Miami Luxury Homes Sold Up 12.3 Percent in Q1 2018

Real Estate Agent with Miami Condo Investments 3127881

Miami luxury real estate is in very high demand, at least according to the Miami Association of Realtors's most recent quarterly update. In the first quarter of 2018, luxury homes in Miami sold ($1M and up) rose 12.3 percent from 375 homes sold in Q1 2017 to 421 homes sold in Q1 2018. Additionally, median prices for single-family homes jumped 5.9 percent from the same time period last year. Many attribute the exhuberance in prices to the federal tax reform that was signed into law on December 22nd of last year. Florida, which has no state income tax, would be an obvious benefactor. Many people from New York- well-known for its ultra-high state and local taxes - have looked to the Sunshine State as an escape. 

Prices for Miami luxury homes should continue to increase as more and more people from high-income\ taxed states make the move to South Florida. In fact, we predict that Miami luxury home sales, once those people actually realize the pinch in their wallets, will increase even more significantly next year. 

Comments (2)

MichelleCherie Carr Crowe .Just Call. 408-252-8900
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

Thank you for the helpful update on your Miami luxury market.

May 16, 2018 11:38 PM
Jim Crawford
Maximum One Executive REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Thanks for taking the time to share this real estate market insight.  This is exactly the type of information that buyers and sellers need to make informed decisions.

May 18, 2018 07:45 AM