MIAMI – December 03, 2015 – (RealEstateRama) — 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 ranked as the sixth most important city in the world to ultra-high-net-worth individuals (UHNWI), according to the prestigious 2015 Knight Frank Wealth Report. UHNWI are defined as having a net worth of at least $30 million. Miami and New York were the only North American cities to make the top-10 list of the Wealth Report, which is issued annually by London-based real estate consultancy Knight Frank. London, New York, Hong Kong, Singapore, and Shanghai rounded out the top-five.
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.