Miami Beach Housing Offers Signs of Shakiness

Apr 15, 2016

The homeownership rate in Florida’s Miami-Fort Lauderdale-Palm Beach metro measured at 57.5 percent during the second quarter, significantly below the 63.6 percent national average and 80 basis points below the second quarter of last year, according to ne

The Miami Beach housing market showed some signs of cooling down during the first quarter, with median sales prices taking a year-over-year drop to 6.6 percent to $408,750 while the average sales price fell 7.5 percent to $905,252.

But according to new data released by Douglas Elliman and Miller Samuel Real Estate Appraisers & Consultants, the single-family market in Miami Beach was stronger than the condo market. The median sales price for the market’s condos fell 1.3 percent to $370,000 while the median sales price of a single-family home increased 3.2 percent to $1.6 million.

Also showing vibrancy was the luxury housing market. The median sales price of a luxury condo increased 2.4 percent to $2.65 million and the median sales price of a luxury single-family home rose 2.5 percent to $7.3 million, respectively, from a year earlier.

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Phil Hall

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Apr 15, 2016

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