Miami luxury condo sales surged by 18%

  • May 03, 2019

Miami luxury condo sales surged by 18%

Luxury condo resales surged in Miami in March by 17.7% compared to last year, according to a report from the MIAMI Association of Realtors.

Home sales including condos and single-family, in Miami-Dade County totalled 1,230 in March, a 7.6% rise compared to last year.

There has been a rise in mid-market sales as explained by José María Serrano, chairman of the board of the MIAMI Association of Realtors: “A rise in mid-market condo sales and mortgage rates hovering near one-year lows factored into the overall increase.”

Miami-Dade

The association also noted that luxury deals have increased in eight out of the last 11 months, with high-end single-family home sales climbing in Miami-Dade County, in March.

  • Residential sales also increased by 7.6% year-over-year to 2,313 in March.
  • House sales of £1 million or more rose by 9.3% compared to last year. 

Palm Beach County

Palm Beach luxury condo sales increased 1.8 percent year-over-year in March, from 55 to 56, increasing for two consecutive years.  MIAMI President Kim Price said:

South Florida has 100 miles of the most beautiful coastline in America. International and domestic home buyers continue moving to our region.

Palm Beach County single-family home prices increased 0.6 percent in March 2019, from $348,000 to $350,000.

More domestic home buyers

Due to tax reforms, cutting down the amount of state and local taxes people could write off, there has been an increase in home buyers that aid in the South Florida real estate market.

  • More U.S. buyers are investing in real estate in Miami, with all-cash deals accounting for 35.6% of all closings in March.
  • A robust real estate market continues with sales totalling $1.1 billion closing in March, up 7.8% from the previous year.

Strong real estate market in Miami

The Miami real estate prices graph by Zillow shows the price appreciation of 3.6% until Sep 2019:

Photo credit: Zillow.com

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