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Miami offers its residents tremendous lifestyle advantages and super tax savings from calling South Florida home. Whether you’re looking to buy or sell a home in Miami or simply want to stay up-to-date on the latest real estate trends, this blog has something for you. So explore our inventory of homes available today, and let’s dive into the exciting world of Miami’s record-setting home sales in 2022.
As many of you know, Miami has been experiencing a red-hot real estate market. The city has seen unprecedented home sale prices this year, breaking all previous records. Although it’s back to a buyer’s market in Miami-Dade, the demand remains steady for luxury homes within The Magic City.
Miami’s Luxury Homes Sold >$10M
Per the MLS Matrix database, Miami had 80 luxury homes sold for over $10 Million this year at a median sale price of $2,537 per square foot. In 2021, there were 157 homes sold at $2,108 per square foot. This equates to 49% fewer sales while, at the same time, luxury home sale price values increased 17% more than in 2021. The average number of days on the market to sell a home this year is 132 days.
Miami’s Luxury Homes for Sale
Above $10 Million, there are 193 luxury homes for sale in Miami today. With 6.6 home sales per month, we have an approximate 29-month supply, hence a buyer’s market and an open playground for selection, leverage, and value. There are 11 homes pending contract that may close this year, so the numbers could change slightly.
Miami’s Top Home Sales of 2022
Of this year’s top ten home sales, the sale price values ranged from $30M to $106,875,000, with the median sale price value of $3,819 per square foot. Buyer’s noted an average 11% discount from the list price with a median sale price of $36M. The year prior, the top ten sales noted only an 8% buyer discount from the list price, a median sale price per square foot of $2,749, and a median sale price of $34.750M. Sale price values (SP$/PSF) reflect the top luxury home sales 28% higher this year!
Miami’s Top Ten List of Sold Homes
- 3031 Brickell Avenue ($106,875,000) Brickells Flagler
- 390 Casuarina Concourse ($31.750M) Coral Gables
- 182 Bal Bay Drive ($27.8M) Bal Harbour
- 9475 Journeys End Road ($34M) Coral Gables
- 70 W San Marina Drive ($26M) Miami Beach
- 436 Ocean Boulevard ($25M) Golden Beach
- 550 Arvida Parkway ($22M) Coral Gables
- 555 Reinante Avenue ($21.5M) Coral Gables
- 7737 Atlantic Way ($20.5M) North Miami Beach
- 469 Ocean Boulevard ($19M) Golden Beach
Next year, we will see additional record-setting property sale price figures, with several luxury Miami homes listed above $50M and five Miami homes listed above $75M. Knight Frank has predicted Miami to be the world’s second-best luxury market in 2023, forecasting market prices to jump 5% next year.
Real estate in Miami has been experiencing a surge in home sales from 2020 to 2022, breaking all previous records. The factors driving this trend include a strong economy, population growth, and low mortgage rates. The trend has had positive implications for sellers, who can command higher prices for their homes, but it has also made it more difficult for buyers in the area. The record-setting home sales in Miami are expected to continue in the coming months, with the demand for housing remaining high. If you’re considering South Florida as the next location 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 your vision.
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