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Elliman Report: Miami Beach + Barrier Islands Sales 3Q 2014

Housing prices continued to rise along Miami Beach and the Barrier Islands, drawing more inventory into the market. Median sales price for condos and single family homes increased 9.8% to $405,000 from the same period last year. The luxury market, reflecting the top 10% of all sales, outpaced the overall market. The median sales price of luxury condos jumped 29.7% to $2,400,000, while luxury single family homes surged 44.7% to $6,500,000 respectively from the prior year quarter. The shift to higher priced sales was reflected in the 17% and 66.2% higher entry thresholds for both luxury categories. The frenetic pace of the market is easing…

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