According to market data from Douglas Elliman on Thursday, Miami Luxury Homes sales were stable across South Florida in the first quarter of this year, reflecting strength before the Covid-19 pandemic hit the state.
Price trends, however, diverged across the area’s major luxury home markets, falling in parts of Miami but rising sharply in Palm Beach. In Miami Beach and Barrier Islands, the median sales price of luxury single-family homes-defined as the top 10% of the market segment-slipped 7.9% to $9.3 million. The number of sales remained unchanged, at nine.
The number of luxury Miami condo sales, at 69, was roughly flat compared to the same period last year. However, the median sales price dropped 20.8% year-over-year to $2.55 million, according to the report, prepared by Jonathan Miller, chief executive of real estate appraisal and consulting firm Miller Samuel.