DOUGLAS ELLIMAN RELEASES EXCLUSIVE 1ST QUARTER 2021 ELLIMAN REPORT FOR THE MIAMI, BOCA RATON, FORT LAUDERDALE, AND PALM BEACH MARKETS

It is with great pleasure that I share with you the just released first quarter 2021 “Elliman Reports” for the Florida sales markets, the leading resource on the state of these markets. Our market reports are produced in conjunction with Miller Samuel to provide you and your clients with the most comprehensive and objective market insight available.

Boca Raton/Highland Beach’s brisk market conditions continued into the new year with record highs for pricing and sales but with chronically low listing inventory. Single family median sales price rose to a new record for the second straight quarter as listing inventory plummeted to a record low. Condo sales surged year over year to a new record. Luxury single family listing inventory fell year over year for the eighth straight decline to a new low.

Coral Gables saw record highs for pricing and sales but limited supply. Single family sales and median sales price set new record highs as listing inventory remained in short supply. Condo’s median sales price showed stability as listing inventory fell annually for the seventh straight quarter.

Delray Beach continued to see record-high pricing and sales. Single-family price trend indicators rose to record highs while listing inventory dropped to a new low. Condo sales surged year over year to a new record as listing inventory plummeted to reach a new low.

Fast-moving market conditions in Fort Lauderdale continued into the new year, surging sales and unusually low listing inventory. All condo price trend indicators reach record highs as the market pace moved to the fastest on record. Luxury single family listing inventory fell to a new low as the market pace became the fastest on record.

Single family price trend indicators in Jupiter reached new records as listing inventory fell to a new low. Condo sales surged to the second-highest on record as the market pace moved to the fastest recorded. In Palm Beach Gardens, single family price trend indicators also reached new records and condo months of supply moved to the fastest recorded.

In Manalapan, which includes Manalapan, Hypoluxo Island, and Ocean Ridge, price trend indicators were skewed higher by the surge in sales size while listing inventory could not keep up with sales levels. Ocean Ridge condo sales surged year over year as listing inventory fell sharply.

The Miami Beach/Barrier Islands market was characterized by record pricing, heavy sales volume, and a sharp decline in listing inventory. All single family price trend indicators surged to record highs as sales nearly tripled. Condo price trend indicators also surged year over year at a record rate to new highs. With the sharp rise in condo sales and drop in listing inventory, the luxury market pace was the fastest in seven years.

In Miami Coastal Mainland, condo sales rose annually for the third straight quarter as listing inventory fell for the seventh time. All single family price trend indicators set new records collectively for the fourth straight quarter. Luxury condo price trend indicators continued to rise as listing inventory fell annually for the third straight quarter.

Price trend indicators and sales rose sharply as listing inventory continued to fall in Palm Beach. Single family price trend indicators surged as listing inventory dropped to the lowest on record. Condo sales nearly doubled year over year to the highest level on record. Luxury listing inventory plummeted year over year for the fifth straight quarter.

On the West Coast of Florida, the St. Petersburg market saw record pricing, heavy sales volume, and a sharp decline in listing inventory. Single family price trend indicators surged to new records as listing inventory fell sharply. Condo sales realized significant annual gains for the third straight quarter. Luxury single family price trend indicators surged year over year to new records.

In South Tampa, single family sales surged annually for the third consecutive quarter as price trend indicators set records. Condo sales more than doubled while listing inventory fell by half from the prior-year quarter. In Greater Downtown Tampa, Hyde Park, Davis Island, and Harbour Island, price trend indicators rose sharply from year-ago levels. Downtown condo sales pressed higher as price trend indicators showed mixed trends.

Wellington‘s overall market was characterized by rising prices, heavy sales volume, and a sharp decline in listing inventory. Single family average sales price jumped to a new record as listing inventory declined to a new low. Condo’s median sales price rose year over year for the eighteenth straight quarter. Luxury single family median sales price surged annually for the third consecutive quarter.

The West Palm Beach market saw rising prices and significant sales volume, as well as a significant decline in listing inventory. Condo sales surged to a new record as listing inventory fell to a new low. Single family price trend indicators jumped to new records as listing inventory fell to a new low.

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