Luxury home sales jump 16% in Miami

Home sales in the $600,000 to $1 million range increased by 15.5% year over year in Miami-Dade County in August, according to new data from the MIAMI Association of REALTORS®.

Meanwhile, showing appointments increased by 2% year over year. Over 219,000 showings were held during the month, compared to 215,662 in August of last year, indicating strong consumer interest.

“Domestic and international homebuyers continue to have high demand for Miami real estate and, if priced correctly, properties are selling with a median time to contract of 28 days,” MIAMI Chairman Ines Hegedus-Garcia stated in the report. “Active inventory and new listings remain near all-time lows, but the good news is more supply is on the way, as Miami leads the nation for most apartments under construction with many opening in 2024.”

Total home sales, however, fell 13.1% with 2,178 transactions during August. That reflects the low active inventory, which was at 9,467 properties in August — sharply down from the historical average of 20,302 listings. On a year-over-year basis, active listings were down 6.4%.

Miami had a 3.5-month housing supply in August. Condominium supply was measurably higher at 5.4 months. Both indicate a seller’s market.