The sales of luxury homes in Miami is on the rise, and upticking at a pretty impressive clip. According to the Miami Association of Realtors, in the third quarter of 2015 the inventory of all available homes increased pushing the sale of luxury homes up 5.3 percent year-over-year.
Miami’s growth is due in part to the strength of the dollar, especially when it comes to high-end homes compared to other cities like San Francisco or New York.
In fact, Christie’s International “Luxury Defined” 2015 reported found that $5 million in Miami could buy a six-bedroom home along the waterfront with 6,475 square feet of space. Compare this to the three-bedroom, 1,865-square-foot home that $5 million could buy in New York City.
Miami-Dade County had 258 $1 million-plus single-family home sales in the third quarter, moving up from 245 million dollar home purchased during the same time last year.
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However, the number of luxury condo sales decreased on an annual basis in the third quarter by 14.8 percent, falling from 237 home sales to 202.
Luxury homes in Miami were reported to be coming off the market at a 18.9 percent faster rate than during the same time last year. The days on market for $1 million-plus homes was 73, falling from 90 in 2014.
Put this figure side-by-side with the large increase of homes coming onto the market, and it’s easy to say the luxury sector of Miami is on fire. The third quarter of 2015 saw a 33.9 percent increase in new luxury home listings, bringing the inventory as a whole to be 27.5 percent higher than in the third quarter of 2014.
