The 3Q 2022 luxury residential statistics for Miami-Dade County show us a continued appreciation with a significant decrease in total sales. Part of this is due to limited residential inventory and changing market conditions, such as a new buyer’s market (as of 2Q) with higher interest rates, concerns of a recession, and some buyers awaiting a correction hoping to time the market.
The demand for Miami real estate is the antagonist to an immediate housing bust many buyers are hoping for. We continue to see population growth, including companies such as Ken Griffin’s Citadel, where he was recently quoted saying they were “all in on Miami.” This influx of new residents and businesses coming to South Florida from top-tier locations like New York, Chicago, and California continues to fuel Miami’s residential sales.
Families and businesses seek Florida’s tax advantages, a healthy lifestyle, and a tremendous upside in calling Miami their home. Miami homes & condos are much larger today and far better suited for the affluent homeowner to have a primary residence here. With Miami’s past reputation as a second home market, this was not the case just seven years ago. Because of these factors, the luxury residential statistics for Miami continue to show resilience in this 3rd quarter.
Luxury Residential Statistics – $1M+
There were 284 luxury residential contracts above $1 Million in Miami-Dade County that closed last month. These new transactions brought the total luxury sales for 3Q 2022 up to 972 closed properties, a 32% decrease compared to the same 3Q period in 2021 when 1,437 properties went into contract.
In contrast, the selling price per square foot was up to a median figure of $771 per square foot, or an 11% increase over 2021’s 3Q price per square foot of $688 psf and a 24% increase over 2020’s 3Q price per square foot at $588 psf.
How fast to sell my property? DOM; the number of days on the market (DOM) decreased to 66 days on average, down from 118 days in 2021 and 198 days to sell in 2020.
Luxury Residential Statistics – $5M+
There were 24 luxury residential contracts above $5 Million in Miami-Dade County that closed last month. These new transactions brought the total luxury sales for 3Q 2022 to 85 closed properties, a 40% decrease compared to the same 3Q period in 2021 when 141 properties went into contract.
In contrast, the selling price per square foot was up to a median figure of $1,872 per square foot, or a 14% increase over 2021’s 3Q price per square foot of $1,606 psf and a 27% increase over 2020’s 3Q price per square foot at $1,361 psf.
How fast to sell my property? DOM; the number of days on the market (DOM) decreased to 126 days on average, down from 136 days in 2021 and down from 282 days to sell in 2020.
Luxury Residential Statistics – $10M+
There were 6 luxury residential contracts above $10 Million in Miami-Dade County that closed last month. These new transactions brought the total luxury sales for 3Q 2022 to 21 closed properties, a 45% decrease compared to the same 3Q period in 2021, when 38 properties went into contract.
Additionally, the selling price per square foot was down to a median figure of $2,143 per square foot, or an 8% decrease over 2021’s 3Q price per square foot of $2,340 psf and a 13% increase over 2020’s 3Q price per square foot at $1,874 psf.
How fast to sell my property? DOM; the number of days on the market (DOM) decreased to 103 days on average, down from 157 days in 2021 and down from 233 days to sell in 2020.
The highest selling price per square foot in 3Q was noted at the Arsht Estate (3031 Brickell Avenue), selling to Ken Griffin at an incredible new Miami record of $5,365 psf. Two other homes in Gables Estates and Hibiscus Island sold for $3,051 psf & $3,479 psf, respectively. Twelve other trophy properties were sold for over $2,000 per square foot, five of which were Miami condos noted at Oceana Bal Harbour, Ocean House South Beach, Regalia Sunny Isles Beach, One Thousand Museum in Downtown Miami and the Muse Penthouse in Sunny Isles Beach. Let me know what luxury residential statistics for Miami you’re interested in. Whether by the community, condo building, a particular pricing band, or location.
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