1Q 2019 Luxury Residential Statistics for Miami-Dade County
The forecast for Miami-Dade County’s luxury residential market including both condominium and single-family homes is with high optimism — the reason for the bullish position has to do with the exceptional values noted in 2019 and the amazing inventory selection from both new construction and new 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 into South Florida from top tier locations 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.
There were 140 contracts above $1 Million in Miami-Dade County that 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.
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 in comparison 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 2017 with 238 days to sell.
Additionally, the price per square foot was down to a median figure of $1,223 per square foot or 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.
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