By Amit Bhuta - ONE Sotheby's International Realty

It's hard to believe that already more than half of the year has gone by. I figured there is no better time to give you a mid-year update on how the luxury real estate market is doing in Miami-Dade County. Since the company I work for ONE Sotheby's International Realty specializes in listing and selling homes that are $1,000,000 or more, I used that number as the starting point for luxury real estate in Miami-Dade County.

This report is a starting point to get to know the changes in the luxury market between the first half of last year and this year. To get the pulse of what's happening in the high-end market and what's most probably going to happen in the future, you need to be involved with it daily. I will do my best to pass on some of that knowledge to you.

Thru the first six months of this year, there were 871 properties in Miami-Dade County that sold for one million dollars or more, about a 3% reduction in sales from the same time period in 2016. Out of the 871 homes, 56% were single family homes and 44% condos. Because much more of the condos that sold in the luxury segment were waterfront compared to single family homes, the price per square foot was much higher for condos.

Although there have been 10 more sales of single family homes in 2017 compared to 2016, a few things have changed. On average, houses are staying on the market 36 more days and sellers are getting two percent less on their original asking price (84% vs 86%) than last year. The average price per square foot for the 487 homes sold went up by $24 or just under 5%.

Sales of million dollar plus condos for the first half of 2017 went down 9% and amounted to 384 new owners.  The time on the market before an offer was accepted increased dramatically from 132 days in 2016 to 182 days, a 39% increase! The average price per square foot and the percentage of the original asking price accepted by sellers were more favorable for buyers in 2017.

TOTAL SALES of $1 Million+ Single Family Homes & Condos/Townhomes

Year
Number Sold
Avg Price Per Square Ft
Days on Market (DOM)
%  Original Price Accepted
2016
900
$667
129
87%
2017
871
$664
177
84%


WATERFRONT - Total Sales of $1 Million+ Single Family Homes & Condos/Townhomes

Year
Number Sold
Avg Price Per Square Ft
Days on Market (DOM)
%  Original Price Accepted
2016
520
$897
139
86%
2017
465
$911
188
82%


NON-WATERFRONT - Total Sales of $1 Million+ Single Family Homes & Condos/Townhomes

Year
Number Sold
Avg Price Per Square Ft
Days on Market (DOM)
%  Original Price Accepted
2016
380
$431
114
89%
2017
403
$434
153
86%


SINGLE FAMILY HOMES - Total Sales of ALL $1 Million+  (waterfront & non-waterfront)

Year
Number Sold
Avg Price Per Square Ft
Days on Market (DOM)
%  Original Price Accepted
2016
477
$527
127
86%
2017
487
$551
163
84%


CONDOS - Total Sales of $1 Million+ (waterfront & non-waterfront)

Year
Number Sold
Avg Price Per Square Ft
Days on Market (DOM)
%  Original Price Accepted
2016
423
$941
132
87%
2017
384
$921
182
83%

To view the COMPLETE REPORT, click HERE.

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