Second Quarter Sales Miami Luxury Market Suggest Stability, Reports Audrey Ross

Posted by Audrey Ross — August 31, 2015

1441040503The second quarter numbers are in for Miami’s luxury market. Overall, the market is stabilizing and the sale price has increased for both condos and single family home sales since last year this time. The number of condo sales are slowing down whereas single family homes sales are picking up. This trend indicates a city maturing as more residents make Miami their permanent residence, which will fuel further development of the overall city. It’s a positive development.

Median Sale Price Single Family Homes $1M +

Miami-Dade County

YEAR

2014

2015

April

$1,705,000.00

$1,800,000.00

May

$1,740,000.00

$1,675,000.00

June

$1,535,000.00

$1,812,000.00

Median

$1,705,000.00

$1,800,000.00

Average

$1,660,000.00

$1,762,333.33

*Data courtesy of Miami Realtors Association

 

Median Sale Price Single Family Homes $1M +

Miami-Dade County

YEAR

2014

2015

April

$1,705,000.00

$1,800,000.00

May

$1,740,000.00

$1,675,000.00

June

$1,535,000.00

$1,812,000.00

Median

$1,705,000.00

$1,800,000.00

Average

$1,660,000.00

$1,762,333.33

*Data courtesy of Miami Realtors Association

Houses are in greater demand due to more Miami buyers looking to purchase permanent residences instead of the popular pied a terres. If one defines luxury as the top ten percent of market sales, the average sale price for luxury single family homes came in at $10,529,143 in the second quarter with an average price per square foot at , and median sale price of $7,766,500. Single family homes sold on average in 30-days during the second quarter.

1441040448

Miami Beach commands the highest average sale price for single family homes whereas Sunny Isles continues to be the most affordable for luxury market purchases. Miami Beach and Brickell are still the hottest markets. And with major real estate developments scheduled for downtown, the area is expected to make a major comeback in the next few years positioning it as a great place to make an investment in real estate.

Unlike San Francisco and Los Angeles, which may be vulnerable to a crash, Miami’s overall real estate market appears more stable. It’s highly desirable to have properties selling at list price in a relatively normal amount of time. It suggests a market where buyers are making a sound investment. When properties begin to sell too quickly, it’s a red flag that we are in or approaching a bubble. While it’s easy to get swept up in the frenzy and excitement, history shows us these bubbles don’t last. As summer winds down, fall approaches and the markets continue to be turbulent, sales will most likely pick up. Overall the outlook for Miami’s luxury real estate market for buyers and sellers continues to be positive.

About Audrey Ross

Since opening her own real estate firm in Miami in 1984, Audrey Ross has established herself as one of the city's preeminent purveyors of luxury homes. After years of dedication to her work and providing absolutely the best and most discreet service to the world's movers and shakers who make up her clientele, she has become known to those in international real estate circles as "Miami's Woman at the Top."

Audrey had the foresight to research this incredible growth as it was happening and learned what this influx of people would mean to both current residents and those relocating here. Her clientele list is a veritable who's who of the movers and shakers of the world - Fortune 500 executives, film stars, international entertainment figures, sports celebrities and heads of foreign countries.

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