Luxury Home Sales in Miami Uptick in Q3, Puerto Rico is Next
According to the Miami Association of Realtors, Miami's luxury home sales increased 5.3 percent year-over-year in the third quarter as total inventory for all existing luxury properties rose. Miami-Dade County had 258 $1-million-plus single-family home sales in 3Q 2015, an increase from 245 in the same period last year. Existing luxury condominium sales -- which are competing with a significant rise of supply in pre-construction condo units east of Interstate-95 -- decreased 14.8 percent year-over-year in 3Q 2015, from 237 to 202. "Miami luxury home buyers can purchase a larger home at a better price compared to other world-class global cities," said Christopher Zoller, the 2015 Residential President of MIAMI. "The strength of the dollar coupled with Miami's growth as a leading global city is leading more executives, hedge-funders and businessmen to buy luxury properties here. South Florida offers everything a luxury buyer would want: from oceanfront views to world-class art to top-tier amenities." 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. Christie's International "Luxury Defined" 2015 report analyzed what $5 million could buy in the world's top global cities. The report found that $5 million in Miami would buy a six-bedroom, 6,475 custom-built waterfront home. In London, $5 million would buy a two-bedroom home at 1,319 square feet. In New York, $5 million would purchase a three-bedroom home at 1,865 square feet. In Hong Kong, the same price would only be enough for a three-bedroom home at 1,567 square feet. Total Luxury Inventory Rises Total inventory for all luxury Miami residential properties increased 32.6 percent, from 2,355 in the third quarter of 2014 to 3,122 in the third quarter of 2015. The significant rise in $1 million-plus properties listed in Miami-Dade County is a sign of strong seller confidence. Luxury Single-Family Home Prices, Days on the Market Existing single-family homes priced at $1 million or above had a median sales price of about $1.57 million in the third quarter of 2015, a 4.7 percent decrease from $1.65 million in the same time period last year. Miami-Dade County luxury homes had a $444 median sale price per square foot in 3Q 2015, a 3.7 percent increase from $428 in 3Q 2014. The $1 million-plus properties were on the market for 73 days in the third quarter, an 18.9 percent decrease from 90 days in the third quarter of 2014. Luxury single-family homes continue to see an increase in new listings. In the third quarter, 734 luxury single-family homes were placed into the market. That's a 33.9 percent increase from 548 in the third quarter of 2014. The inventory for luxury single-family homes reached 1,331 in the recently completed third quarter, a 27.5-percent rise from the 1,044 listed in the third quarter of 2014. 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. Miami luxury condo sales decreased 14.8 percent year-over-year in the third quarter of 2015, from 237 to 202. The median days on the market for luxury condos was 101, a 38.4 percent increase from 73 days in the same period in 2014. Luxury condos had 23.0 percent more new listings in the recently completed third quarter, growing from 708 to 871. In the third quarter of 2015, the number of property listings for $1 million-plus condos grew to 1,791, a 36.6 percent increase from 1,311 in the second quarter of 2014.
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