Miami 3Q 2019 Luxury Residential Statistics
The forecast for Miami-Dade County’s luxury residential market including both condominium and single-family homes is with high optimism from absorption of current inventory — the reason for the bullish position has to do with the exceptional values noted in 2019 and the amazing selection from both new construction and new spec homes combined with significant price drops since 2017.
Today’s inventory selection combined with significant seller discounts opens up a golden opportunity continuing into 2020 that we experienced back in 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 are fueling Miami’s residential sales and with this current cycle, homes are much larger and far better suited for primary residences.
There were 157 contracts above $1 Million in Miami-Dade County that closed last month. These new property deals brought the total luxury sales for 3Q 2019 to 481. This figure is a 5% increase in comparison to the same 3Q period in 2018 when 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) up from 156 days in 2018 and also 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.
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 in comparison to the same 3Q period in 2018 when 33 properties that 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.
The most valuable residential sales in Miami this third quarter were noted with 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 homes sales from $11.3m to $16m in premier Miami locations.
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