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Residential Market Outlook – Single-Family Home Sales over $1 million in Miami Dade

Residential Market Outlook - Single-Family Home Sales over $1 million in Miami Dade

The Zeder Team has been following the residential real estate market across Greater Miami, offering short overviews of the activity we are seeing as Realtors in the marketplace. Working within EWM Realty International / Christie’s International Real Estate, our team is consistently ranked among the Top 5 Realtors in Miami-Dade County, from a field of over 35,000 real estate professionals. Whether you are interested in a particular location or the Greater Miami area generally, we hope you will appreciate our perspectives on the luxury home and condominium market in South Florida.

As we enter December, we are closing out one of the best years ever for sales in Miami-Dade County. Looking at single-family homes over $1 million, there were 846 closed sales through the first ten months of 2015. That averages out to just under three closed sales a day — about one every eight hours! This rate of sales is almost identical to the first ten months of 2014, when the market recorded 860 closed sales over $1 million, clearly showing a very active single-family home market.

The luxury condominium market has also had an impressive year, with 827 closed sales over $1 million in the first ten months of this year, about the same fantastic pace as single family homes. Those condominium sales include a record breaking $60 million sale in September for the new Faena House Penthouse, located on Miami Beach, which was the highest selling price in Greater Miami history. Comparing 827 closed sales in the ten-month period ending October 2015 with 935 closed sales in the same timeframe in 2014, condominium sales have slowed somewhat but the median price continued climbing from $1,600,000 in October 2014 to $1,622,000 in October 2015, an increase of 1.4%.

Looking ahead to the end of this year and into 2016, the most important piece of data buyers and sellers should be looking at is the number of available homes for sale vs. the number of closed transactions over a given period. Considering the number of single family homes priced over $1 million available for sale today, compared to the beginning of the year, we have seen an increase of 26%. For condominiums, the increase is about 28%. Those numbers are a welcome relief to buyers, as they are beginning to have more options. Interestingly, the selling prices have continued to inch up, indicating a healthy overall market.

We hope you have enjoyed this brief look at the market in 2015, and we wish you a wonderful Holiday Season as the year comes to an end.

 

Nathan B. Zeder
The Zeder Team
EWM Realty International
Christie’s International Real Estate

 

11.30.15

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