Despite an uncharacteristic cold snap that had residents shivering and lizards falling from trees recently, South Florida’s real estate market performed particularly well in the fourth quarter of 2017, according to a new report from Douglas Elliman. Authored by Jonathan Miller of Miller Samuel Inc., the report showed that the high-end segment performed especially well to close out the year in terms of average price and general interest from buyers.
“Overall, South Florida was a buyer’s market in 2017, particularly in the ultra-luxury sector. The recent spike in interest, coupled with the tax referendum seem to have shifted the temperament of both buyers and sellers, raising speculation that South Florida may be ready to boom again, ” said Jay Phillip Parker, CEO of Douglas Elliman Florida.
Miami Beach, Delray Beach and Wellington led the pack in terms of overall sales and prices, according to the 2017 South Florida Markets report.
- Miami Beach: Sales were back on the upswing despite a brief stagnation after Hurricane Irma, jumping 14.2 percent to 757 from the same quarter in 2016. The median sales prices there rose annually for the second consecutive quarter, up 2.8 percent to $406,000.
- Delray Beach: The market experienced positive results in five out of six price trend indicators for condos and single-family homes. Driven by a drop in inventory, the median sales price for luxury single-family homes rose 15 percent to $1.96 million.
- Wellington: Inventory dipped in the last quarter of 2017, causing median sales prices for luxury single-family homes to jump 3.9 percent to $1.06 million and for luxury condos to surge 27.8 percent to $677,500.