Miami Luxury Real Estate Trends | A Decade In Review

Miami Luxury Real Estate Trends | A Decade In Review

Let’s keep this study simple.

1. Miami-Dade County’s 10-Year History
2. All Properties $1 Million and Up
3. From 2006 to 2016

July 2016 (Quarterly) is a Buyer’s market*

Home For Sale in July 2016 (Quarterly): 7545 units.
Up 1.5% compared to the last quarter
Up 52.8% compared to the last year

Home Closed in July 2016 (Quarterly): 181 units.
Down 15% compared to the last quarter
Down 30.9% compared to the last year

Home Placed under Contract in July 2016 (Quarterly): 170 units.
Down 28.6% compared to the last quarter
Down 37.3% compared to the last year

July 2016 (Quarterly) Average Sold Price per Square Footage is Neutral*

Average Sold Price per Square Footage in July 2016 (Quarterly): $925
• Down 5.8% compared to the last quarter
• Up 9.9% compared to the last year

*Based on 6 quarter trend – Appreciating/Depreciating/Neutral

July 2016 (Quarterly) Average For Sale Price is Depreciating*

Average For Sale Price (in thousand) in July 2016 (Quarterly): $2993
Down 0.6% compared to the last quarter
Down 2.6% compared to the last year

July 2016 (Quarterly) Average Sold Price is Neutral*

Average Sold Price (in thousand) in July 2016 (Quarterly): $2336
Down 7.2% compared to the last quarter
Up 14.5% compared to the last year

*Based on 6 quarter trend – Appreciating/Depreciating/Neutral

July 2016 (Quarterly) is a Buyer’s market*

Months of Inventory based on Closed Sales in July 2016 (Quarterly): 41.7
Up 19.5% compared to the last quarter
Up 121.5% compared to the last year

*Buyer’s market: more than 6 months of inventory based on closed sales
Seller’s market: less than 3 months of inventory based on closed sales
Neutral market: 3 – 6 months of inventory based on closed sales

(All Figures Derived from Trendgraphix)

Luxury Real Estate in Southeast Florida