Miami-Dade County’s luxury real estate market had a good end of 2017, as sales of property priced above $1 million surged in December, according to a report by the Miami Association of Realtors and the Multiple Listing Service.
Sales of both luxury existing condos and luxury existing single-family homes logged double-digit gains last month compared to December 2016, according to the report released Wednesday.
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Luxury existing Miami condo sales jumped 47.6% year-over-year, from 42 to 62, while luxury single-family home sales rose 16.7%, from 60 to 70.
Sales numbers don’t include Miami’s new construction condo market.
“Strong pent-up demand for Miami luxury single-family and condominiums fueled December’s strong home sales,” George Jalil, chairman of the board of the Miami Association of Realtors, said in the report. “Luxury sellers are becoming more realistic with their asking prices, and buyers are coming off the sidelines.”
Luxury condos spent a median of 184 days on the market in December, 10.2% fewer than they did the same time in 2016. Luxury single-family homes, though, spent a median of 225 days on the market, an increase of 106.4% compared to the year prior.
Total existing Miami-Dade County residential sales increased 9% year over year in December from 2,156 to 2,219. Existing condo sales increased 6.5%, from 1,084 to 1,154, while single-family home sales remained fairly flat, dropping 0.7%, from 1,072 to 1,065, according to the report.
Total sales volume for all properties accounted for $983.5 million last month, up 23.2% from $797.9 million a year ago.
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