Miami Beach was the top luxury market in Greater Miami during this year’s third quarter, according to exclusive data Redfin provided to Houston Agent.
From July to September, 46 $1 million-and-over home sales, and eight $5 million and over, were closed in the 33139 ZIP code of Miami Beach, with average sales prices of $3 million and $7.1 million, respectively.
In both the $1-million and $5-million markets, prices in Miami Beach dropped from Q3 2015, falling 0.7 and 9 percent. And while the trend was noted in several other luxury markets in Greater Miami, it was hardly universal. The No. 2 market in $1 million-plus sales, Boca Raton, saw prices inch forward 0.2 percent, and in Pinecrest, the No. 5 market, the average sale price jumped 12.6 percent to over $2 million.
Year-over-year price increases were far more common in the $5 million-plus range. However, considering the low number of transactions, the markets are prone to dramatic shifts.
See our table below for more perspective:
$1 Million Plus
| City | Number of $1M sales | Avg $1M+ Sale Price | YoY Avg $1M+ Sale Price |
|---|---|---|---|
| Miami Beach (33139) | 46 | $3,014,000 | -0.7% |
| Boca Raton | 40 | $2,541,000 | 0.2% |
| Coral Gables | 36 | $1,706,000 | -5.5% |
| Sunny Isles Beach | 35 | $1,585,000 | -29.4% |
| Pinecrest | 34 | $2,060,000 | 12.6% |
| Miami Beach (33140) | 31 | $2,940,000 | -35.5% |
| Delray Beach | 27 | $3,693,000 | 38.6% |
| Palm Beach | 27 | $5,246,000 | 35.3% |
| Boca Raton | 26 | $1,848,000 | 1.4% |
| Key Biscayne | 26 | $2,619,000 | 5.1% |
$5 Million Plus
| City | Number of $5M sales | Avg $5M+ Sale Price | YoY Avg $5M+ Sale Price |
|---|---|---|---|
| Miami Beach (33139) | 8 | $7,150,000 | -9.0% |
| Palm Beach | 5 | $15,226,000 | 87.6% |
| Boca Raton | 4 | $7,059,000 | 30.8% |
| Miami Beach (33140) | 4 | $10,463,000 | -26.6% |
| Delray Beach | 4 | $11,168,000 | -41.2% |
| Fort Lauderdale | 4 | $5,896,000 | NA |
| Key Biscayne | 3 | $7,767,000 | -26.4% |
| Bal Harbour | 3 | $7,777,000 | 36.4% |
| Coral Gables | 3 | $10,347,000 | 29.3% |
| Pinecrest | 2 | $5,425,000 | 6.4% |