Luxury Home Sales in Miami Continue to RiseJune 7, 2018
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.
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