Good news regarding the Miami residential market. According to a report by Douglas Elliman Florida, Miami’s residential sales are up to the highest numbers they’ve been in five years.
“Unquestionably, the report shows we’re heading toward a healthier market,” said company president Vanessa Grout.
Data collected by Esslinger-Wooten-Maxwell shows just how promising the situation is for Miami-Dade County. From April 11 to June 11 this year, 2,402 properties were sold. That number is a 14.3% increase from the same months the previous year. And, of course, as the units sell, inventory declines; a 32.6% decrease in inventory means there are now 17,175 properties on the market.
Also showing promise are the more expensive Miami properties. Senior vice president of Esslinger-Wooten-Maxwell Nelson Gonzalez explained that, as these high-end homes sell, “the market is not replenishing itself with more very high-end houses. The market is starting to get really, really tightened up. Some people are even raising their prices.”
These high-end properties are doing particularly well in Miami Beach. Just this week, a $19.8 million home on Sunset Island sold. High-end condo sales are also up.