Total home sales continue to decline in Miami, but one portion of the market has seen double-digit gains in sales volume: luxury single family homes.
Home sales at $1 million or more increased by 10 percent in March versus the same time last year, according to the Miami Association of Realtors. There were 75 such homes sold in March 2018 compared to 68 in March 2017. Single-family luxury sales have risen in five of the last six months, according to the association.
“Miami is a top-10 market in the world for luxury real estate,” George Jalil, broker and 2018 chairman of the Miami Realtors association board, said in a statement. “Miami is seeing a robust demand for luxury single-family homes. Sellers are becoming more realistic with their prices and $1 million and up home sales have posted strong selling months.”
The good news for luxury homes comes as total single-family home sales declined 13.5 percent year-over-year in March, the group said. Condo sales dropped 21 percent in the same time period after rising for three consecutive months.
The association said federal tax reform is partly why luxury home sales are increasing. With a new deductions cap at $10,000, some residents of high-tax states are moving or investing in properties in low-tax states, the group said.