2019: Miami Beach’s Luxury Market Improves in the First-Quarter
The luxury market in Miami Beach, Florida—including both condos and single-family homes—improved during the first quarter of 2019, according to a recently released report.
The median sales price of luxury single-family homes, defined as the top 10% of the market, soared 61% year-over-year to $10.1 million, according to the Douglas Elliman report. The number of sales—nine—remained the same as last year. Meanwhile, inventory dropped 38.5% to 152 homes.
The median sales price of luxury condos climbed 12.7% to $3.23 million in the first quarter of this year. The sales volume slipped 2.8% to 70, while inventory shrank 6.6% to 1,006.
This largely contributed to steady sales in Miami Beach over the last year, combined with the slowdown in new developments.
Boca Raton’s Luxury Condos Are Heavily in Demand
Boca Raton was among the strongest-performing luxury condo markets in the first quarter across the region. The median sales price jumped 48.3% to $1.18 million, while the average sales price soared 68% year-over-year to $1.6 million. There were 60 luxury condo apartments sold, down from 64 at the same time last year.
Another factor is the relatively low price points for luxury condos, which benefit from tax reform and deduction capping, he said.
Compared to the luxury condos, a luxury single-family market in Boca Raton saw signs of weakening. There were 49 luxury single-family homes sold in the first quarter of 2019, down 10.9% from a year ago. The median sales price dropped 14.9% annually to $1.83 million.