Miami has enjoyed four consecutive years of success in real estate due to its dominance in multi-million dollar sales of luxury oceanfront condos, waterfront homes, and mixed-use residential community developments throughout South Florida. Ranked as the sixth most important and influential city in the world to ultra-high-net-worth investors (UHNWI) according to the 2015 Knight Frank Wealth Report, the city received top accolades for its stability in the current globally economy, livability benefits due to its cultural and economic growth, technological advancements, international banking & finance centers and its evolution into a sophisticated world-class city.
Coupled with developing advancements in infrastructure to accommodate the surge in population, the economic impact from residential sales alone has catapulted the city into a top global city attracting International home-buyers and the UHNWI population, as well as domestic buyers. Though plagued by lack of inventory on the Oceanside in areas such as Sunny Isles, Aventura, Bal Harbour and South Beach, the urban centers of the city continues to experience surges in all cash sales, fast transactions, and price increases for in-demand areas on Miami Beach and Downtown Miami (Including Brickell, Edgewater, Midtown, Wynwood and the Design District).
According to the Miami Association of Realtors, Miami’s performance in luxury condo and home sales in Q3 increased 5.3 percent year over year with multi-million dollar transactions over $1-million totaling258 sales an increase from previous years. Pre-construction and new development projects in Miami and surrounding areas have added a surplus of inventory for buyers who when compared to top cities benefit from top amenities and services, competitive price per square foot and substantial living spaces. Residences are also spending days on the market as demand increases in highly sought neighborhoods. According to statistics, million dollar properties were on the market for 73 days in the third quarter for luxury homes, while the median days on the market for luxury condos was 101. The Miami residential market is on track for a steady season heading into 2016, due to a strong demand for properties from international and now domestic buyers, price increases for luxury homes and condos in popular areas, low inventory for oceanfront luxury condos and increase inventory due to new developments in urban areas, all creating strong seller confidence.