Miami’s Record-Setting Condo Sales of 2018

321 Ocean Dr PH Sold 2018 26M

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

Miami’s Record-Setting Condo Sales of 2018

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

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ONE Sotheby's International RealtyI’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 RealtyWhy 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.

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