Miami’s luxury market continued to benefit from the state’s favorable taxes, with the number of $1-million-and-more sales jumping 31% year-over-year in February, according to a report released Wednesday by the Miami Association of Realtors.
A total of 152 homes, including 80 single-family homes and 72 condo apartments, sold for $1 million and more in Miami-Dade County last month, compared with 116 in February 2017, according to the report.
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The U.S. tax overhaul, which includes a $10,000-cap on deductions on income, sales and property taxes, has been a boon to Miami’s luxury market following the bill’s passing at the end of last year.
The new cap is driving buyers from states with high property values and state income tax to Florida, which has no state income tax and a pro-business tax structure, per the report.
February also marked the fourth month within the last five months to report an increase in luxury sales, "a sign of the robust pent-up demand for Miami luxury properties," said George Jalil, the association’s chairman, in the report.
Meanwhile, more sellers are putting their homes on the market. In February, 226 homes priced at $1 million and above were listed, up 15.9% from the same month in 2017. The total luxury inventory amounted to 1,731, increasing 1.1% year-over-year.
But on average, a typical luxury home lingered on the market for 206 days before finding a buyer, about 11 days longer than February 2017, according to the report.