In terms of sales pace, the high-end of the market has been particularly hot. High-wage workers, investors, and foreign buyers are snapping up luxury homes and pushing up prices
The sales in Miami jumped from 1,065 in 2012 to 1,442 in the first nine months of 2013. Luxury homes stayed on the market for an average of 132 days during the third quarter of 2013, down from 167 in 2011 and 140 in 2012.
Miami’s luxury residential market has increased of nearly 400 homes and condos sold for at least $1 million during a 12-month period ending in September 2013.
The average per square foot price of Miami condos at the end of the third quarter of 2013 was $612, compared to $1,203 in New York. But that is poised to change, as prices for new waterfront construction exceeds $1,500 per square foot.