NEW YORK, July 22, 2013 /PRNewswire/ -- Douglas Elliman released their 2Q 2013 market reports for Miami, Boca Raton, Fort Lauderdale and Palm Beach. All four reports show a trend of high sales activity, rising prices, decreasing sales time and falling inventory. The demand from the international, New York and regional markets remain elevated throughout the South Florida region.
"Sales activity in Miami is at its highest point in seven years," said Vanessa Grout, CEO and President of Douglas Elliman's Florida Brokerage. "The overall Miami market is seeing price increases across all markets and the average sales price is at a five-year peak. Inventory is continuing to drop and most of that decline is from distressed listings," stated Grout.
In Boca Raton, sales continue to rise along with falling inventory, including new developments being rapidly absorbed. "The time to sell a property is shrinking as well with the average number of days on the market down drastically in comparison to the same time last year," said Jonathan Miller, President and CEO of Miller Samuel and the author of the report.
Sales and prices continued to rise in Fort Lauderdale and the though the overall inventory dropped, single family luxury homes saw an increase in inventory despite brisk sales.
"Palm Beach saw a surge in single family home sales as well," added Miller, "as well as a rise in sales of much larger homes, which skewed the rise in prices." The South End also experienced an increase in sales and the average size of a sale. Inventory fell sharply in Palm Beach, as it did in most of South Florida.
About Douglas Elliman Real Estate
Douglas Elliman Real Estate is New York's largest residential brokerage, with over 70 offices in New York City, Long Island, the Hamptons , Westchester/Putnam, and South Florida, including more than 4,000 real estate agents and a network of national and international affiliates. They are exclusive strategic partners with London-based Knight Frank LLP for residential business in all of their New York markets. Douglas Elliman ranked in the top four of all real estate companies in the nation in 2007, 2008, 2009, and 2010. The company also controls a portfolio of real estate services, including Manhattan's largest residential property manager, Douglas Elliman Property Management, as well as PDE Title and DE Capital Mortgage. For more information on Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, visit the Douglas Elliman site at www.elliman.com
About Miller Samuel
Miller Samuel is an appraisal and consulting services firm covering the New York City metropolitan area. Miller Samuel provided property valuations of more than $5,000,000,000 in the past year. The company's clients include domestic and international financial institutions, law firms, consulting firms, developers, employee relocation companies, co-op and condo boards, managing agents, individuals and government agencies. The firm has authored this report series since 1994. For more information visit www.millersamuel.com
SOURCE Douglas Elliman