The Miami luxury home market is having a fantastic 2018 and is continuing to prove to be strong through mid-year. With the new tax laws in place, many buyers are considering choosing a luxury home in Miami over homes in much higher taxed states, providing a flood of potential new buyers into the market.
Sales See Double-Digit Increases
At the beginning of 2018, sales volume and prices for luxury homes saw double-digit gains with a 16% increase over this time last year. Total luxury home sales were up by 12% in the first quarter with 421 homes sold compared to 375 last year, according to the Miami Association of Realtors.
March was a big month for luxury home sales with a 10% hike over March of 2017 sales, with 75 total homes sold this year compared to 68 last. With increased prices and quicker sales and high-demand for waterfront properties as primary or secondary homes, we are experiencing the Miami market becoming one of the fastest growing luxury markets.
For professional advice on all aspects of buying or selling real estate, please contact me at firstname.lastname@example.org or (305) 206-4003 or come see me at the Compass office located at 2550 South Bayshore Drive, in Coconut Grove.