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Miami and Miami Beach housing markets continue to improve

The latest Elliman Report

Aerial of homes on the water in a fancy Miami community on the bay.
An aerial of Miami
Courtesy of Drossner Realty Inc

While last quarter’s Elliman Report saw a housing market becoming more stable across Miami and Miami Beach, this quarter’s report reflects the two areas continuing to improve in health.

“After several years of declining sales, Miami Beach is now seeing more sales activity market wide,” according to the report’s author, Jonathan Miller (@JonathanMiller) of Miller Samuel. “It still remains a softer-at-the-top market but it is clearly improving. The negative luxury pricing trends sift in the mix to the lower end of the luxury market as evidenced by the decline in average sales size."

As for the Miami mainland, “Listing inventory is falling across all major segments of the market,” he said.

Let’s take a closer look at some key figures across both areas.

Miami Beach/Barrier islands

Total sales increased year over year for the second consecutive quarter while there were the lowest market share of distressed sales at any point over the last four years. The condo market was one of the strongest submarkets when looking at a combination of sales and prices.

For the overall market, median sales price dropped about 6 percent to $409,500 while sales rose nearly 4 percent to 926. Listing duration rose 36 days as inventory increased by a little over 5 percent.

Miami mainland

Median sales prices for both the single family and condo markets rose and there was a “sharp decline” in the number of distressed sales in each market. The pace of both markets has risen year over year.

For the overall market, median sales price increased by 7 percent to $300,000 as inventory fell over 15 percent. The number of sales fell by just over 4.3 percent and listing duration largely remained unchanged.

As for Miami’s single family home market, median sales price rocketed up 20 percent to $1.5 million.

You can check out all the reports, including Fort Lauderdale, Boca and Palm Beach, over here.