Miller Samuel President Jonathan Miller released the latest Elliman Report, wrapping up the final quarter of 2015 on the state of the once booming Miami residential market, effectively quantifying how the market began to stall some towards the end of the year, albeit with mixed trends.
Miami Beach Trends
For the overall market, the median sales price on the beach dropped 6.3 percent to $375,000. While luxury condos declined 9.4 percent to $2.5 million, luxury single-family homes rocketed 119.3 percent to a record price of $12.5 million.
Coastal Mainland Trends
The trend was similarly mixed for Miami's coastal mainland, as median sales price rose 6.3 percent overall to $255,000. Luxury condos dropped 13.6 percent to $950,000 as luxury single-family homes increased 2.3 percent to $1.125 million.
Jonathan Miller's outlook:
"When housing markets like Miami go through periods of heavy new development activity, I get worried early on about the sustainability of the trend," Miller tells Curbed. "Consumers tend to view this new housing stock as a proxy for the whole market - when it never is. The current downshift in Miami housing was inevitable because both the sales pace and price growth of the market were unsustainable, especially as some of the sources of demand are seeing their own economic slowdowns."
Read the full report here.