In addition to their Miami market report, Douglas Elliman has put out three additional real estate market reports for South Florida, covering Fort Lauderdale, Boca Raton, and Palm Beach, and apparently all three markets are performing much like Miami's, to an extent. We've asked our own real estate guru-on-call, and the author of the reports, Jonathan Miller, to sift down the data and give us a quickie:
Like Miami, these three markets have come a long way since the peak of the frenzy circa 2006. They have something in common with the Miami housing market: the upper end is performing as well or better than their respective overall markets, in terms of sales and price trends. They've all got a ways to go but are clearly benefiting from the foreign buyer phenomenon, global economic uncertainty and a general sense by consumers interested in those markets that the worst is behind them. Of course it doesn't hurt that inventory is tight and mortgage interest rates are falling to record lows seemingly every week.
FORT LAUDERDALE 2Q12
-Overall and luxury price indicators for condo and single family properties saw double-digit increases from prior year.
-Condo and single family sales were below year ago levels but were both the 5th highest quarterly total in more than 6 years.
-Waterfront homes were the only segment to post a year over year increase in sales.
-Condos, single family and luxury properties all sold faster than they did last year.
BOCA RATON 2Q12
-All condo price indicators were up year-over-year.
-Condo sales below year ago quarter but second highest sales level in more than 6 years.
-Single family price indicators were mixed as the number of sales edged higher.
-Median sales price in luxury market (top 10%) outpaced the overall market
PALM BEACH 2Q12
-Condo sales and median prices were up sharply over year ago levels.
-Single family sales and median sale prices were below year-ago levels.
-Condos, single family and luxury properties all sold faster than they did last year.
-Both North End and South End sales were up over year ago levels while South End median sales price edged higher.
· Market Reports [Douglas Elliman]