Miami’s Record-Setting Condo Sales of 2018

$26M PH on Ocean Drive… courtesy of Bill & Bryan Team DE

Although it’s a strong buyers’ market in Miami-Dade, there have been a record number of luxury condos sold this year within The Magic City. The number of luxury condo sales was 10% higher (SP$/$5M+) along with sale price values (SP$/PSF) 4% higher in 2018 than the 2017 figures.

Miami offers its residents tremendous lifestyle advantages and super tax savings from calling South Florida home. Widely considered one of the country’s most important financial centers, Miami is a global center for commerce, banking, and international trade. Its proximity to Latin America and the Caribbean has earned it the Gateway to the Americas.

Miami’s Luxury Condos Sold

Year to date (12/27/2018), 69 condos have sold over $5M with a median sale price of $1,845 per square foot and an average of 235 days to secure a buyer. Buyer’s also received an average of 11% discount from the list price. – Rewind to 2017 sales, 62 (10% less) condos sold over $5M with a median sale price of $1,783 per square foot (values 4% higher) and an average of 196 days to sell. A little over a month longer to connect with a buyer this year, the Miami buyers did secure the same discount of 11% YOY.

Miami’s Luxury Condos for Sale

There are 382 luxury condos in Miami today. With 5.75 sales per month, we have an approximate 66-month supply, hence a strong buyer’s market and an open playground for selection, leverage, and value.

Miami’s ‘Top Ten’ Condo Sales

Of this year’s top ten’ condo sales, the sale price values ranged from $13.5M to $26M, with the median sale price value of $2,597psf. Buyer’s noted an average 16% discount from the list price with a median sale price of $14.678M. The year prior, the top ten sales noted a 13% average buyer discount from the list price, a median sale price per square foot of $2,698, and a median sale price at $12.750M. Sale price per square foot values (SP$/PSF) reflect the top ten luxury condo sales 4% lower this year and discounts 3% higher!

I forecast additional record-setting property sale price figures by next year, with condo sales from $15M to $30M and several home sales above $25M. On the flip side, there will be Miami condominium deals & opportunities noted as the lowest we’ve seen for the decade. If you’re considering Miami as the next location to call home for you & your family and are ready to take advantage of the abundant opportunity in this new year, connect with me today and let’s lock in on & finalize your vision.

*figures derived from MLS Matrix. Off-Market sales were not included, with pre-construction Penthouses selling from $13.5 at Brickell Flatiron to $21M at Ritz-Carlton Sunny Isles Beach.

Miami’s Luxury Condos by Area | Miami Oceanfront Real Estate

Luxury Penthouses by Area

Connect with me on YouTube | Instagram | Facebook | LinkedIn | Twitter

Luxury Condos, Unique Penthouses, & Waterfront Homes

Whether you’re seeking an extraordinary Miami penthouse for sale, a trophy home, a remodeled condo in Miami Beach, a deal on new construction, a beautiful waterfront estate, off-market & investment opportunities, vacant land for development, bulk condo sales, or relocation assistance for your family &/or team, I’ll have it customized and ready for you – contact me here and let’s discuss your ideas and vision here for South Florida.

Be sure to join the VIP group for monthly market insights, South Florida news, and exclusive coastal properties – covering South Beach, Miami Beach, Sunny Isles Beach, Aventura, Bal Harbour, Bay Harbor Islands, Surfside, North Bay Village, Hollywood, Brickell, Downtown, Wynwood-Edgewater-Midtown, Key Biscayne, Bay Harbour Islands, Coconut Grove, Coral Gables, and coastal Fort Lauderdale (East of US1).

Stop Searching. Start Living. Let’s talk #888.38.DREAM or contact me for a curated property list of residential opportunities matching your wants & needs.

I’m connected with the world’s best luxury real estate brand and a vast global network of friends & colleagues who offer a bespoke experience wherever you are. Locally, I offer the best in real estate knowledge and client services as a master broker-associate with the leading firm, ONE Sotheby’s International Realty. Why Sotheby’s? Because of the brand heritage, prestige, propensity for perfection, and, quite simply, the immense global reach in curating luxury goods and real estate. Since 2002, I’ve been successful in the South Florida residential market with knowledge, experience, and white-glove service that consistently exceeds expectations.

Technology & Resources

The Miami Beach Real Estate Blog is an excellent resource for Southeast Florida residential real estate data, trends, and property information. South Florida’s population influx is an important factor in assisting our growth and resilience, so check back often to uncover more about South Florida real estate opportunities and trends.

An ALEXA Flash Briefing is now on Miami’s Residential Real Estate – if you’d like to hear weekly reports from the comforts of your home and have Amazon Alexa, simply enable and I’ll deliver the relevant news & statistics weekly simply by asking for the latest news or flash briefing!

Miami News http://bit.ly/MiamiAlexaFlashBriefing
Fort Lauderdale http://bit.ly/FortLauderdaleAlexaFlashBriefing

@AshtonColeman’s Podcast

Who You Are

You are a client – not a customer:

Clients are under the protection of another.
Customers purchase a commodity or service.

Knowledge is protection. As a client, you can expect confidentiality but also risk assessment with fully accurate information that you will understand, implement, and use to build your net worth.

Miami’s Record-Setting Condo Sales of 2018