Miami luxury single-family home sales increased 5.3 percent year-over-year in the third quarter as total inventory for all existing luxury properties rose, according to new data from the MIAMI Association of REALTORS® (MIAMI)
According to a recent press release from the Miami Association of Realtors, Miami’s luxury home sales increased 5.3 percent year-over-year in the third quarter as total inventory for all existing luxury properties rose.
Miami-Dade County had 258 $1-million-plus single-family home sales in 3Q 2015, an increase from 245 in the same period last year.
“Miami luxury home buyers can purchase a larger home at a better price compared to other world-class global cities,” said Christopher Zoller, the 2015 Residential President of MIAMI.
He continued, “The strength of the dollar coupled with Miami’s growth as a leading global city is leading more executives, hedge-funders and businessmen to buy luxury properties here. South Florida offers everything a luxury buyer would want: from oceanfront views to world-class art to top-tier amenities.”
Miami ranked as the sixth most important city in the world to ultra-high-net-worth individuals (UHNWI), according to the prestigious 2015 Knight Frank Wealth Report. UHNWI are defined as having a net worth of at least $30 million. Miami and New York were the only North American cities to make the top-10 list of the Wealth Report, which is issued annually by London-based real estate consultancy Knight Frank. London, New York, Hong Kong, Singapore, and Shanghai rounded out the top-five.
Total Luxury Inventory Rises
Total inventory for all luxury Miami residential properties increased 32.6 percent, from 2,355 in the third quarter of 2014 to 3,122 in the third quarter of 2015. The significant rise in $1 million-plus properties listed in Miami-Dade County is a sign of strong seller confidence.
