2016 MID-YEAR UPDATE SINGL E-FAMILY H OMES I N M I A M I-DA D E ’S MOST PROMINENT NEIGHBORHOODS
MIAMI-DADE
COUNTYWIDE STATISTICS | SINGLE-FAMILY HOMES
A shift in the Miami-Dade residential real estate market notes a sort of
TOTAL MARKET
transition that allows buyers a greater selection of inventory and, at times, increased negotiating power over sellers. The transition is due, in large part, to a stabilization in the market where prices are not increasing at the rates many neighborhoods were experiencing in the past few years. This stabilization is often times called a correction and is a sign of a strong and sustainable market.
WATERFRONT HOMES
NON-WATERFRONT HOMES
# FOR SALE
# SOLD
AVG. $/SF
# FOR SALE
# SOLD
AVG. $/SF
5,376
471
$452
30,830
6,207
$195
However, as prices adjust, there will always be certain pockets that tend to withstand the changes of the average trend lines. Waterfront neighborhoods throughout the county faired extremely well in the first six months of this
LUXURY MARKET
(THE TOP 50% BY AVERAGE HOME PRICE)
year, compared to the same period last year. # FOR SALE
# SOLD
AVG. $/SF
$1M – $5M
8,440
433
$449
$5M – $10M
1,033
31
$890
Waterfront, single-family homes in Coconut Grove experienced a 22% increase in average price per square foot and Aventura sales drew a 49% increase in pricing. Miami-Dade’s luxury segment, defined as the top 50% of each market, also experienced substantial increases in average sales prices. Of particular
PRICING A LUXURY HOME An increase in $/SF of 50% between $1M – $5M homes and $5M – $10M homes and of 41% between $5M – $10M homes and $10M+ homes proves that, beyond the expected price increase paid for a larger home, each one of said home’s
note were the single-family, waterfront homes in Aventura and Snapper Creek.
square feet goes up in value due to a variety of
$10M+
748
6
$1,502
factors, such as quality of construction, highend finishes, a superior lot or a prime location.
FOR MORE GUIDES AND REPORTS, PLEASE VISIT ONESOTHEBYSREALTY.COM/REPORTS. ©MMXVI ONE Sotheby’s International Realty, licensed real estate broker. Sotheby’s International Realty® is a licensed trademark to Sotheby’s International Realty Affiliates LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Office is Independently Owned and Operated. Statistics provided by Integra Realty Resources – Miami\Palm Beach. The information contained herein is deemed accurate but not guaranteed.
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