Luxury Home Sales Sour in Miami!

Luxury Home Sales Sour in Miami!

The First Quarter 2018 Miami Luxury Home Sales results were recently released by the Miami Association of Realtors and we are excited to announce that Sales SURGED 12.3% in the luxury market.  These figures include all Miami Luxury Homes in the $1 Million and Up price point.

Total Luxury Miami Home Sales Up in Q1/2018

Luxury Miami Home Sales in Q1 of 2018 totaled an impressive 421 Units compared to 375 Units in the 1^st Quarter of 2017.  However, luxury homes are not the only winners in Miami, median prices have risen for the past 25 Consecutive Quarters!

Miami and Miami Beach are definitely experiencing a surge in the high-end sector, and some buyers are even paying higher dollar-per-square feet on key locations such as South if Fifth in South Beach.  As an example, Worldwide Properties brokered the sale of one of its listings at Continuum South Beach #1404 for a total sale of $5.495M whereby the prior closed sale for the same exact condo type traded at $5.05M (about a 10% increase).  There were also two other notable condo sales in SoFi that traded in Apogee for $12M and $14M.  The sudden and powerful uptick in demand for the ultra high-end sector can be attributed to a much more favorable tax structure found in Florida versus the tax burdened structure in New York.  Notably, many hedge fund firms have relocated from New York City to Miami.   We expect to see this trend carry out through the rest of 2018, stated Eddy Martinez, Broker/Owner of Worldwide Properties.

Luxury Single Family Home Sales Up 16.2%

The Miami Single-Family Luxury market saw substantial positive growth closing on 30 additional units in Q1 of 2018.  A jump from 185 Single-Family Luxury transactions this time last year.  The Miami luxury condo sales market also saw an increase of 8.4% with total Q1 Sales of 206 Units.

Miami Homes Selling CLOSE to LIST Price

Good News for Sellers, the Median Percent of Original List Price received 95.2% of asking for Single-Family Homes and 93.6 for Miami Condominiums in Q1 of 2018.

The Median Time to Contract for Single-Family Homes Listings was 48 Days, a decrease to the Good from 58 Days in Q1 of 2017.   Condos median time to contract also saw a slightly shorter cycle with 80 Days in Q1 2018 vs 83 Days in Q1 2017.

The Median Time to Sale for Both Miami Single-Family Homes and Condos fared better in Q1 2018 with homes seeing a 97 Day Sales Cycle and Condos a 122 Day Cycle.  A decrease for the good of 11.8% for Single-Family and 3.9% for Condos.

Miami Median Prices Rise for 25th Consecutive Quarter

The median price for Single-Family homes in Miami-Dade County increased to $337,000 in the first quarter, a 5.9 percent jump from $318,375 in the same period last year. The median price for existing condominiums increased 4.5 percent year-over-year from $220,000 to $230,000.

Cash is KING in Miami!

Cash sales represented 40.8 percent of Miami closed sales in the first quarter of 2018, compared to 44.8 percent in lQ 2017.  About 20% of U.S. home properties are made in cash, according to the latest NAR statistics. The high percentage of cash buyers reflects Miami’s top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash.

Cash sales accounted for 54.2 percent of all Miami existing condo sales and 26.7 percent of single-family transactions.

Freddie Macs reports the interest rate for a 30-year fixed-rate mortgage averaged 4.27 percent for lQ 2017, up from the 4.17 percent average recorded during the same quarter a year earlier.

Now is a Great Time to Sell in this HOT Miami Real Estate Market with Year Over Year Gains on Real Estate Investments!

Contact Worldwide Properties today to speak with an experienced luxury real estate agent about selling your Miami and Miami Beach home.  We are experts in Miami Beach waterfront homes we have two Miami Beach locations at the Miami Beach Marina inside the Murano Grande at 400 Alton Rd, TH 104-M and at 225 Collins Avenue, Suite 101.

Stop by anytime to discuss your Miami real estate needs.  We would love to assist with your South Florida property or help you find the perfect Miami home for you!

ABOUT WORLDWIDE PROPERTIES

Worldwide Properties is a full-service residential and commercial brokerage firm located in South Beach’s chic South of Fifth neighborhood. Our world-class sales and marketing teams of brokers and real estate associates represent the most elegant and luxurious private homes, condominiums and commercial projects in South Florida and the Caribbean.

Our vast international network of contacts and clients in the United States, Caribbean, Europe, Asia, and South America can depend upon our highly experienced, multi-lingual sales teams to plan and execute strategic acquisitions of the most exclusive and exquisite real estate worldwide.

Worldwide Properties has two South Beach locations at 225 Collins Avenue, Ste 101, Miami Beach, FL and our Murano Grande Branch located at 400 Alton Rd, TH 104-M, Miami Beach, FL 33139.

 

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