South Florida Market Reports: Year End Close Out

Posted on 23 Jan 2015 in Miami What's New | 0 comments

Douglas Elliman just published their 4Q 2014 Real Estate Market Reportscovering Miami, Fort Lauderdale, Boca Raton, and Palm Beach.

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Douglas Elliman just published their 4Q 2014 Real Estate Market Reportscovering Miami, Fort Lauderdale, Boca Raton, and Palm Beach. To drill down into each of the market areas and see the trends shaped by the 8,205 transactions that were analyzed in the fourth quarter, you can click on the following Elliman Report series links, or read on for some top level observations from each market, after the jump:

Miami Coastal Mainland

Miami Beach / Barrier Island

Boca Raton

Fort Lauderdale

Palm Beach

Here are some top level observations for each market:

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Miami Coastal Mainland – One of the best performing markets measured by sale and price trends:

– Overall housing prices continued to rise
– Sales increased sharply from a year ago but inventory rising as well
– Despite inventory rising faster than sales, the absorption period remained low
– Condo price gains outpaced single family price gains
– Distressed condo sales fell sharply

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Miami Beach / Barrier Islands – Rising prices are pulling in re-sale inventory:

– Overall housing prices were up sharply as sales fell short of year ago highs
– Listing inventory up from year ago lows
– Distressed condo sales fall sharply
– Single family sales up as condo sales declined
– Luxury condo market prices surged as shift to higher end product continues

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Boca Raton – Condo and single family market conditions remain robust:

– Prices were up across most of the market
– The robust growth in sales outpaced the rise in inventory
– Marketing times were faster and negotiability remained tight
– Luxury market conditions tightened with declining absorption periods

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Fort Lauderdale – Condo and single family market conditions were mixed:

– Rising prices in the overall condo and luxury single family markets
– Rising sales prices continued to pull in more inventory
– Marketing times fell despite increase in supply

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Palm Beach – Sales skewing to larger properties as inventory remained low:

– Inventory continued to fall across the market, holding back sales
– The size of luxury sales continued to skew larger
– Price indicators generally moved higher

I realize there’s a lot here to digest. For 2015, be sure to throw an improving U.S. and regional economy, weakening economic conditions worldwide, the strengthening U.S. dollar and the potential rise in mortgage rates, into the real estate conversation.—Jonathan Miller

www.curbed.com

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