1Q 2019 Luxury Residential Statistics for Miami-Dade County
The forecast for Miami-Dade County’s luxury residential market, including condominium and single-family homes, is optimistic. The bullish position is due to the exceptional values noted in 2019 and the fantastic inventory selection. We have new construction and spec homes combined with significant price drops since 2017.
Today’s inventory selection, combined with significant seller discounts, opens up a golden opportunity this year that we experienced back in 2009. An influx of new residents from top-tier locations into South Florida. Cities like New York, New Jersey, Chicago, Toronto, and Mexico are fueling Miami’s residential sales, and with this current cycle, homes are much larger and far better suited for primary residences.
2019 Miami’s Luxury Residential Market – Luxury $1M+
140 contracts above $1 Million in Miami-Dade County closed last month. These new property deals brought the total luxury sales for 1Q 2019 to 373. This figure is a 19% decrease in comparison to the same 1Q period in 2018 when 458 properties went into contract which was a 15% increase over 2017’s residential sales.
How fast to sell? The number of days on the market (DOM) increased slightly to 180 days (6 months) up from 171 days in 2018 and almost identical to 2017 with 179 days to sell.
Additionally, the price per square foot was up to a median figure of $609 per square foot or a 4.2% increase over 2018’s first-quarter price per square foot of $584psf and 2017’s price per square foot at $582 psf.
Ultra-Luxury $5M+ – 2019 Miami’s Luxury Residential Market
There were 18 contracts above $5 Million in Miami-Dade County closed last month. These new deals brought the total luxury sales for 1Q 2019 to 45. This figure is a 20% increase compared to the same 1Q period in 2018 when 36 properties went into contract, which was an 8% increase over 2017’s residential sales.
How fast to sell? The number of days on the market (DOM) decreased to 223 days (7+ months), down from 279 days in 2018 and even less than in 2017, with 238 days to sell.
Additionally, the price per square foot was down to a median figure of $1,223 per square foot. This is a 33% decrease over 2018’s first-quarter price per square foot of $1,836 psf and 2017’s price per square foot at $1,797 psf.
The most valuable sales this first quarter were noted with a penthouse condo at L’Atelier in North Beach trading at $2,643 per square foot or $21M and an estate home at 23 Star Island trading at $2,654 per square foot or $25 Million.
Today’s Best Miami Condo Discounts | Miami’s Best Home Discounts
Luxury Condos, Unique Penthouses, & Waterfront Homes
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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 in the world. Locally, I offer the very 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, their 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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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 opportunity and trends.
- MiamiPenthousesandEstates.com
- FortLauderdalePenthousesandEstates.com
- Coleman.Properties
- MiamiDreamRealty.com
- ONE Sotheby’s & Ashton Coleman, P.A.
- Jade Beach, Jade Ocean & Jade Signature
- What’s My Home Worth Today?
- Marketing 101 by Ashton Coleman
- Marketing Your Luxury Property
- Sotheby’s Marketing Presentation
- ONE Sotheby’s International Realty | Marketing Affiliates
- Client Reviews
- New Miami Listings
- Sold Miami Properties
- TRENDS (2018) Report
- Sotheby’s International Realty History/Overview
- Sotheby’s – An Overview and the Auction House
- ONE Sotheby’s International Realty History/Overview
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