Miami luxury condo and home statistics for 3Q 2019 are included below. The forecast for Miami-Dade County’s luxury residential market, including condominium and single-family homes, is optimistic. The absorption of current inventory is unprecedented. The bullish position is due to the exceptional values noted in 2019, along with the amazing selection of new construction and spec homes. This, combined with significant price drops since 2017.
Miami 3Q 2019 Luxury Residential Statistics
Today’s inventory selection, combined with significant seller discounts, opens up a golden opportunity continuing into 2020 that we experienced from 2009 to 2011. An influx of new residents into South Florida from top-tier locations like Los Angeles, New York, New Jersey, Chicago, Toronto, and Mexico fuel Miami’s residential sales. This cycle makes homes much larger and far better suited for primary residences.
Miami Luxury $1M+
157 contracts above $1 Million in Miami-Dade County closed last month. These new property deals brought the total luxury sales for 3Q 2019 to 481. This figure is a 5% increase compared to the same 3Q period in 2018. Then, 458 properties went into contract and a 25% increase over 2017’s Q3 residential sales.
How fast will it take to sell?
The number of days on the market (DOM) increased slightly to 161 days (5.3 months). This is up from 156 days in 2018, similar to 2017’s DOM, with 157 days to sell.
A focus on market values, the selling price per square foot was down to a median figure of $534 per square foot, or a 4% decrease over 2018’s first-quarter price per square foot of $556 psf and 6% less than 2017’s price per square foot at $569 psf.
Miami’s Ultra-Luxury $5M+
There were 11 contracts above $5 Million in Miami-Dade County closed last month. These new deals brought the total luxury sales for 3Q 2019 to 27. This figure is an 18% decrease compared to the same 3Q period in 2018, when 33 properties closed, and an 11% decrease over 2017’s (24 total) residential sales.
How fast will it take to sell? The number of days on the market (DOM) –increased to 258 days (8.6+ months), down from 196 days in 2018 and a month longer than in 2017, with 226 days to sell.
Additionally, the price per square foot was down to a median figure of $1,577 per square foot or a 6% decrease over 2018’s first-quarter price per square foot of $1,677 psf and 11% higher than 2017’s price per square foot at $1,405 psf.
This third quarter, Miami’s most valuable residential sales were noted. We had 4 homes selling from $23m to $27.5m and a new condo at Palazzo Del Sol Fisher Island selling at $17.150m. There were 8 additional home sales from $11.3m to $16m in premier Miami locations.
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