Miami-Dade Luxury Home Sales and Prices Inch Up in May

Written by Posted On Friday, 29 June 2018 11:41

MIAMI (June 20, 2018) – Luxury home prices and overall sales rose in the Miami-Dade area from May 2017, according to a new report by Coldwell Banker Residential Real Estate, Florida’s leading provider of luxury real estate services.

There were 189 sales of residential properties priced $1 million and higher in May, representing a 6.9 percent increase from 155 sales during the same month in 2017. The data is based on sales of $1 million-plus homes in the Miami-Dade area recorded by the Multiple Listing Service.

The median sales price for luxury properties in May made gains by a modest .9 percent to $1,850,000 compared to $1,725,000 in April 2017.

“Luxury home prices made modest gains in May year-over-year, allowing overall sales to rise,” said Nancy Klock Corey, regional vice president of Coldwell Banker Residential Real Estate, southeast Florida. “Even with high inventory, properties are still changing hands at a growing rate, showing that the Miami area is a great place to invest.”

 

Of the luxury home sales in the Miami-Dade area, 42 were of properties priced $3 million or more last month. There were 20 property sales at or above $5 million in May.

Below are some additional findings from the May Coldwell Banker Residential Real Estate luxury report:

  • Miami Beach saw the two most expensive sales in the area, with one penthouse unit closing for $26 million and another property closing for $17.3 million
  • Luxury homes took an average of 169 days to sell in May compared to an average of 155 days in the prior year’s month
  • Sellers received an average of 86 percent of their asking price, nearly the same as in April 2017, which saw an average of 86.8 percent

The Miami-Dade Luxury Home Report is presented by Coldwell Banker Residential Real Estate, a specialist in high-end real estate sales. Through its internationally renowned Global Luxury program, Coldwell Banker is recognized around the world for its expertise in the luxury housing market. 

Coldwell Banker Residential Real Estate is a leading full-service residential real estate brokerage company with approximately 75 offices and nearly 5,000 affiliated agents serving Central Florida, Flagler, Brevard, Palm Beach, Southeast and Southwest Florida, Tampa Bay and the Panhandle. Real estate agents affiliated with Coldwell Banker Residential Real Estate are independent contractor agents and are not employees of the company. Coldwell Banker Residential Real Estate is part of NRT LLC, the nation's largest residential real estate brokerage company. For more information, visit ColdwellBankerHomes.com.

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