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Miami Luxury Single-Family Home Sales Rise in 3Q

by | Dec 12, 2015
Miami luxury single-family home sales increased 5.3 percent year-over-year in the third quarter as total inventory for all existing luxury properties rose, according to new data from the MIAMI Association of REALTORS® (MIAMI).

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Christopher Zoller
2015 Residential President
MIAMI Association of Realtors®

Miami luxury single-family home sales increased 5.3 percent year-over-year in the third quarter as total inventory for all existing luxury properties rose, according to new data from the MIAMI Association of REALTORS® (MIAMI).

Miami-Dade County had 258 $1-million-plus single-family home sales in 3Q 2015, an increase from 245 in the same period last year. Existing luxury condominium sales - which are competing with a significant rise of supply in pre-construction condo units east of Interstate-95 - decreased 14.8 percent year-over-year in 3Q 2015, from 237 to 202.

Total Luxury Inventory Rises
Total inventory for all luxury Miami residential properties increased 32.6 percent, from 2,355 in the third quarter of 2014 to 3,122 in the third quarter of 2015.The significant rise in $1 million-plus properties listed in Miami-Dade County is a sign of strong seller confidence.

Luxury Single-Family Home Prices, Days on the Market
Existing single-family homes priced at $1 million or above had a median sales price of about $1.57 million in the third quarter of 2015, a 4.7 percent decrease from $1.65 million in the same time period last year. Miami-Dade County luxury homes had a $444 median sale price per square foot in 3Q 2015, a 3.7 percent increase from $428 in 3Q 2014. The $1million-plus properties were on the market for 73 days in the third quarter, an 18.9 percent decrease from 90 days in the third quarter of 2014.

Luxury Condominium Prices, Days on the Market
Existing luxury condos posted a median sales price of $1.5 million in the third quarter, the same price recorded in the 2014 third quarter. Existing Miami-Dade county luxury condominiums had a $776 median sale price per square foot in 3Q 2015, a 9.0 percent increase from $712 in 3Q 2014.

Miami luxury condo sales decreased 14.8 percent year-overyear in the third quarter of 2015, from 237 to 202.The median days on the market for luxury condos was 101, a 38.4 percent increase from 73 days in the same period in 2014.

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Lynda Fernandez,
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lynda@miamire.com 
(305) 468-7040

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tkinney@miamire.com 
(305) 468-7000

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chris@miamire.com
(305) 468-7047


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