Residential sales picked up in some South Florida cities, and pricing continued to rise, as the overall region had an uneven second quarter.
The luxury sector saw the biggest gains in pricing, thanks to a few record deals secured from Palm Beach to Miami, according to the latest reports by Douglas Elliman. Top sales notched last quarter include the $150 million sale of the island estate at 10 Tarpon Isle in Miami Beach.
Spec home developer Todd Glaser and his partners, Jim Randall, Scott Robins and Jonathan Fryd, sold the property in May, after initially listing it for $218 million in 2022.
The quarterly reports, authored by Jonathan Miller of Miller Samuel, are based on sales recorded in the Multiple Listing Service for the quarter ending June 30. Inconsistency in sales rising and falling, and pricing continued from previous quarters.
Still, listing inventory rose across most submarkets that the brokerage tracks. Elliman pared down the number of markets that it covered, eliminating Miami’s coastal mainland, which included Greater Downtown Miami, Coconut Grove, Palmetto Bay and other neighborhoods.
“The markets across the region seem to be transitioning from markets of falling sales and devoid of supply, to markets where we’re starting to see signs of more sales and more inventory,” Miller said. “I think of it almost as getting into position for the first rate cut. Speculation is growing that it could be in September [ahead of the election.”
Miami Beach and the barrier islands
Sales rose 6 percent, year-over-year, to 1,108 closings in Miami Beach and the barrier island markets, which include Bal Harbour, Bay Harbor Islands, Fisher Island, Golden Beach, Indian Creek, Key Biscayne, North Bay Village, Sunny Isles Beach and Surfside.
The overall median sale price for residential properties was $700,000, up 15 percent, year-over-year.
Single-family home sales jumped 25 percent to 120 closings in the second quarter. The median sale price rose about 16 percent to $3.3 million. Inventory fell slightly, by almost 2 percent to 344 listings.
Condo sales increased 4 percent, year-over-year, to 988 closings. The median sale price was $587,500, up 10 percent. Condo inventory rose 32 percent to 3,257 listings.
Coral Gables
Condo sales were nearly flat, while single-family home sales fell in Coral Gables during the second quarter. Ninety-seven homes sold, down 20.5 percent year-over year, while 72 condo sales closed, up just 1.4 percent.
Pricing grew, rising 21 percent to just over $2 million for single-family homes, and up 4 percent to $589,000 for condos.
The number of active listings increased, up 43 percent to 173 single-family homes on the market, and up 90 percent to 129 condos for sale.
Fort Lauderdale
Single-family home sales increased, while condo sales decreased in Fort Lauderdale. Nearly 500 houses sold, up 11 percent, year-over-year, while 445 condo sales closed, down 25 percent.
The median sale price of homes fell 11 percent to $600,000, and the median price for condos also dropped, by 6 percent to $435,000.
Inventory increased across the board. It rose 54 percent to 867 single-family home listings, and 104 percent to 1,525 condo listings, according to the report.
West Palm Beach
Single-family home sales increased 9 percent to 422 sales in West Palm Beach. Condo sales dropped to 553 closings, down about 20 percent, year-over-year.
The median sale price of single-family homes reached $559,500, up 12 percent. For condos, the median price climbed 6 percent to $275,000.
Inventory of single-family homes on the market rose 17 percent to 519 listings. By the end of the second quarter, 1,249 condos were on the market, about an 84 percent increase in inventory.
Palm Beach
On-market sales of single-family homes fell 9 percent to 25 closings in Palm Beach, according to the report. Condo sales rose about 7 percent to 80 closings in the second quarter.
The median sale price of single-family homes on the island was $10.9 million, down 4 percent compared to the same period last year. The median sale price for condos was $1.3 million, up 1.3 percent, year-over-year.
Sixty-one single-family homes were on the market by the end of the second quarter, marking a 13 percent increase in active inventory. Condo inventory rose as well, up 24 percent to 167 listings.