There are a handful of luxury markets in Greater Miami not seeing positive price growth. There are even more that are.
Through this year’s second quarter, luxury sales were booming in The Hammocks, according to a report from Redfin. The Miami suburb saw a 56.1 percent year-over-year bump in average sales price among luxury homes (defined as the top 5 percent of the local market’s housing stock). Redfin also reported a 51 percent jump in Cooper City, and a 43 percent increase in Kendale Lakes, as well as double-digit increases in another 13 Greater Miami markets.
Top High-End Markets
| City | Avg. sale price (top 5%) | Avg. sale price (top 5%) YOY | Avg. sale price (other 95%) | Avg. sale price (other 95%) YOY |
|---|---|---|---|---|
| The Hammocks | $618,000 | 56.10% | $230,000 | 5.00% |
| Cooper City | $1,100,000 | 51.10% | $364,000 | 3.70% |
| Kendale Lakes | $622,000 | 43.30% | $210,000 | 10.50% |
| Tamiami | $954,000 | 33.10% | $292,000 | 4.70% |
| Coral Springs | $802,000 | 31.70% | $280,000 | 10.20% |
Bottom High-End Markets
| City | Avg. sale price (top 5%) | Avg. sale price (top 5%) YOY | Avg. sale price (other 95%) | Avg. sale price (other 95%) YOY |
|---|---|---|---|---|
| North Miami Beach | $1,211,000 | -56.20% | $183,000 | -10.30% |
| Aventura | $1,974,000 | -20.00% | $366,000 | -1.90% |
| Hollywood | $1,255,000 | -14.30% | $247,000 | 6.50% |
| Fountainebleau | $500,000 | -11.50% | $170,000 | 3.00% |
| Kendall | $1,193,000 | -6.70% | $296,000 | 7.20% |
Total
| City | Avg. sale price (top 5%) | Avg. sale price (top 5%) YOY | Avg. sale price (other 95%) | Avg. sale price (other 95%) YOY |
|---|---|---|---|---|
| The Hammocks | $618,000 | 56.10% | $230,000 | 5.00% |
| Cooper City | $1,100,000 | 51.10% | $364,000 | 3.70% |
| Kendale Lakes | $622,000 | 43.30% | $210,000 | 10.50% |
| Tamiami | $954,000 | 33.10% | $292,000 | 4.70% |
| Coral Springs | $802,000 | 31.70% | $280,000 | 10.20% |
| Sunny Isles Beach | $4,483,000 | 24.30% | $577,000 | -5.10% |
| Doral | $1,092,000 | 23.00% | $310,000 | 5.80% |
| Miami Beach | $8,851,000 | 21.60% | $683,000 | 16.80% |
| Country Club | $445,000 | 21.30% | $172,000 | 18.60% |
| Weston | $1,816,000 | 18.10% | $424,000 | 9.60% |
| Pembroke Pines | $633,000 | 16.10% | $245,000 | 5.60% |
| North Miami | $1,689,000 | 14.60% | $204,000 | 24.40% |
| Miami Gardens | $298,000 | 11.60% | $155,000 | 19.20% |
| Miramar | $596,000 | 2.80% | $271,000 | 9.70% |
| Miami | $1,745,000 | 1.00% | $274,000 | 7.50% |
| Kendall West | $390,000 | -0.80% | $197,000 | 18.00% |
| Coral Gables | $6,016,000 | -2.80% | $819,000 | -0.50% |
| Hialeah | $462,000 | -5.30% | $200,000 | 14.30% |
| Kendall | $1,193,000 | -6.70% | $296,000 | 7.20% |
| Fountainebleau | $500,000 | -11.50% | $170,000 | 3.00% |
| Hollywood | $1,255,000 | -14.30% | $247,000 | 6.50% |
| Aventura | $1,974,000 | -20.00% | $366,000 | -1.90% |
| North Miami Beach | $1,211,000 | -56.20% | $183,000 | -10.30% |
However, while the average sale price increased in 15 of the 23 communities Redfin analyzed, it fell in eight (and by double digits in four).
In North Miami Beach, the average sale price of its top-tier homes fell 56.2 percent year-over-year to $1.2 million – a bigger drop than anywhere else in Greater Miami. Aventura, Hollywood and Fountainebleau all reported average sale price declines of more than 10 percent, to $1.9 million, $1.2 million and $500,000, respectively.
Price declines in those Greater Miami suburbs and neighborhoods mirror similar declines in other metros, which were brought on myriad factors, including falling interest from foreign buyers and stagnant wages.