It has just been announced by StreetEasy.com that the first quarter luxury sales in Miami are up 16.3% compared to last year. The definition of a luxury home is the upper 10% of transactions, or above $855,000. This base price is also up by .6% from last year and have increased by 3.6% from the last quarter. Where is the luxury property located in Miami? According to the website, which is based out of New York, South Beach and Fisher Island make up 64.1% of the luxury property in Miami Dade County. This number is likely to continue given the new developments in South Florida that are selling consistently.
More positive numbers reported by the site include the reduction in distressed homes on the market. Distressed sales declined by an enormous 18.8% from a year ago, and 15% from the previous quarter. This reduction in the distressed sales positively effected the median prices of distressed home sales which are up by 17.3% from last year. Lastly, the reduction of distressed properties have created an upward surge in the median sales price of single family homes, which are up 25.1% since March of last year, according to the Miami Association of Realtors. Condominium prices are up by 19.3% as well. Incredible news for Miami real estate, and it means now is the right time to sell. If you are seeking representation from a realtor in listing your property, contact us today!