Miami Beach Housing Offers Signs of Shakiness

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.