Miami homes and condos priced at $1 million and above sold 24.1 percent higher in May 2018 compared to the same month last year, according to the Miami Association of Realtors. Luxury condos led the jump in purchase activity, with 58.6 percent more of these transactions closing this May compared to 2017. As the Miami Association of Realtors pointed out in its report on monthly luxury sales, this means four of the last five months have seen year-over-year transaction growth.
“Miami real estate luxury sales continue trending upward,” Miami Association of Realtors chairman George C. Jalil said. “Strong pent-up demand for $1 million-and-above Miami properties, sellers becoming more reasonable with their prices and the federal tax reform leading more home buyers from high-taxed northern states to purchase in Florida, which has no state income tax, are several key factors.”
Indeed, strong activity at the top of the market aligns with continued endurance seen among the entire state’s housing market. A Florida Realtors report released the same day found that statewide, residential sales of all kinds increased by 0.8 percent, showing strong demand despite rising prices. The Miami housing market also saw significant price growth, clocking a 7.7 percent year-over-year increase in median sales price for May.