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.