Could Miami’s strong luxury housing market be slowing down?
Sales prices for Miami’s luxury housing market slipped behind the general marketplace this year, according to a new Redfin analysis of the nation’s luxury markets.
Redfin’s study analyzed the top 5 percent of listings, and according to its research, the average sale price for Miami’s luxury market in 2015’s first quarter was $1.354 million, a 5 percent decline from 2014’s first quarter. By comparison, the remaining 95 percent of listings in Chicagoland saw their average sales price jump 3.2 percent to $225,000.
Furthermore, the time on market for Miami’s luxury market suffers by comparison – in the first quarter, it took an average of 95 days for Miami luxury homes to sell, compared with 81 days for the rest of the market.
Luxury Real Estate in Miami
One other interesting characteristic of Miami luxury housing market is how much more expensive those upper-tier listings are than the remainder of the market.
According to Redfin, listings in the top 5 percent are 6 times pricier, which is among the largest disparities in the country – though Miami Beach saw an even higher disparity at 11.6.
This graph shows the luxury sales price ratio for the nation’s largest metro areas:
