Miami’s Record-Setting Home Sales of 2018

Normandy Home Sale 1070 S Shore Drive

courtesy of ONE Sotheby’s International Realty

Miami’s Record-Setting Home Sales of 2018

Although it’s a strong buyers’ market in Miami-Dade, there have been a record number of luxury homes sold this year within The Magic City. There were 22% more sales while, at the same time, luxury home sale price values are 4% higher than the 2017 figures. Miami offers its residents tremendous lifestyle advantages and super tax savings from calling South Florida home.

Miami’s Luxury Homes Sold

Year to date (12/26/2018), 74 homes have sold over $5M with a median sale price of $1,105.52 per square foot and an average of 244 days to secure a buyer – Rewind to 2017 sales, there were 58 (22% less) homes sold over $5M with the median sale price of $1,057.31 per square foot (values 4% higher) and an average of 267 days to sell.

Miami’s Luxury Homes for Sale

There are 334 luxury homes for sale in Miami today, and with 6 sales per month, we have an approximate 55-month supply, hence a buyer’s market and an open playground for selection, leverage, and value.

Miami’s Top Ten Home Sales

Of this year’s top ten home sales, the sale price values ranged from $17M to $33M, with the median sale price value of $1,975psf. Buyer’s noted an average 15% discount from the list price with a median sale price of $19.5M. The year prior, the top ten sales noted only a 7% buyer discount from the list price, a median sale price per square foot of $1,766, and a median sale price of $19.5M. Sale price values (SP$/PSF) reflect the top luxury home sales 11% higher this year and double the discount!

I forecast additional record-setting property sale price figures by next year, with several home sales above $25M and condo sales from $15M to $30M. 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 & finalize your vision.

Miami’s Luxury Homes by Area | Miami Waterfront Real Estate

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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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