The Luxury Market Report is a handy tool that helps make it easy to see trends and to compare data regarding residential real estate markets.
Why Are More People Buying in the Luxury Market Today?
When compared with the third quarter of 2019, it seems that the luxury market is doing very well in terms of sales. Interestingly, the growth of this market over the last six months during the pandemic has been surprising. Many people are still looking to own luxury homes. The Luxury Market Report looked at four of the biggest reasons that people are buying these properties.
One of the biggest reasons is that more people are working remotely. They can work from a home that’s located just about anywhere, and they want to have a nice place from which to do it. Many are choosing to buy larger properties and luxury properties. Other factors that are coming into play include the stock market and inventory levels. There are many homes on the market right now, which makes it a good time for buyers.
The Trends for the Luxury Market in Miami-Dade County
For the third quarter of the year, we’ve seen an increase in the number of sales that are happening, while the price of properties has been dropping. The average sold price for single-family homes priced over $5 million has been $10.9 million, which is down 6% from the previous year. The average price per square foot for these homes is $1383, which is down 11%. The number of sales is at 55, which is a 224% increase.
The average sold price for condos that are $5 million or more is $7.9 million, which is down 12%. The average price per square foot is $1,695, which is down 3%. However, there have been 20 sales, which is up 122%.
The Trend for Other Price Points in Miami-Dade County
For single-family homes that are $1 million or more, the average sold price is $2.9 million, which is up 13%. The average price per square foot is $711. There have been 468 of these sales, which is up 113%.
For condos that are $1 million and up, the average sold price is $2.5 million, which is up by 1%. The price per square foot is $922. There have been 207 of these sales, which is up 73%.
Are You Considering Buying or Selling?
Whether you are buying or selling a home or condo, you will want to speak with Lana Bell. She has experience in luxury properties and can help you with your real estate needs