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Elliman Reports: South Florida’s residential market bounces back after Hurricane Irma

January 23, 2018

As previously reported from Katherine Kallergis from The Real Deal, residential sales may be on the rebound according to the Q4 2017 Elliman Reports.

Miami Coastal Mainland experienced a 1.7% increase in average sales price, while inventory decreased 3.3% from the previous quarter. Condos, specifically, experienced an increase in averages sales price from the previous quarter and year over year at 2.9% and 5.5%, respectively. Marketing time decreased a whopping 43.5% from 92 days to 52 days since last quarter.

Downtown condos experienced a 1.1% increase in average sale price and a 36.2% decrease in marketing time from 69 days to 44 days from the previous quarter. Brickell condos experienced a slight increase in average sales price of 0.6% and a 50.3% decrease in marketing time from 161 days to 80 days from the previous quarter.

According to Miller Samuel CEO Jonathan Miller, author of the reports, “The general overview is the fourth quarter showed more activity, and more strength at the upper end of the market after being less active. Essentially what’s happening in a lot of these markets is sellers have been holding out for several years and now they’re more amenable to actual market conditions.”