Fewer luxury homes selling in Miami-Dade: report

Miami /
Sep.September 18, 2015 10:30 AM

Despite market factors that might suggest otherwise, luxury home sales in Miami-Dade County dropped during the second quarter of 2015.

Data from the Miami Association of Realtors shows that in the luxury market — homes priced at $1 million and above  a total of 277 single-family homes were sold during the months of April, May and June.

Compared to the same quarter in 2014, that number has fallen by roughly 10 percent, from 310 single-family homes. These homes did sell faster than last year’s batch, though. The median time a luxury home spent on the market was 77 days in this year’s second quarter, down from 79 days last year.

Meanwhile, a growing number of luxury houses are entering the market, partly due to growing prices feeding the confidence of homeowners. A total of 739 luxury houses were listed in the second quarter, up from 638 during the same time period last year. On top of that, the total inventory of luxe single-family homes has grown from 1,046 to 1,227 during that same time period, according to the report.

And the median sales price for a luxury home has grown from $1.65 million in 2014 to $1.75 million this year.

“Miami’s luxury properties are among the most sought-after properties in the world,” Christopher Zoller, the association’s 2015 residential president of Miami, said in a statement. “In addition to offering picturesque oceanfront views, Miami’s luxury market offers buyers the ability to live, work, and play in what is America’s second most important financial hub behind New York City. The recent growth in luxury listings and median prices is another sign of growing seller confidence in this sector.”

On the condo side of the luxury market, fewer units are selling and the time spent on the market is growing.

The second quarter saw 278 condo sales at $1 million or above, down from 307 during the previous year. These units spent a median of 105 days on the market, up from 97 days.

And a huge amount of new listings are entering the market.

Owners listed 824 condos for sale during the second quarter, up from 676 units in 2014, according to the report. That brings the total number of luxury condo listings to 1,661, which has grown considerably from the 1,256 condos on the market during the second quarter of 2014.


Related Articles

arrow_forward_ios
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
Steven and Beth Millner with One Thousand Ocean (Patrick McMullan/Getty, Google Maps)
Private equity honcho pays $5M for Boca Raton condo
Private equity honcho pays $5M for Boca Raton condo
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
South Florida’s pandemic-fueled residential market poised for bull run in 2021
South Florida’s pandemic-fueled residential market poised for bull run in 2021
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...