Miami-Dade Luxury Home Sales Jump 25 Percent in Third Quarter

Written by Posted On Thursday, 25 October 2018 09:04

MIAMI (October 22, 2018) – Luxury home sales rose significantly in the Miami-Dade area from the third quarter of 2017, according to a new report by Coldwell Banker Residential Real Estate, a leading provider of luxury real estate services in Florida.

There were 444 sales of residential properties priced $1 million and higher in Q3 2018, a 25.1 percent increase from the prior year’s third quarter. The data is based on sales of $1 million-plus homes in Miami-Dade recorded by the Multiple Listing Service.

The median sales price for luxury properties in Q3 2018 rose to $1,644,000, up 3.4 percent from $1,590,000 in Q3 2017.

“Luxury home sales made strong gains year-over-year with a modest increase in sale prices,” 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.”

Below are some additional findings from the Q3 Coldwell Banker Residential Real Estate luxury report:

  • Miami Beach saw the most expensive sale in Q3 with the $21.75 million sale of 4609 Pine Tree Drive
  • Luxury homes took an average of 162 days to sell in Q3 2018, compared to 158 days in Q3 2017
  • Sellers received an average of 86.9 percent of their asking price last quarter, a gain from 86.2 percent in Q3 2017
  • At the end of Q3 2018, there were 4,509 luxury homes available, compared to 4,146 luxury homes at the end of Q3 2017

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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