DOUGLAS ELLIMAN RELEASES EXCLUSIVE 2ND QUARTER 2020 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 second quarter 2020 “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.

After a robust first quarter, the COVID-19 market shutdown during much of the second quarter caused sales to fall sharply. In other words, this is what a shut down during a global pandemic looks like. We expect a more active third quarter conditioned on how the second wave looks.

Boca Raton/Highland Beach 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. The median sales price of a luxury condo declined while luxury single-family median sales price rose.

In Coral Gables, single-family listing inventory declined as would-be sellers delayed their plans as the market paused. Condo sales and listing inventory declined year over year. Luxury condo and luxury single-family listing inventory saw significant annual declines too.

Single-family sales declined in Delray Beach at the most significant 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 significant gain.

In Fort Lauderdale, 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 most significant rate since 2007 as median sales price stabilized. Price trend indicators for luxury condos increased above year-ago levels at their most robust rate in six quarters.

Single-family sales price trend indicators and sales continued to show substantial year over year growth in Jupiter. Condo price trend indicators rose year over year for the fourth straight quarter. In Palm Beach Gardens, 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.

In Manalapan, which includes Manalapan, Hypoluxo Island, and Ocean Ridge, single-family price trend indicators showed mixed results with a significant increase in sales size. Listing inventory and the number of sales fell well short of prior-year levels. Marketing time for properties that closed in the quarter continued to trend higher.

Miami Beach 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. Price trend indicators of luxury condos pressed higher as listing inventory showed a slight gain.

In Miami Coastal Mainland, condo listing inventory and the number of sales declined, as the 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. Price trend indicators of luxury condos showed mixed results, as the number of sales saw a significant decline.

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

 On the West Coast of Florida, in St. Petersburg, single-family listing inventory and sales showed steep declines while median sales price rose annually for the thirty-fourth straight quarter. Condo price trend indicators increased year over year for the first time in three quarters. Price trend indicators showed mixed results across the luxury submarkets of Snell Isle, Historic Old Northeast, and Downtown.

In South Tampa, single-family price trend indicators moved higher as sales and listing inventory fell sharply. Condo price trend indicators showed mixed results as listing inventory slipped, and sales dropped.

In Greater Downtown Tampa, Harbour Island saw a significant price skew as the average sales size surged. The number of sales in the region showed a significant rate of decline across the four submarkets.

In the Wellington market, condo sales declined sharply as the 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 the prior year.

In West Palm Beach, condo sales declined annually at their largest rate in thirteen years as all price trend indicators increased year over year. Single-family listing inventory and sales showed a significant year-over-year decline as median sales price rose for the fourth straight quarter. Luxury single-family listing inventory declined annually as luxury condo listing inventory saw a substantial gain.

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• Click here for Manalapan, Hypoluxo Island & Ocean Ridge
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This update is brought to you by The Kawas Team, specializing in South Beach luxury homes.  The Kawas Team can help you find the right property.  If you would like additional information on pre-construction sales, call 305.608.6681 to speak with an expert.  Visit our website for information on the many new projects throughout the many Miami luxury neighborhoods and beyond.