Douglas Elliman’s 2015 Q1 report found a market rebounding from a slumping winter.

Today, Douglas Elliman released its 2015 first quarter market overview, dissecting a number of South Florida’s premiere real estate markets, including Miami’s mainland, Miami Beach, Boca Raton and Ft. Lauderdale.

Miami

As one of the hottest markets in the country, and, increasingly, the world, Miami is constantly in a state of flux, as surges of international and domestic investors, along with interested migrants, make their way to the Magic City hoping to submerse themselves in the area’s unique amalgam of cultures, flavors and lifestyles.

In nearly every sector of the local market, Douglas Elliman recorded year-over-year growth in the first quarter of 2015: overall median sales price rose 18 percent to $242,000; listing inventory was up 22.6 percent; and the number of sales increased 12.6 percent to 4,344 while falling 10 percent quarter-over-quarter, which should help ease the pace of price appreciation in the months to come. However, with a persistently low re-sale inventory and decline in the number of lower priced distressed sales, price indicators have and are likely to continue surging – at least in the short term.

As to why both sales and listing inventory are rising with such zest simultaneously, the report’s author, Jonathan Miller of Miller Samuel Inc., shed some light.

“The 18 percent rise was attributable to the combination of low inventory, a high level of demand and a decline in distressed sales activity,” he said. “Sales in distressed properties, which are much lower priced than non-distressed properties, fell 30 percent year-over-year, helping overall prices skew higher.”

In the luxury market, for which Miami is quickly becoming known, gains were similarly pronounced, as the median sales price for condos jumped an incredible 76.1 percent to $1.25 million – driven largely by the 108.3 percent year-over-year increase in five-bedroom condos from $1.8 million to $3.7 million – and median sales price for luxury single-family homes bumped up 4.2 percent to $1.25 million.

Listing inventory for both luxury condos and single-family homes saw healthy growth, rising 139.5 percent and 7.4 percent, respectively.

Some experts worry the market is being saturated with condos and may lead to problems similar to the 2007 bubble, but others, like Claudio Stivelman, chief executive of S2 Development, believe enough safeguards have been built in to avoid any such calamities.

“Unlike 2007, this development cycle is being carefully guarded by the development industry,” he said. “Builders and lenders alike have learned to avoid speculation by vetting projects and making sure they are financially sound and secure prior to breaking ground.”