The residential market in Miami has completed its most first-quarter residential sales over 8 years, a new report shows.
Coastal communities in Miami posted a combined 5,133 closed sales during the first quarter for a year-over-year gain of nearly 4 percent, according to the latest Elliman report from Douglas Elliman Real Estate. Miami's year-over-year median sale price rose 16.1 percent to $244,000. Homes and condos spent an average of just 60 days on the market, the fastest in the eight years that Douglas Elliman has produced their quarterly report, they said.
Fort Lauderdale's year-over-year luxury condo and townhome median sale prices jumped 28.6 percent to more than $1.1 million, while luxury single-family prices rose 32.7 percent to nearly $2 million during Q1 of 2014. Luxury condos spent an average of 113 days on the market, a decline of 36 percent. Luxury single-family homes averaged 189 days on the market.
The luxury market in Palm Beach had a significant year-over-year surge in its medial sale price and a substantial decline in how long homes and condos were on the market. Median prices for luxury condoes and homes jumped over 50 percent to about $10 million. Properties averaged just 176 days on the market, down almost 49 percent from the same period last year.