Douglas Elliman released their 1Q 2013 market reports for Miami, Boca Raton, Fort Lauderdale and Palm Beach. All four reports show a trending of robust demand, rising prices and increased sales. Inventory remains low across the South Florida markets and, as credit remains tight, cash purchases are dominant.
“The pace in these South Florida markets quickened,” said Vanessa Grout, CEO and President of Douglas Elliman’s Florida Brokerage. Inventory in Miami fell sharply as the number of sales jumped due to increased distressed sales and buyers seeking to purchase properties as prices rose in the area. “If progress continues as it has for the past two years, we should see distressed inventory continue to decline through the end of the year,” stated Grout. “As buyers see increased activity of the Miami market, they are moving quickly on purchases.”
In Boca Raton, prices jumped from last year’s levels, with double digit gains across the marketplace. Sales rose sharply above levels a year ago, and the pace of the market quickened as negotiability dropped.
“Price indicators in Fort Lauderdale rose as its condo market outpaced single family homes,” said Jonathan Miller, the author of the report. “Boca Raton also saw condominiums outperform single family homes as the number of sales increased. Inventory for condos in the area trended lower than in previous quarters. Marketing times dropped in the overall Lauderdale market, while the luxury market remained stable.”
The Palm Beach luxury market surged, with single family homes outperforming condominiums. “Unlike the markets in Miami, Boca Raton and Fort Lauderdale, where inventory levels lessened, in Palm Beach overall inventory levels remained stable. Luxury inventory rose from the prior quarter,” said Miller.