Miller: Miami housing market is ‘entering a period of greater stability’

Among the highlights of the latest Elliman Report covering the first quarter of 2017, authored by Jonathan Miller of Miller Samuel, is the fact the overall housing market in Miami is becoming more stable, both on the coastal mainland and the beach.

“Miami sellers traveled further to meet the buyers on price as they became more in sync with current conditions,” Miller said. “In 2016 the market reset after a multi-year boom giving sellers more time to adapt to the new market and as a result, we are entering a period of greater stability.”

The numbers:

Condos in Miami Beach and its barrier islands

Median sales price declined by 5.4 percent to $340,000 (compared to last quarter). The number of sales climbed by 25.5 percent but was outpaced by a rise in inventory (+ 3.4 percent).

Condos in the Miami coastal mainland

Median sales price increased 1.4 percent to $227,750 (compared to last quarter). The number of sales increased by 1.3 percent while inventory dropped by 1.2 percent.

Single-family homes in Miami Beach and its barrier islands

Median sales price decreased by 22.6 percent to $1.2 million as Days on Market soared by 56.5 percent to 174 days while inventory actually decreased by 4.3 percent.

Single-family homes in Miami coastal mainland

Median sales price rose by 3.1 percent to $345,450 as Days on Market increased by 9.4 percent. The number of sales decreased by 4 percent and inventory decreased by 13.3 percent.

Check out the overall snapshot for each market in the chart below.

SOURCE