Douglas Elliman Releases Q4 Market Reports For South Florida

Douglas Elliman has released their Q4 Market Reports for South Florida, produced in conjunction with Miller Samuel a leading independent appraisal firm. The South Florida Market continued to show power in prices, continuing to increase in both the luxury and overall markets across nearly all markets including Miami Beach and Barrier Islands, Fort Lauderdale, Boca Raton, DelRay Beach, Wellington, Palm Beach, Jupiter and Palm Beach Gardens.

MIAMI BEACH/BARRIER ISLANDS

Key Trend Metrics(Year Over Year)

Overview:

• Single family sales surged as condo sales declined after a large burst of activity on the prior quarter

• Condo price trend indicators declined from year ago levels, consistent with drop in average sales size

• Luxury condo price trend indicators declined at same rate as average sales size

• Luxury single-family sales size rose sharply driving price trend indicators higher

• Luxury condo inventory increased as luxury single family inventory declined

• Marketing time expanded as older listings were absorbed as negotiability expanded

Key Trend Metrics(Year Over Year)

Overall

• Median sales price slipped 6.7% to $378,750

• Average sales price increased 0.3% to $888,424

• Number of sales slipped 10.4% to 678

• Days on market was 146, up from 73

• Listing discount was 10.9%, up from 810%

• Listing inventory increased 3.8% to 6,668

Luxury Condo

• Median sales price declined to $2,200,000

• Average price per square foot decreased 13.5% to $1,047

• Days on market was 222, up from 92

• Listing discount was 12.6%, up from 11.3%

• Listing inventory rose 20.5% to 1,459 units

• Entry threshold began at $1,305,000

Luxury Single Family

• Median sales price surged 33.3% to $8,000,000

• Average price per square foot jumped 40.3% to $1,494

• Days on market was 349, up from 170

• Listing discount was 16.7%, up from 16.4%

• Listing inventory fell 6.2% to 183 units

• Entry threshold began at $5,900,000, up from 15.7%

MIAMI COASTAL MAINLAND

Overview:

• Overall price trend indicators and the number of sales continued to rise year over year

• Overall sales and all price trend indicators were above the level seen in 2017

• Listing inventory trended higher for the fourth consecutive month

• Market share of purchases with conventional financing was the highest in the five years

• Nearly all luxury condo and single-family price trend indicators continued to rise greater year over year

• Luxury condo inventory declined as luxury single family inventory expanded

Key Trend Metrics(Year Over Year)

Overall:

• Median sales price increased 5.9% to $320,000

• Average sales price rose 7.2% to $445,007

• Number of sales rose 10.6% to 3,518

• Days on market was 81 up from 44

• Listing discount was 5.6%, down from 5.7%

• Listing inventory rose 20.9% to 12,071 units

Luxury Condo

• Median sales price slipped 3.8% to $812,500

• Average price per square foot rose 4% to $470

• Days on market was 178 days, up from 155

• Listing discount was 7.8%, down from 8.1%

• Listing inventory declined 18.9% to 2,505

• Entry threshold began at $610,000, up 27.1%

Luxury Single Family

• Median sales price rose 6.7% to $1,387,500

• Average price per square foot jumped 16.8% to $479

• Days on market was 130 days up from 67

• Listing discount was 8.5%, up from 8.4%

• Listing inventory rose 12.6% to 1,111 units

• Entry threshold began at $890,000, up 3.5%

Fort Lauderdale

Overview:

• Condo sales rose above for the fourth consecutive quarter

• Condo listing inventory rose for the first time in six quarters

• Single family price trend indicators were mixed as condos moved higher

• Condo luxury price trend indicators surged

• Single family luxury price trend indicators showed mixed results as average sales size declined

Key Trend Metrics(Year Over Year)

Overall:

Luxury Condo

• Median sales price increased 25.8% to $1,550,000

• Average price per square foot rose 21.1% to $619

• Days on market was 131, down 34.5%

• Listing discount was 5.6%, down from 7.7%

• Listing inventory fell 28.7% to 256 units

• Entry threshold began at $1,095,000 up 41.3%

Luxury Single Family

• Median sales price rose 7.4% to $2,125,000

• Average price per square foot slipped 4% to $572

• Days on market was 176, down from 190

• Listing discount was 9.5%, down from 16.4%

• Listing inventory declined 7.4% to 338 units

• Entry threshold began at $1,500,000, up 22%

BOCA RATON

Overview:

• Condo median sales price hasn’t seen a year over year decline in ten quarters

• Sales for condos and single-families have increased year over year for two consecutive quarters

• Luxury condo and luxury single family price trends moved higher, consistent with rise in sales size

Key Trend Metrics(Year Over Year)

Overall:

Luxury Condo

• Median sales price rose 9.4% to $902,500

• Average price per square foot rose 32.8% to $466

• Days on market was 108 days, up from 101

• Listing discount was 6.7%, down from 8.9%

• Listing inventory declined 13.7% to 308

• Entry threshold began at $590,000, up 9.6%

Luxury Single Family

• Median sales price rose 5.6% to $2,112,500

• Average price per square foot rose 5.8% to $402

• Days on market was 187 days, down from 217

• Listing discount was 9.7%, down from 12.5%

• Listing inventory edged up 1.7% to 408

• Entry threshold began at $1,286,200 up 0.7%

DELRAY BEACH

Overview:

• Single-family sales and median sales price have been rising year over year for four consecutive quarters

• Condo median sales price showed twelve consecutive quarters without a year over year decline

• Luxury single family price per square foot moved higher as the other indicators were pulled down sharply by drop in sales size

Key Trend Metrics (Year Over Year)

Luxury Condo

• Median sales price rose 14.5% to $537,500

• Days on market was 102, up from 66

• Listing discount was 6.9%, up from 4.9%

• Entry threshold began at $325,000, down 1.5%

Luxury Single Family

• Median sales price declined 10.9% to $1,741,250

• Days on market was 156, up from 104

• Listing discount was 5.9%, down from 10.4%

• Entry threshold began at $1,150,000, down 3.4%

WELLINGTON

Overview:

• Condo median sales price year over year for the tenth consecutive quarter

• Condo sales rose annual for three of the last four quarters

• All single-family price trend indicators increased year over year for the third consecutive quarter

• Luxury condo price trend indicators pulled lower by sharp decline in average sales size while the opposite occurred for luxury single-family price trends

Key Trend Metrics(Year Over Year)

Luxury Condo

• Median sales price slipped 1.8% to $665,000

• Average square footage declined 18.3% to 1,878

• Days on market was 77, down from 148

• Listing discount was 4.5%, down from 8.2%

• Listing inventory jumped 52.2% to 35

• Entry threshold began at $435,000, down 17.9%

Luxury Single Family

• Median sales price jumped 88.2% to $2,000,000

• Average square footage rose 1.7% to 4,662

• Days on market was 195, up from 115

• Listing discount was 8.9%, up from 7.7%

• Listing inventory declined 33.6% to 186

• Entry threshold began at $1,010,000 up 47.4%

Palm Beach

Overview:

• Condos continued to dominate with the highest sales share

• Single family and luxury price trend indicators skewed significantly lower by the sharp decline in average sales size

• Majority fourth quarter market wide sales in 5 years

• Luxury inventory returned to more modest levels after limited availability over the past two years

Key Trend Metrics (Year Over Year)

Luxury Family And Single Condo

• Median sales price declined 57.8% to $6,426,750

• Average price per square foot fell 22.5% to $1,443

• Average sales size dropped 52.1% to 4,515 square feet

• Days on market was 100, down from 496

• Listing discount was 9.1%, down from 18.3%

• Listing inventory jumped 104.1% to 100

• Entry threshold began at $4,250,000, down 59.9%

JUPITER / PALM BEACH GARDENS

Jupiter Overview:

• Single family price trend indicators and sales moved higher

• Condo sales and price trend indicators all rose for the third consecutive quarter

Palm Beach Gardens Overview:

• Single-family price trend indicators showed double-digit gains as sales decreased

• Condo sales slipped again as price trend indicators continued to rise

Key Trend Metrics (Year Over Year)

Jupiter Single Family                                                                              

• Median sales price jumped 15.4% to $525,000

• Days on market was 70, up from 62

• Listing discount was 5.8%, up from 5.6%

• Listing inventory declined 5.7% to 413

Jupiter Condo

• Median sales price rose 11.3% to $310,000

• Days on market was 60, up from 59

• Listing discount was 4.1%, down from 5.2%

• Listing inventory rose 5.2% to 304

Palm Beach Gardens Single Family

• Median sales price increased 10.6% to $470,000

• Days on market was 82, unchanged

• Listing discount was 7.8%, up from 6.6%

• Listing inventory rose 5.2% to 527

Palm Beach Gardens Condo

• Median sales price rose 2.1% to $240,000

• Days on market was 52, up from 48

• Listing discount was 3.9%, down from 4.6%

• Listing inventory jumped 41.7% to 299

Article by Stephanie Warren

Douglas Elliman Releases Q2 Market Reports For South Florida As Pricing Continues To Rise

Douglas Elliman has released their Q2 Market Reports for South Florida, produced in conjunction with Miller Samuel, a leading independent appraisal firm. Despite the constant rumblings of a bubble or a crash, the South Florida market continued to show strength and prices continuing to push higher in both the luxury and overall markets across nearly all markets including Miami Beach, Miami coastal mainland, Fort Lauderdale, Boca Raton, Delray Beach and Jupiter. The quarter also reflected the most sales in 3 years in both Miami Beach and Delray Beach. The general health of the market should remain strong as South Florida continues to be a haven for flight capital and population growth, matched with fast-growing world-class cities, a high quality of life and no state income tax. 

Miami Beach & Barrier Islands

• Price trend indicators posted strong gains across the overall and luxury markets
• Number of sales and pending sales moved up from year ago levels
• Although listing inventory has been rising for more than four years the rate of growth has eased considerably in past year
• Overall days on market and listing discount expanded as older listing inventory was cleared from the market
• Most second quarter sales in three years
• Luxury condo average sales size surged and pending sales posted strong gains
• Luxury listing inventory slipped

Key Trend Metrics (Year Over Year)

Overall:

• Median sales price rose 7% to $438,000
• Average sales price increased 15.8% to $1,098,024
• Number of sales increased 10.7% to 1,025
• Days on market was 148, up from 139
• Listing discount was 11%, up from 9.7%
• Listing inventory increased 3.9% to 6,319

Luxury Condo:

• Median sales price surged 47.6% to $3,370,000
• Days on market was 196, up from 194
• Listing discount was 12.7%, up from 11.4%
• Listing inventory fell 20.3% to 959 units
• Entry threshold began at $1,900,000

Luxury Single Family:

• Median sales price jumped 34.5% to $10,760,000
• Days on market was 262, down from 292
• Listing discount was 16.5%, up from 14.5%
• Listing inventory jumped 32.3% to 209 units
• Entry threshold began at $4,950,000

Miami Coastal Mainland

• Overall conditions reflect rising prices, stable sales and modest inventory gains
• Median sales price increased year over year for the 15th consecutive quarter
• Highest market share of conventional financing in more than five years of recording
• One in four single family sales and half of  condo sales were purchased with cash
• Number of sales well above the 5-year quarterly average
• Listing inventory edged higher for second quarter after six consecutive quarters of year over year declines

Key Trend Metrics (Year Over Year)

Overall:

• Median sales price increased 6.7% to $320,000
• Average sales price rose 8.8% to $456,591
• Number of sales fell 0.3% to 4,191
• Days on market was 86 up from 79
• Listing discount was 5.6%, up from 5.5%
• Listing inventory rose 2.7% to 11,184 units

Luxury Condo:

• Median sales price rose 6.4% to $814,951
• Days on market was 176 days, up from 169
• Listing discount was 8.1%, up from 7.7%
• Listing inventory declined 6.3% to 2,537
• Entry threshold began at $580,000

Luxury Single Family:

• Median sales price rose 6.7% to $1,600,000
• Days on market was 125 days down from 133
• Listing discount was 7.9%, up from 7.7%
• Listing inventory slipped 1.1% to 1,012 units
• Entry threshold began at $960,000

Fort Lauderdale

• Sharp price gains in the overall condo and single family markets
• All condo price indicators set new records
• Overall condo market showed a large burst in year over year sales in last two quarters
• Large gain in conventional financial market share for both property types
• Luxury listing inventory fell sharply across property types

Key Trend Metrics (Year over Year)

Luxury Condo:

• Median sales price increased 9.8% to $1,281,600
• Days on market was 81, up from 68
• Listing discount was 6.8%, up from 5.6%
• Listing inventory fell 31.8% to 255 units
• Entry threshold began at $975,000

Luxury Single Family:

• Median sales price rose 35% to $2,265,000
• Days on market was 167, up from 155
• Listing discount was 9.2%, up from 8.2%
• Listing inventory declined 15.6% to 298 units
• Entry threshold began at $1,500,000

Boca Raton

• Overall price trends for both condos and single families increased year over year
• Sales slipped an inventory edged higher for both property types from the year ago quarter
• Share rise in average sales size and price trend indicators for luxury condos
• Unlike overall market, listing inventory for luxury properties declined
• Luxury pending sales are up year over year

Key Trend Metrics (Year Over Year)

Luxury Condo:

• Median sales price rose 24.8% to $1,051,250
• Average sales price surged 31.3% to $1,394,111
• Days on market was 128 days, up 14.3%
• Listing discount was 8.3%, unchanged
• Listing inventory fell 21.1% to 243
• Entry threshold began at $645,000

Luxury Single Family:

• Median sales price declined 4.8% to $1,900,000
• Average sales price rose 1.8% to $2,605,203
• Days on market was 142 days, down from 165
• Listing discount was 9.6%, up from 9.5%
• Listing inventory declined 25.8% to 419
• Entry threshold began at $1,250,000

Delray Beach

• Most price trend indicators for the overall market by condo and single family moved higher
• The number of sales for condos and single families market wide increased
• Marketing time fell across the overall market
• The negotiability of luxury single family and condos tightened

Key Trend Metrics (Year Over Year)

Luxury Single Family:

• Median sales price surged 12.3% to $1,737,500
• Days on market was 148, up from 118
• Listing discount was 8.7%, down from 11%
• Entry threshold began at $1,260,000

Luxury Condo:

• Median sales price declined 10% to $575,750
• Days on market was 80, down from 116
• Listing discount was 5.5%, down from 5.8%
• Entry threshold began at $390,000

Wellington

• Overall market price trend indicators moved higher over both property types
• Listing inventory and sales were up slightly across most segments of the market
• Luxury single family prices and sales size were up sharply
• Smaller luxury condo sales size skewed most price indicators lower

Key Trend Metrics (Year Over Year)

Luxury Condo:

• Median sales price fell 23.2% to $437,500
• Average square footage fell 11.9% to 2,034
• Days on market was 182, up from 160
• Listing discount was 5.9%, unchanged
• Listing inventory rose 8.3% to 52
• Entry threshold began at $350,000

Luxury Single Family:

• Median sales price jumped 34.4% to $2,150,000
• Average square footage rose 17.3% to 4,877
• Days on market was 176, up from 167
• Listing discount was 14.9%, up from 14.4%
• Listing inventory rose 4.3% to 218
• Entry threshold began at $845,000

Palm Beach

• Highest combined number of condo and single family sales in three years
• Listing inventory fell across the market by property type
• Condo price trends declined, skewed by shift to smaller sized sales
• Luxury inventory and days on market expanded

Key Trend Metrics (Year Over Year)

Luxury Condo & Single Family:

• Median sales price declined 20.8% to $12,537,970
• Days on market was 148, down from 140
• Listing discount was 17.7%, up from 15.3%
• Listing inventory rose 30.2% to 69
• Entry threshold began at $6,786,250

Jupiter/ Palm Beach Gardens

Jupiter:

• Single family price trend indicators increased as sales and inventory declined
• Condo price trend indicators rose sharply as sales declined

Palm Beach Gardens:

• Single family price trend indicators were mixed as sales and inventory declined
• Condo price trend indicators for the overall markets continued to rise

Key Trend Metrics (Year Over Year)

Jupiter Single Family:

• Median sales price increased 7.3% to $515,000
• Days on market was 60, down from 69
• Listing discount was 5.2%, down from 6.5%
• Listing inventory declined 8% to 402

Jupiter Condo:

• Median sales price rose 12.9% to $315,000
• Days on market was 65, up from 62
• Listing discount was 4.6%, down from 4.9%
• Listing inventory rose 11.7% to 277

Palm Beach Gardens Single Family:

• Median sales price increased 4.8% to $492,500
• Days on market was 77, down from 86
• Listing discount was 6.9%, down from 7.6%
• Listing inventory declined 2.5% to 516

Palm Beach Gardens Condo:

• Median sales price rose 3% to $242,000
• Days on market was 52, down from 62
• Listing discount was 4.4%, down from 4.6%
• Listing inventory jumped 21% to 236

ISG Report Finds New Construction Condos In Miami East Of I-95 Are 83% Sold Out

Craig Studnicky's ISG World Miami Report has reported that new construction condos in Miami east of I-95 are 83% sold out. The report includes condos that are either proposed, under construction, pre-sold and recently delivered. As developers have scaled back on launching new projects, the falling inventory levels have resulted in prices being pressured upwards. Only 5 buildings will break ground this year, followed by another 3 in 2019 and 3 in 2020. Since mid-2011, 20,008 new condo units have been built and only 3,294 remain unsold. Of those, only 875 are available pre-construction. The report finds that condos built since 1993 have averaged 229% appreciation, 9% annually; and, that closed sales for condos averaged $913,492 in 2017. The report also found low inventory of housing available in Miami-Dade with only 3.13% of total inventory available for sale or rent.     

Check-out PROFILEmiami's PROFILE Exclusive Interview with founder of ISG World Report Craig Studnicky

Fisher Island Has Been Named The Highest Earning ZIP Code in The United States

The detrimental effects of continued and increasing state tax in high tax northern states such as New York and Connecticut is beginning to show its effects and fast. Connecticut and Manhattan were once home to numerous Wall Street big wigs and high income earners, yet residents have either fled to states such as Florida where the state is funded off of property tax and sales tax amongst others. While Greenwich, CT is still in the top 20, as is its Riverside neighborhood, Manhattan failed to crack the top 20 with any neighborhood.

Taking the cake, Miami’s ultra-luxe, hyper-private, ferry accessible Fisher Island 33109. Ask where the new residents are moving from and you will hear what you would expect, New York, Connecticut and New Jersey. Fisher Island has always attracted the rich and private, but in just a short timeframe they neighborhood has catapulted itself to a lead of over $1 million more of annual income per household at an astonishing $2.5 million per year.

Fishr Island has a fascinating history, named after South Florida pioneer and founder of Miami Beach Carl G. Fisher who purchased the island from Dana A. Dorsey, Florida’s first African American millionaire. Fisher later traded the island for William Vanderbilt’s yacht. The development that transformed the island into its current form began in the 1980’s and although there are now just over 220 properties on the island, by modern standards the island is just as exclusive only accessible by boat, ferry or helicopter.

Fisher Island’s 33109 is followed by Silicon Valley’s Atherton, CA (94027); Palm Beach, FL (33480); Palo Alto, CA (94301); Harrison, NY (10577); Gladwyne, PA (19035); Los Angeles, CA (90067); Kenilworth, IL (60043); Weston, MA (02493); San Francisco, CA (94111); Far Hills, NJ (07931); Boston, MA 02110); Portola Valley, CA (94028); Moose Wilson Road, WY (83014); Naples, FL (34102); Medina, WA (98039); Riverside, CT 06878); Old Westbury, NY (11568);  Glencoe, IL (60022), and in twentieth, Greenwich, CT (06831), according to a Bloomberg study of IRS data. 

Miami Ranks As The Top U.S. Real Estate Market For Ultra-Rich Foreign Buyers Snatching Up Luxury Real Estate, Foreign Investment Tops $7 Billion

Miami has been named the top U.S. real estate market for ultra-rich foreign buyers of luxury real estate. According to the US Ultra Prime Real Estate Report, 26% of American ultra-luxury properties sold to overseas buyers were in Miami, with over 95% of the deals being completed in cash. Miami was followed by Los Angeles at 9% and Manhattan at 3%, with ultra-luxury defined as properties costing in excess of $2,700 SF. 80% of Miami's ultra-luxury property market were sold to overseas buyers while 20% was picked up by domestic buyers. Lifestyle played a major factor in the demand for ultra-luxury real estate in Miami, where residents can enjoy warm weather year round matched with clean, beautiful beaches and world-class dining, shopping, and entertainment. 

"Miami has it all, the weather, the beaches, and now Miami truly has world-class metro city centers," says Demetri Demascus a top-producer at Spectrum Realty Group. "When people travel to Miami now they are blown away with how the city has changed over the past few years. Everyone wants to live here. Compared to other prime real estate markets, ultra-luxury real estate Miami can still be purchased at a discount and the government doesn't punish you with taxes and fees for buying or owning it. Miami can offer safety from the political and economic crisis' in foreign buyers' home countries and there are many security options including high-security luxury condos and gated communities with 24/7 security. Miami also has some of the finest waterfront estates from top architects and builders like Choeff Levy Fischman and Todd Michael Glaser. There is so much variety whether it be a luxury home on North Bay Road, Pine Tree Drive, Star Island, Palm Island or a luxury condo on Fisher Island, in Porsche Design Tower or in One Thousand Museum; all with accessible modern luxuries such as Uber, Uber Eats, world-class dining and entertainment minutes away, there really is no city like it. People are coming from everywhere."  

Foreign investment in South Florida homes totaled over $7 billion, 15,400 residential properties in 2017, up from $6.2 billion, 10,900 properties in 2016. Venezuelans spent the most in Miami-Dade for the second year in a row, while Argentinians spent the most in South Florida accounting for over 15% of overseas purchases. Venezuelans purchased 11%, followed by Canadians and Colombians at 9% and Brazilians at 8%. 51% of the deals were in Miami-Dade county led by Venezuelans at 12%, Argentinians and Brazilians at 9%, Colombians at 5%, French at 4% and Ecuadorians and Italians at 3%. In Broward County Canadians accounted for 12% of foreign purchases, Argentinians accounted for 8% of purchases and Brazil, Colombia and Venezuela accounted for 6% each. In Palm Beach Canadians accounted for 31% of overseas purchases and Brazilians accounted for $15%.

Miami Named The United State's 4th Most Valuable Housing Market By Zillow Report At $864.2 Billion

Miami is fast on the rise and a new Zillow report has named the city the 4th most valuable housing market in the United States with a value of $864.2 billion, up 4.7% year-over-year from 2016. Miami trails Los Angeles which has a market value of $2.7 trillion, New York City which has a market value of $2.6 trillion, and Washington D.C., which has a market value of $996.7 billion. The fastest growing city in 2017 was Columbus, Ohio which rose 15.1% year-over-year to $152.3 billion. The total value of all U.S. homes in 2017 was $31.8 trillion, up 6.5% year-over-year with a total growth of $1.95 trillion. The 10 most valuable metroplitan areas total $11.3 trillion combined, which equates to 36% of the total value of U.S. housing. U.S. renters spent $485.6 billion in 2017, up $4.9 billion year-over-year, with New York City and Los Angeles also reporting the largest rental markets. 

Miami The 9th Most Expensive 1-Bedroom Rental Market In The U.S. According To Zumper's November Report

Miami has come in as the 9th most expensive city to rent a 1-bedroom with a median price of $1,750 according to Zumper's November report. This number reflects a fall from $1,800 median 1-bedroom rent that Miami reported in their October report studying numbers from September. The Zumper report analyzes active listings across 18 metro cities to show the most and least expensive cities and cities with the fastest growing rents. For the entire state of Florida, 1 bedroom state median was around $1,173 in September 2017. 

In the October report, Miami remained the most expensive city to rent in the metro with 1 bedroom units priced at $1,800, down .6% year-over-year. Boca Raton narrowly beat Miami Beach to become the second most expensive city with a median rent of $1,620, up 14.1% year-over-year. Miami Beach fell 3.6% year-over-year, coming in at $1,610. Homestead rent was the cheapest, seeing no change at $1,000 followed by Lauderhill at $1,030 which was up 8.4% and Coral Springs, which was down .9% at $1,140. Other notables include Hollywood which fell 1.4% to $1,380, Weston remained unchanged and $1,400 and not included is Fort Lauderdale, which comes in at $1,483, falling 1.1% year over year. 

Douglas Elliman Releases Q3 2017 Market Report, South Florida Markets Show Slight Stall After Hurricane Irma

Douglas Elliman has released their Q3 2017 South Florida Market Reports for Miami Mainland, Miami Beach, Boca Raton, Fort Lauderdale, Palm Beach, Wellington, Delray, and Jupiter/Palm Beach Gardens. The data was compiled in partnership with Miller Samuel, who is a leading independent appraisal firm. Reports reflect price and sales trends along with current market conditions and emerging market trends. The data through Q3 2017 reflects the continued strong growth of South Florida real estate as price trends indicators continue to push higher despite a decline in sales due to disruptions in closings in the aftermath of Hurricane Irma. 

MIAMI BEACH/BARRIER ISLANDS HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
OVERALL MARKET
- Median sales price rose 4.2% to $400,000
- Average sales price was unchanged at $868,404
- Number of sales declined 11.8% to 690
- Days on market was 139, up from 120
- Listing discount was 8.9%, unchanged
- Listing inventory increased 1.4% to 5,895

LUXURY CONDO
- Median sales price increased 15.5% to $2,425,000
- Days on market was 196, up from 126
- Listing discount was 8.8%, down from 8.9%
- Listing inventory fell 8.5% to 1,130 units
- Entry threshold began at $1,590,000

LUXURY SINGLE FAMILY
- Median sales price shifted down 39.3% to $5,100,000
- Days on market was 265, up from 141
- Listing discount was 12.7%, down from 12.9%
- Listing inventory rose 33.9% to 217 units
- Entry threshold began at $4,350,000

____________________________________________________________________________
MIAMI COASTAL MAINLAND HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
OVERALL MARKET
- Median sales price increased 5.4% to $300,500
- Average sales price rose 4.2% to $408,405
- Number of sales fell 11.8% to 3,482
- Days on market was 76 down from 103
- Listing discount was 5.4%, up from 5.2%
- Listing inventory rose 12.4% to 12,194 units

LUXURY CONDO
- Median sales price fell 5.4% to $691,500
- Days on market was 176 days, down from 187
- Listing discount was 7.5%, down from 7.9%
- Listing inventory rose 25.6% to 3,115
- Entry threshold began at $472,000

LUXURY SINGLE FAMILY
- Median sales price jumped 13.6% to $1,325,000
- Days on market was 174 days up from 213
- Listing discount was 7.7%, up from 7.6%
- Listing inventory declined 20.9% to 987 units
- Entry threshold began at $877,000

____________________________________________________________________________
FORT LAUDERDALE HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
LUXURY CONDO
- Median sales price was unchanged at $1,100,000
- Days on market was 46, up from 31
- Listing discount was 6.5%, up from 6.3%
- Listing inventory increased 8.7% to 350
- Entry threshold began at $765,000

LUXURY SINGLE FAMILY
- Median sales price slipped 2.4% to $2,000,000
- Days on market was 205, down from 273
- Listing discount was 9.8%, down from 12.9%
- Listing inventory increased 0.6% to 347 units
- Entry threshold began at $1,200,000

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BOCA RATON HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
LUXURY CONDO
- Median sales price rose 12.5% to $900,000
- Days on market was 139 days, up from 98 days
- Listing discount was 10.7%, up from 8.9%
- Listing inventory fell 9.6% to 292
- Entry threshold began at $550,000

LUXURY SINGLE FAMILY
- Median sales price declined 11% to $1,380,000
- Days on market was 164 days, up from 153
- Listing discount was 7.8%, down from 11.3%
- Listing inventory rose 7.1% to 470
- Entry threshold began at $935,000

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DELRAY BEACH HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
LUXURY SINGLE FAMILY
- Median sales price rose 15.6% to $1,775,000
- Days on market was 124, up from 103
- Listing discount was 18%, up from 8.8%
- Entry threshold began at $1,188,000

LUXURY CONDO
- Median sales price slipped 4.5% to $563,500
- Days on market was 123, up from 118
- Listing discount was 6%, up from 4.1%
- Entry threshold began at $355,000

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WELLINGTON HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
LUXURY SINGLE FAMILY
- Median sales price declined 38% to $829,000
- Average sales square footage dropped 26.4% to 3,940
- Days on market was 110, down from 295
- Listing discount was 8.2%, down from 10.1%
- Listing inventory rose 29.7% to 275
- Entry threshold began at $640,000

LUXURY CONDO
- Median sales price jumped 65.6% to $525,000
- Days on market was 211, up from 128
- Listing discount was 7.6%, up from 3.4%
- Listing inventory declined 45.5% to 30
- Entry threshold began at $400,000

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PALM BEACH HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
LUXURY CONDO AND SINGLE FAMILY
- Median sales price declined 21.2% to $7,700,000
- Days on market was 252, down from 254
- Listing discount was 13.4%, down from 15.2%
- Listing inventory rose 4.4% to 95
- Entry threshold began at $4,865,000

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JUPITER / PALM BEACH GARDENS HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
JUPITER SINGLE FAMILY
- Median sales price increased 10.4% to $510,000
- Days on market was 68, up from 64
- Listing discount was 6.8%, up from 5.7%
- Listing inventory declined 12.9% to 392

JUPITER CONDO
- Median sales price increased 3.6% to $285,000
- Days on market was 59, up from 53
- Listing discount was 5.2%, up from 4.4%
- Listing inventory surged 71.3% to 257

PALM BEACH GARDENS SINGLE FAMILY
- Median sales price increased 11.4% to $479,000
- Days on market was 77, down from 86
- Listing discount was 6.7%, up from 6.3%

PALM BEACH GARDENS CONDO
- Median sales price rose 7.9% to $232,000
- Days on market was 55, down from 56
- Listing discount was 3.8%, down from 4.3%

Hurricane Irma's Effect on The Miami Real Estate Industry

Despite the potential destruction that was anticipated by Hurricane Irma, Miami, along with most of the South Florida metropolitan real estate markets, were mostly spared from any significant or crippling damage. $38.94 billion of CMBS debt was exposed to potential damage in Florida, with $6.41 billion in Miami alone. Fort Lauderdale held an $4.32 billion exposed as reported by The Real Deal. Cranes were reported down at PMG's 300 Biscayne Avenue and Related Group's GranParaiso and Auberge Beach Residences and Spa in Fort Lauderdale. According to Turnberry Associates CEO Jeffrey Soffer in an interview on CNBC, he doesn't believe that the South Florida real estate markets or prices will take a hit in the long term. “It’s just a way of life. It doesn’t happen that often, and the reality is that Florida’s very well prepared," said Soffer. At the same time Stuart Miller of Lennar Corp. announced that Irma has delayed hundreds of home deliveries. The nation's largest home builder said that close to 700 home deliveries in Florida, George and South Carolina have been impacted. The storm came just as the company was reporting new orders rising 8% year over year. Time will tell, but it is apparent that Miami is on the way back to business as usual where the real estate market has been bolstered in recent years due to both domestic and foreign demand alike. 

Miami Ranks as 9th Most Expensive Rental Market in the United States

Miami has ranked as the 9th most expensive market when it comes to renting in the United States according to Zumper. The average price of 1-bedroom rentals remained the same year over year, at $1,800. The average rate for 2-bedroom units fell by 2% to $2,450. The most expensive places to rent remained Fisher Island at $5,500 for a 1 bedroom unit per month, Park West at $2,375, South Pointe, at $2,300, Oceanfront, at $2,250, Key Biscayne at $2,200, Coral Gable's Industrial Section at $2,150, and Coconut Grove and Brickell at $2,100. The cheapest markets to rent remain Brownsville at $750 per month for a 1 bedroom and Gladeview at $880. The Upper East Side and Bayshore had the fastest increasing rents, both up over 13%. Little Haiti and Allapattah fell by over 11%.