MIAMI BEACH/BARRIER ISLANDS HIGHLIGHTS

Overview

- Sales resumed their rising trend after the prior quarter disruption from Hurricane Irma

- Median sales price rose annually for second consecutive quarter

- Marketing time fell sharply despite continued rise in listing inventory

- New pending sales, defined as contracts signed within this quarter, surged 16.1% as the year ended

- Market share of conventional mortgage financing continued to expand, rising 3.7% to 32.1% of all sales

- Luxury market characterized by rise in average sales size

Key Trend Metrics (compared to same year ago period)

OVERALL MARKET

- Median sales price rose 2.8% to $406,000

- Average sales price increased 2.3% to $885,612

- Number of sales jumped 14.2% to 757

- Days on market was 73, down from 125

- Listing discount was 10%, up from 9.2%

- Listing inventory increased 6.7% to 6,422

LUXURY CONDO

- Median sales price increased 6.9% to $3,957,009

- Days on market was 92, up from 171

- Listing discount was 11.3%, down from 12.7%

- Listing inventory fell 8.1% to 1,211 units

- Entry threshold began at $1,520,000

LUXURY SINGLE FAMILY

- Median sales price rose 10.1% to $6,000,000

- Days on market was 170, up from 80

- Listing discount was 16.4%, up from 6.5%

- Listing inventory decreased 12.9% to 117 units

- Entry threshold began at $5,100,000

MIAMI COASTAL MAINLAND HIGHLIGHTS

Overview

- Price trend indicators posted large gains as listing inventory slid

- Number of sales declined for the tenth consecutive quarter

- Over the past four years, the market share of sales with conventional financing nearly doubled

- Condo price trend indicators continued to rise along with a sharp decline in distressed sales

- All single-family price trend indicators continued to post large gains

Key Trend Metrics (compared to same year ago period)

OVERALL MARKET

- Median sales price increased 6% to $302,050

- Average sales price rose 6.8% to $415,219

- Number of sales fell 10.2% to 3,180

- Days on market was 44 down from 74

- Listing discount was 5.7%, unchanged

- Listing inventory slipped 7% to 9,988 units

LUXURY CONDO

- Median sales price surged 30.5% to $845,000

- Days on market was 75 days, down from 127

- Listing discount was 8.1%, up from 7%

- Listing inventory rose 4.8% to 3,088

- Entry threshold began at $480,000

LUXURY SINGLE FAMILY

- Median sales price jumped 13% to $1,300,000

- Days on market was 165 days down from 192

- Listing discount was 8.4%, down from 9.8%

- Listing inventory declined 10.1% to 987 units

- Entry threshold began at $860,000

FORT LAUDERDALE HIGHLIGHTS

Overview

- Price trend indicators were mixed as marketing time edged higher

- Both listing inventory and number of sales slipped

- Luxury listing inventory declined across both property types

Key Trend Metrics (compared to same year ago period)

LUXURY CONDO

- Median sales price slipped 1% to $1,232,500

- Days on market was 200, up from 150

- Listing discount was 7.7%, up from 4.6%

- Listing inventory increased 6.8% to 359

- Entry threshold began at $775,000

LUXURY SINGLE FAMILY

- Median sales price slipped 2.3% to $1,978,351

- Days on market was 190, down from 190

- Listing discount was 16.4%, up from 9.6%

- Listing inventory slipped 0.8% to 365 units

- Entry threshold began at $1,230,000

BOCA RATON HIGHLIGHTS

Overview

- Condo median sales price was unchanged as single-family median sales price rose sharply

- Condo and single-family sales rose and listing inventory declined

- Condo and single-family marketing time and negotiability expanded

- Luxury condo prices skewed lower by large drop in average sales size

Key Trend Metrics (compared to same year ago period)

LUXURY CONDO

- Median sales price declined 25% to $825,000

- Days on market was 101 days, up from 76 days

- Listing discount was 8.9%, up from 7.5%

- Listing inventory rose 29.8% to 357

- Entry threshold began at $550,000

LUXURY SINGLE FAMILY

- Median sales price jumped 52.7% to $2,000,000

- Days on market was 217 days, up from 159

- Listing discount was 12.5%, up from 10.1%

- Listing inventory declined 29% to 401

- Entry threshold began at $1,276,681

DELRAY BEACH HIGHLIGHTS

Overview

- Five out of six price trend indicators for condo and single-family sales moved higher

- Single family sales were unchanged while condo sales expanded

- Listing inventory and marketing time slipped for both property types

- Price trend indicators east of Federal Highway posted large gains

Key Trend Metrics (compared to same year ago period)

LUXURY SINGLE FAMILY

- Median sales price rose 15% to $1,955,000

- Days on market was 104, down from 143

- Listing discount was 10.4%, up from 8.3%

- Entry threshold began at $1,190,000

LUXURY CONDO

- Median sales price rose 4.3% to $469,250

- Days on market was 66, down from 110

- Listing discount was 4.9%, down from 5%

- Entry threshold began at $330,000

WELLINGTON HIGHLIGHTS

Overview

- Price trend indicators across condo and single-family sales moved higher

- Listing inventory continued to edge lower, keeping pressure on price trends

- Condo sales declined while single-family sales increased

Key Trend Metrics (compared to same year ago period)

LUXURY CONDO

- Median sales price rose 27.8% to $677,500

- Average square footage increased 13.9% to 2,297

- Days on market was 148, down from 225

- Listing discount was 8.2%, up from 6%

- Listing inventory fell 50% to 23

- Entry threshold began at $530,000

LUXURY SINGLE FAMILY

- Median sales price rose 3.9% to $1,062,500

- Average square footage increased 14.8% to 4,586

- Days on market was 115, down from 122

- Listing discount was 7.7%, down from 8.3%

- Listing inventory rose 49.7% to 280

- Entry threshold began at $685,000

PALM BEACH HIGHLIGHTS

Overview

- In a reversal from the prior quarter, condo sales declined, and single-family sales increased

- Single-family average sales size urged, skewing price trends higher

- Listing inventory and negotiability across property types declined

Key Trend Metrics (compared to same year ago period)

LUXURY CONDO AND SINGLE FAMILY

- Median sales price surged 165.2% to $15,216,838

- Days on market was 496, up from 187

- Listing discount was 18.3%, down from 19%

- Listing inventory fell 66% to 49

- Entry threshold began at $10,600,000

JUPITER / PALM BEACH GARDENS HIGHLIGHTS

Overview

Jupiter

- Housing price trends for the condo and single-family markets continued to move higher as sales slipped

- Days on market was faster across both property types

Palm Beach Gardens

- Price trend indicators for single families showed mixed results as sales and listing inventory declined

- Price trend indicators for condos moved higher as the market pace remained unusually fast

Key Trend Metrics (compared to same year ago period)

JUPITER SINGLE FAMILY

- Median sales price increased 1.1% to $455,000

- Days on market was 62, down from 72

- Listing discount was 5.6%, down from 6.1%

- Listing inventory declined 1.8% to 438

JUPITER CONDO

- Median sales price slipped 0.5% to $278,500

- Days on market was 59, down from 62

- Listing discount was 5%, up from 4.6%

- Listing inventory surged 79.5% to 289

PALM BEACH GARDENS SINGLE FAMILY

- Median sales price declined 7.6% to $425,000

- Days on market was 82, down from 264

- Listing discount was 6.6%, unchanged

- Listing inventory declined 7.6% to 501

PALM BEACH GARDENS CONDO

- Median sales price rose 8% to $235,000

- Days on market was 48, down from 61

- Listing discount was 4.6%, up from 3.7%

- Listing inventory declined 19.8% to 211