Miami single-family luxury ($1-million-and-up) transactions jumped 541.1% year-over-year to 359 sales in April 2021. Miami existing condo luxury ($1-million-and-up) sales increased 540.8% year-over-year to 314 transactions.
Comparing the April 2021 luxury stats to April 2019 also shows major surges. Miami single-family luxury sales surged 348.75% from April 2019 to April 2021. Miami condo luxury transactions jumped 230.5% from April 2019 to April 2021.
Luxury months of supply continues to trend downward for all property types, month-over-month, and year-over-year.
Low interest rates; a robust S&P 500; the appeal of stable assets in a volatile economy; homebuyers leaving tax-burdened Northeastern states to purchase in Florida (no state income tax); and work-from-home and remote-learning policies have all combined to create a robust market for luxury single-family properties.
Source: World Property Journal 6/7/21
