Miami Real Estate Q1 2017 Market Report
With the first quarter of 2017 ending recently, it’s time to look at the market report for the Miami real estate market. The residential slowdown has continued throughout South Florida, but sellers are starting to adjust by lowering prices.
During the first quarter of 2017, larger discounts were used to sell residential properties compared to the same quarter of 2016. This was a continuing trend from the final quarter of 2016 and is expected to continue through 2017.
In addition, the inventory in Miami fell by nearly 20%, which turns the market even more towards favoring buyers. South Florida has started to enter into a stability period after the boom, which ran from 2012 to 2015. An overall improvement in the market has also been seen since the presidential election ended.
Miami Beach recorded a total of 810 sales in the first quarter of 2016 and 815 sales for the first quarter of 2017. That’s an increase of just 0.06%, but it’s still an increase. When compared to the fourth quarter of 2016, however, its’ a 23% increase in sales from 663 to 815.
The average property in Miami Beach was on the market for 143 days, which is up from 97 days in 2016. Discounts used to help sell properties went up from 8.8% to 12.1% when comparing the first quarter of last year to the first quarter of 2017.
Miami Beach also saw an increase from 1,063 luxury condos on the market to 1,188 units. Condos spent more time on the market with an average of 207 days compared to 119 days last year.
Sales in the residential sector of Miami fell by 2.7% in the first quarter of 2017 to 3,487 compared to 3,583. Inventory also fell by nearly 20% to 10,186 properties from 12,716 in 2016.
The discount for both single-family homes and condos was the same compared to 2016 at 5.6%. Properties spend 81 days on the market compared to 76 days in the first quarter of last year, as well.
Condos in Fort Lauderdale went from 462 closed deals in the first quarter of 2016 to 469 for the first quarter of 2017. Single family homes remained flat at 427 and a decline in the median price of luxury single-family home sales was seen in Fort Lauderdale for the first quarter.
Single-family homes remained on the market for an average of 80 days, which is down from 103 days last year. The discount for the average sale was also done from 9.7% during Q1 of 2016 compared to 8.1% for Q1 of 2017.