Miami’s luxury properties saw a significant year-over-year rise in median sales prices in the first quarter of 2015
MIAMI – July 2, 2015 – (RealEstateRama) — Miami’s luxury properties saw a significant year-over-year rise in median sales prices in the first quarter of 2015, according to the MIAMI Association of REALTORS® (MIAMI), the nation’s largest Realtor group with 36,000 members. Single-family homes priced at $1 million or above had a median sales price of $1.7 million in the 2015 first quarter, a 6.25 percent increase from $1.6 million in the 2014 first quarter. Luxury condos also had a median sales price of $1.7 million in the first quarter of 2015, a 13.3 percent spike from $1.5 million in the 2014 first quarter.
“With its sunny weather, outdoor lifestyle, and world-class cultural offerings, Miami’s luxury market continues to see more home sales, listings, and higher median sales prices,” said Christopher Zoller, a 27-year Miami-based Realtor and the 2015 Residential President of the MIAMI Association of REALTORS®. “South Florida offers a unique place to live, work, and play for the world’s wealthy. Ultra-high-net-worth individuals are securing more real estate for their money in South Florida compared to other global cities such as New York City and London.”
In the prestigious 2015 Knight Frank Wealth Report, Miami ranked as the sixth most important city in the world to ultra-high-net-worth individuals (UHNWI). 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 most important global cities.
Luxury Single-Family Homes
Miami luxury single-family homes saw a 2.3 percent rise in first-quarter sales compared to the same period last year, growing from 217 to 222. The $1 million-plus properties spent 94 median days on the market in the first quarter, the same number reflected in the first quarter of 2014.
Luxury single-family homes continue to see an increase in new listings as seller confidence in Miami’s luxury market continues. In the first quarter, 755 luxury single-family homes were placed into the market. That’s a 22.4 percent increase from 617 in the first quarter of 2014.
The inventory for luxury single-family homes reached 1,181 in the recently completed first quarter, a 14.3-percent rise from the 1,033 listed in the first quarter of 2014.
Miami luxury condominiums saw a 3.6 percent year-over-year decline in sales in the first quarter of 2015, from 250 to 241. The median days on the market for luxury condos was 103, a 15.7 percent increase from the same period in 2014.
Luxury condos had 8.1 percent more new listings in the recently completed first quarter, growing from 831 to 898. In the first quarter of 2015, the number of property listings for $1 million-plus condos grew to 1,614, a 20.6 percent increase from the 1,338 in the first quarter of 2014.