropped 20.1% to 2,672

• Listing inventory declined by 7.8% to 9,699 units 

Luxury Condo:

• Median sales price fell 14.0% to $805,000

• Average price per square foot dropped 0.6% to $489

• Number of sales declined by 33.5% to 115

• Listing inventory increased by 13.4% to 2,508 units

Luxury Single Family:

• Median sales price fell 11.9% to $1,410,000

• Average price per square foot rose 25.5% to $557

• Number of sales decreased by 6.1% to 153

• Listing inventory dropped 1.1% to 915 units

Fort Lauderdale

Overview:

• Condo sales dropped at the highest rate in more than thirteen years as all price trend indicators rose annually

• Single-family sales fell at the largest rate since 2007 as median sales price stabilized

• Luxury condo price trend indicators increased above year-ago levels at their most robust rate in six quarters

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price rose 6.0% to $1,282,330

• Average price per square foot increased by 5.2% to $587

• Number of sales slipped 27.5% to 37

• Listing inventory declined by 16.5% to 283 units

Luxury Single Family:

• Median sales price dropped 22.5% to $2,500,000

• Average price per square foot decreased by 23.9% to $596

• Number of sales fell 20.5% to 35 

• Listing inventory declined by 12.5% to 259 units

Boca Raton/Highland Beach

Overall:

• Condo sales declined year over year at its highest rate in 13 years as median sales price increased

• Single-family sales declined year over year at its highest rate in 13 years as median sales price surged

• Luxury condo median sales price declined while luxury single-family median sales price rose

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price fell 23.0% to $885,000

• Average price per square foot slipped 13.0% to $461

• Number of sales declined by 21.2% to 52

• Listing inventory surged 11.2% to 328 

Luxury Single Family:

• Median sales price dropped 13.1% to $2,215,000

• Average price per square foot decreased by 12.6% to $382 

• Number of sales slipped 12.1% to 51

• Listing inventory declined by 0.3% to 304 units

Delray Beach 

Overview:

• Single-family sales declined at the largest year over year rate in over thirteen years as the market paused

• Condo median sales price was unchanged year over year, the eighteenth straight quarter without a decline

• Luxury single-family listing inventory declined annually as luxury condo listing inventory saw a large gain

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price decreased by 6.7% to $810,500

• Average price per square foot rose 6.7% to $445

• Number of sales slipped 24.6% to 46

• Listing inventory surged 20.9% to 208 units

Luxury Single Family: 

• Median sales price dropped 0.6% to $2,087,500

• Average price per square foot fell 13.7% to $504

• Number of sales declined by 15.2% to 28

• Listing inventory increased by 5.7% to 130

Wellington

Overview:

• Condo sales declined sharply as median sales price increased year over year for the fifteenth straight quarter

• Single-family listing inventory and sales showed sharp declines from prior year levels

• Luxury listing inventory across both property types jumped from prior year

Key Trend Metrics (Year to Year)

Luxury Condo: 

• Median sales price fell 19.9% to $585,000

• Average price per square foot dropped 10.1% to $313

• Number of sales increased by 16.7% to 7

• Listing inventory rose 72.2% to 62 units

Luxury Single Family:

• Median sales price declined 24.3% to $1,135,000

• Average price per square foot slipped 34.9% to $426

• Number of sales jumped 15.0% to 23

• Listing inventory increased by 9.2% to 226 units

Palm Beach

Overview:

• Condo price trend indicators jumped as the largest average sales size in two years skewed them higher

• Single-family listing inventory fell by the largest rate in seven years of tracking

• Luxury listing inventory showed a substantial drop as price trend indicators surged year over year 

Key Trend Metrics (Year to Year)

Luxury Condo and Single Family:

• Median sales price surged 33.1% to $14,000,000

• Average price per square foot rose 18.4% to $2,180

• Number of sales dropped 30.8% to 9

• Listing inventory declined by 65.6% to 22 units 

Jupiter/Palm Beach Gardens

Jupiter Overview:

• Single-family sales price trend indicators and sales continued to show substantial year over year growth

• Condo price trend indicators rose year over year for the fourth straight quarter

Palm Beach Gardens Overview:

• Single-family sales fell at their most significant rate in fourteen years

• Condo price trend indicators rose year over year for the third consecutive quarter

Key Trend Metrics (Year to Year)

Jupiter Luxury Condo:

• Median sales price decreased by 19.9% to $733,000

• Average price per square foot dropped 10.6% to $404

• Number of sales fell 13.6% to 19

• Listing inventory increased by 16.7% to 63 units

Jupiter Luxury Single Family:

• Median sales price declined by 11.5% to $2,300,000

• Average price per square foot decreased by 2.9% to $647

• Number of sales fell 7.4% to 25

• Listing inventory dropped 15.3% to 111 units

Palm Beach Gardens Luxury Condo:

• Median sales price fell 26.7% to $440,000

• Average price per square foot dropped 24.1% to $239

• Number of sales declined by 19.0% to 17

• Listing inventory surged 67.4% to 72 units

Palm Beach Gardens Luxury Single Family:

• Median sales price jumped 21.2% to $2,347,500

• Average price per square foot rose 8.7% to $501

• Number of sales decreased by 23.1% to 20

• Listing inventory dropped 27.5% to 95 units

By Isabella Zimmermann 

Douglas Elliman Releases Q1 2020 South Florida Market Reports

Douglas Elliman in conjunction with Miller Samuel, a leading independent appraisal firm, has just released their Q1 2020 Market Reports for South Florida. It reveals noticeably stronger results for listing inventory growth in the first two and a half months of the quarter until market awareness of COVID-19 occurred in mid-March, which slowed growth across South Florida in areas such as Boca Raton, Delray Beach, Fort Lauderdale, Miami Beach, and the Miami Coastal Mainland. The report reflects pre-pandemic strengths in the South Florida market and even an increase in some areas’ average sales price and number of sales compared to the previous quarter, especially in Palm Beach, which saw a 46.7% rise in number of closed condo sales and had the most significant year over year increase in single-family sales in six years.

“The same fundamentals that have made Florida attractive, and have supported the relatively long-term stability in our markets over the past few years, all remained in place during the first quarter as much as they will once we get past this pandemic. Overall Q1 reflected the pre-pandemic strengths we have been enjoying, with most markets realizing steady sales volume and pricing. As we come out of this global crisis, I believe that the desirability for Florida’s lifestyle coupled with tax reform, and the maturation of our markets, will continue to support the trajectory the markets were on prior to COVID-19,” said Jay Phillip Parker, CEO of Douglas Elliman Florida brokerage.

Miami Beach/Barrier Islands

Overview:

·      Overall listing inventory declined year over year for condos and single-family properties

·      Condo price trend indicators declined from the year-ago quarter

·      Single-family price trend indicators declined annually, partially skewed by the decline in average sales size

·      A sharp drop in average sales size for both luxury condos and luxury single-family properties skewed price trend indicators lower

Key Trend Metrics (Year to Year)

Overall:

·      Median sales price slipped 1.1% to $435,000

·      Average price per square foot decreased by 12.4% to $621

·      Number of sales slipped by 0.4% to 769

·      Listing inventory decreased by 4.5% to 6,425 

Luxury Condo:

·      Median sales price fell 20.8% to $2,553,000

·      Average price per square foot decreased by 9.5% to $1,175

·      Listing inventory rose 12.2% to 1,129 units

·      Average square footage declined 13.8% to 3,429

Luxury Single Family:

·      Median sales price fell 32.9% to $9,766,667

·      Average price per square foot decreased by 22.3% to $1,184

·      Listing inventory dropped 19.1% to 169 units

·      Average square footage declined 13.6% to 8,249

Miami Coastal Mainland

Overview: 

·      Overall listing inventory declined sharply on a year over year basis for both condos and single-family properties

·      Condo sales rose annually for the fourth straight quarter as price trend indicators pressed higher

·      Single-family price trend indicators rose annually, and sales extended its year over year growth streak to the fourth straight quarter

·      A significant decline in listing inventory on a year over year basis for both luxury condos and luxury single-family properties

Key Trend Metrics (Year to Year)

Overall: 

·      Median sales price rose 9% to $340,000

·      Average sales price increased by 7.6% to $458,287

·      Number of sales rose 7.7% to 3,343

·      Listing inventory fell 14.1% to 10,519 units

Luxury Condo

·      Median sales price increased by 20% to $1,195,545

·      Average price per square foot rose 5.1% to $492

·      Listing inventory declined 19.8% to 2,212 units

·      Average square footage increased by 12.9% to 2,430

Luxury Single Family

·      Median sales price rose 13.7% to $1,600,000

·      Average price per square foot edged up 1.1% to $444

·      Listing inventory fell 24.4% to 925 units

·      Average square footage slipped 3.3% to 4,037

Fort Lauderdale

Overview:

·      Condo price trend indicators pressed higher as sales slipped year over year

·      Single-family sales and price trend indicators posted large annual gains

·      Luxury condo price trend indicators showed mixed year over year results

·      Luxury single-family price trend indicators surged, skewed by large increase in average sales size

Key Trend Metrics (Year to Year)

Luxury Condo:

·      Median sales price slipped 1.3% to $1,210,000

·      Average price per square foot edged up 1.3% to $558

·      Listing inventory decreased by 2.6% to 339 units

·      Average square footage declined 3.6% to 2,604

Luxury Single Family:

·      Median sales price jumped 44% to $3,225,000

·      Average price per square foot rose 47.7% to $783

·      Listing inventory fell 25.3% to 296 units

·      Average square footage rose 17% to 5,778

Boca Raton/Highland Beach 

Overall:

·      Condo listing inventory fell year over year for sixth straight quarters with the most significant decline in the current quarter

·      Single-family listing inventory declined annually over the past four quarters at a rising rate

·      Luxury condo and luxury single-family inventory fell short of year-ago levels

Key Trend Metrics (Year to Year)

Luxury Condo: 

·      Median sales price slipped 0.3% to $900,000 

·      Average price per square foot decreased by 0.2% to $465

·      Listing inventory fell 15.6% to 260 units

·      Average square footage declined by 4.8% to 2,666

Luxury Single Family

·      Median sales price fell 10.3% to $1,895,000

·      Average price per square foot rose 1.2% to $407

·      Listing inventory fell 16.9% to 339 units

·      Average square footage declined 0.4% to 7,267

Delray Beach

Overview:

·      Single-family median sales price hasn’t shown a year over year decline in four quarters 

·      Condo listings fell annually for four straight quarters 

·      Luxury single-family price trend indicators showed mixed results

·      Luxury condo price trend indicators showed substantial annual gains, partially aided by the increase in sales size 

Key Trend Metrics (Year to Year)

Luxury Condo:

·      Median sales price jumped 40.3% to $754,000

·      Average price per square foot rose 48.9% to $530

·      Listing inventory fell 36.3% to 163 units

·      Average square footage increased by 2.4% to 1,827

Luxury Single Family:

·      Median sales price fell 19.6% to $1,400,000

·      Average price per square foot rose 5.5% to $439

·      Listing inventory declined 7.1% to 91 units

·      Average square footage declined 1.8% to 4,781

Wellington 

Overview:

·      Condo price trend indicators and sales rose as listing inventory declined from the prior year

·      Single-family sales and price trend indicators moved higher year over year as listing inventory dropped sharply

·      Luxury price trend indicators for both property types showed mixed results

Key Trend Metrics (Year to Year)

Luxury Condo:

·      Median sales price rose 22% to $730,000

·      Average price per square foot decreased by 3.3% to $348

·      Listing inventory increased by 9.1% to 36 units

·      Average square footage declined 10.9% to 2,038

Luxury Single Family: 

·      Median sales price fell 45.5% to $1,500,000

·      Average price per square foot rose 18.1% to $654

·      Listing inventory declined 12.3% to 207 units

·      Average square footage declined 21.9% to 4,465

Palm Beach

Overview: 

·      Listing inventory for condos, single-family properties and luxury fell sharply from year-ago levels

·      All three condo price trend indicators rose year over year for the third straight quarter

·      The most significant year over year increase in single-family sales in six years

·      All three price trend indicators for the luxury market were skewed higher year over year by the surge in average sales size

Key Trend Metrics (Year to Year)

Luxury Condo and Single Family: 

·      Median sales price surged 48.1% to $10,517,500

·      Average price per square foot rose 12.2% to $1,841

·      Listing inventory dropped 49.6% to 64 units

·      Average square footage surged 49.4% to 7,344

Jupiter/Palm Beach Gardens

Jupiter Overview:

·      Single-family sales price trend indicators and sales showed substantial annual gains

·      Condo sales declined as price trend indicators press higher from year-ago levels

Palm Beach Gardens Overview:

·      Single-family sales price trend indicators were mixed as sales jumped year over year

·      Condo sales and price trend indicators showed robust annual increases

Key Trend Metrics (Year to Year)

Jupiter Luxury Condo:

·      Median sales price slipped 5.4% to $915,000

·      Average price per square foot rose 2.7% to $452

·      Listing inventory rose 17.4% to 54 units

·      Average square footage edged up 0.3% to 2,378

Jupiter Luxury Single Family:

·      Median sales price rose 8.5% to $2,600,000

·      Average price per square foot increased by 9.2% to $666

·      Listing inventory rose 7.4% to 131 units

·      Average square footage increased by 17.1% to 5,699 

Palm Beach Gardens Luxury Condo:

·      Median sales price surged 39.5% to $600,000

·      Average price per square foot rose 46.5% to $315

·      Listing inventory fell 44.2% to 43 units

·      Average square footage increased by 18.6% to 2,588

Palm Beach Gardens Luxury Single Family:

·      Median sales price fell 22.6% to $1,937,500

·      Average price per square foot decreased by 1.5% to $461

·      Listing inventory declined 12.1% to 131 units

·      Average square footage declined 18.5% to 4,837

Article by Isabella Zimmermann