We have just released the fourth quarter 2013 “Elliman Reports” for Miami, Boca Raton, Fort Lauderdale and Palm Beach; The leading resource on the state of these South Florida markets. As always, our market reports are produced in conjunction with Miller Samuel to provide you and your clients with the most comprehensive and neutral market insight available.
The Miami market rose to new heights at the end of 2013. Housing prices reached their highest level in five years and their highest fourth quarter mark in at least seven years. Fourth quarter sales rose to a fourth quarter seven-year-high and marketing times fell to their fastest rate in seven years. Along with the improvements in the statistics, there remained a strong source of demand from both New York City and a number of international locations. We are excited about how the 2014 market is shaping up.
Housing prices in Boca Raton increased across all markets and sales activity remained high, but slipped below prior year levels. Overall and luxury properties took less time to sell compared to last year. Along with rising prices and faster marketing times, we are beginning to see inventory edge up from very low levels as more homeowners look to enter the market. With a strong finish for 2013, we anticipate this momentum to carry into 2014.
Fort Lauderdale housing prices and condo sales were up from same time last year. Like other area markets, we are beginning to see inventory rise as more homeowners look to benefit from the stronger market. The time to sell a home continued to decline and cash sales still dominated the market. As the economy improves, we look to more gains in the coming year.
Overall housing prices for Palm Beach were up as inventory fell in the final quarter of 2013. There were fewer sales above $5 miilion than a year ago and we saw more luxury inventory enter the market following a year with significant price growth. The pace of the single family market continued to move faster than the condo market. We are encouraged with the general strength of the market and look forward to an active 2014.
We constantly look for ways to provide our clients with better information to enable them to make more informed decisions. Our efforts to make these real estate market reports series possible reflect my strong belief that in a market that is constantly changing, access to timely information is one of the greatest resources we can offer our clients.
Call Tracy Galya at 305.926.5265 for a full quarterly report or for a property analysis.
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DOUGLAS ELLIMAN REAL ESTATE
tracy .galya@ elliman.com
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