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 were 10% higher (SP$/$5M+) along with sale price values (SP$/PSF) 4% higher in 2018 over the 2017 figures.
Miami offers its residents with tremendous lifestyle advantages along with the 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 have earned it a reputation as the Gateway to the Americas.
Miami’s Luxury Condos Sold
Year to date (12/27/2018), 69 condos have sold over $5M with the 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% discounted from the list price. – Rewind to 2017 sales, there were 62 (10% less) condos sold over $5M with the 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 buyer’s did secure the same discount of 11% YOY.
Miami’s Luxury Condos for Sale
There are 382 luxury condos for sale in Miami today and 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 years ‘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 averaged 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 this time next year with condo sales from $15M to $30M along with several home sales above $25M. On the flipside, there will be Miami condominium deals & opportunity 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 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.
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