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Q4 Sees A Shifting Tide in Residential Sales

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Residential sales rose in the fourth quarter in South Florida’s top markets, according to the latest Elliman Reports.

The reports explained how Miami and Miami Beach, which have been straggling behind other cities in South Florida, outperformed the rest. 

“Now we’re starting to see more and more instances of inventory declining, which tells us two things: that sales are burning off supply to a modest degree, and also overpriced product is being removed from the market,” Elliman said. 

There are exceptions to this trend, however. Jupiter and Palm Beach Gardens are among the places where condo sales fell drastically. On the coastal mainland, however, residential sales totaled 3,754, which is a 6.7 percent increase from the previous year. This includes Aventura, downtown Miami, Brickell, Coconut Grove, Coral Gables, South Miami, Pinecrest and Palmetto Bay

The listing inventory declined by 9.5 percent to 10,954 residential properties.

Condo sales rose 7 percent to 1,886; with the median price increasing by less than 1 percent to $250,500. Single-family home sales rose 6.4 percent to 1,868; and the median price rose 5.2 percent to $405,000.

As for Fort Lauderdale, condo sales totaled 492 which is an 8.4 percent increase from last year. The median sales price was $300,000, a 3.2 percent drop. The condo inventory fell by nearly 9 percent to 1,430 properties on the market.

In Palm Beach, 14 houses sold in the fourth quarter.

We’ll continue to watch as the climate changes. If real estate market history has taught anything, it’s that seasons fluctuate. It’s an unpredictable beast.

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  • Lydia Eskenazi PA

    Director of Real Estate Sales
    Harding Realty, Inc.

  • TELEPHONE

    +1 (305) 785-0440 Direct
    (305) 682-9051 Fax

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    Surfside, FL 33154

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