Condo Buyers Love Miami
The question hanging over Miami's for-sale residential market now is when's it going to start losing its long-lasting momentum? The answer: Apparently not yet, Miller Samuel CEO Jonathan Miller tells us.
Turns out that Q1 residential sales were still very robust. "I was surprised at how strong the quarter finished for coastal Miami," Jonathan tells us. "While price growth was expected due to the decline in market share of distressed sales, along with the introduction of higher-end new developments to the market, the sales activity was stronger than expected."
In the context of a hot for-sale residential market, "stonger than expected" means really strong. According to Douglas Elliman's Q1 report on the market (prepared by Miller Samuel), there were 12.6% more sales in coastal Miami in Q1 than in the same period a year ago and 15.2% more sales than two years ago; and the average sales price was up nearly 25%. "With all the economic and geopolitical turmoil in the world—which people are looking to get away from—Miami continued to enjoy a high level of sales," Jonathan says.
