What’s happening in the luxury market in Miami now that we are at the end of the first quarter of 2021? The Luxury Market Report, which is produced each month by The Institute for Luxury Home Marketing examines the market to get a better look at how sales are going in the United States, as well as in Canada.
Even though the world is still trying to pull itself out of a pandemic, the sales of luxury properties continue to be strong. Some experts believe that the reason people are buying luxury homes with more amenities is because of the pandemic. They want to invest in properties that have more to offer in terms of space and features. Overall, there was a 17% increase in the number of homes measuring 5,000 square feet or more when compared with 2019.
Interestingly, the price of properties has increased as well. The median list price in March of 2020 was $1,595,000 for single-family homes. The price in March of 2021 was $1,799,000. The sale prices were higher, as well. There are fewer homes on the market today than there were a year ago, but they are selling faster. The median number of days on the market is 18 compared with 43 last year.
What’s Happening in Miami?
In Miami, the median list price for single-family homes was $1,500,000, while the median sold price is $1,050,000. There were 658 single-family luxury homes on the market, and they are spending more time on the market than in some other areas. The average number of days on the market is 78.
Experts say that Miami is currently still in a seller’s market when it comes to single-family homes. However, it’s a buyer’s market when it comes to attached homes. The median list price for attached homes in Miami is $1,099,000, while the median sale price is $1,050,000. This is less of a drop than with the single-family properties.
Additionally, the homes are on the market for an average of 178 days according to the report. This is longer than many other locations, and it means that the buyers will have more power when it comes to making deals in many cases. The sellers want to sell their properties, and they might need to come down in price.
Miami is one of the best luxury markets for all manner of homes in the country. Whether you are looking for a single-family home on the water or a beautiful condo in a high-rise, you will find plenty of options.