Miami-Dade Gets an Outpouring of Luxury Condo Sales In July

By: Ismael Rodriguez

All luxury condos priced over 1$ million in Miami-Dade leaped 51.1 percent year-over-year to end the summer, with sales rising from 45 to 68, according to the latest monthly report by the Miami Association of Realtors.

Christopher Zoller, the current Miami Association of Realtors chairman, told the press that sellers of condos have become more reasonable with prices, especially in the luxury condo market. He also attributed the increasing activity among buyers to a recent run-up of the stock market and the potential for interest rates to rise.

But conscious buyers with a smaller budget faced higher prices again, seeing as the county’s median price soared from $299,000 to $335,000 in July. The increase also may have led to a recent 1 percent decrease in sales for single-family homes, from 1,128 to 1,117, matching the national trend.

Nonetheless, Miami-Dade sales for luxury single-family homes increased by 9.6 percent year-over-year, from 73 to 80. Even the total residential sales in the county grew 0.8 percent, from 2,232 to 2,249.

At the end of July, the total sales volume for all properties was $961.1 million, according to the report by Miami Association of Realtors, which also documented a 2 percent rise in all sales across Florida.