The average sale price for residential properties in Miami Beach and Barrier Islands fell by 7.5 percent in Q1-2016 year-over-year to $905,252 and the median sale price dropped by 6.6 percent year-over-year to $408,750, according to CNBC (citing a report from Douglas Elliman and Miller Samuel Real Estate Appraisers & Consultants).

Inventory increased by 33 percent (21.5-month supply) and the number of days on market almost doubled from 53 days to 97 days, year-over-year. The total number of sales fell by 21.1 percent to 810 properties.
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Last Updated on April 15, 2016 by Ramin Seddiq