REAL ESTATE MARKET REPORT
3Q 2015
MIAMI-DADE’S MOST PROMINENT NEIGHBORHOODS
ONESOTHEBYSREALT Y.COM
Current Status1 Miami-Dade data for select luxury markets demonstrates that overall pricing is up over 4% year-over-year between 3Q 2014 and 3Q 2015. Notably, both the SF and Condo market saw a decline in number of transactions and average sales price. However, this is due to smaller average home sizes, and pricing per sq. ft. is considered the benchmark for effective price appreciation. Following a relatively strong 2015, pricing appears to be stabilizing following two strong years of appreciation. The luxury waterfront single-family segment showed the largest appreciation at 6% Y-O-Y, despite an 8% decline in activity.
Number of Transactions
Average Living Area (SF)
780
2,500
h 10%
h 5%
from 863 transactions during 3Q 2014
from 2,640 square feet during 3Q 2014
Average Sales Price
Average Price per Square Foot
$1.27M
$510
h 5%
0%
from $1.34M during 3Q 2014
from $508 during 3Q 2014
1. Numbers include only the county’s most prominent neighborhoods. For a full list, visit onesothebysrealty.com/trends (p. 4).
The Single-Family Home Market 1 Waterfront Homes # Transactions
Avg. Sales Price
Avg. S.F.
Avg. $/S.F.
3Q 2015 »
67
$3,471,613
4,202
$826
% Change (3Q 2014) »
h 8% (73)
h 23% ($4,533,995)
h 24% (5,536)
g 1% ($819)
Non-Waterfront Homes # Transactions
Avg. Sales Price
Avg. S.F.
Avg. $/S.F.
3Q 2015 »
431
$1,058,431
2,879
$368
% Change (3Q 2014) »
h 4% (450)
h 1% ($1,064,261)
h 5% (3,028)
g 5% ($351)
Spotlight: The Luxury Market* * The top 50% of Miami-Dade’s most prominent neighborhoods, by average price.
Luxury Waterfront Homes # Transactions
Avg. Sales Price
Avg. S.F.
Avg. $/S.F.
3Q 2015 »
33
$5,979,167
5,699
$1,049
% Change (3Q 2014) »
h 8% (36)
h 24% ($7,895,958)
h 28% (7,957)
g 6% ($942)
Luxury Non-Waterfront Homes # Transactions
Avg. Sales Price
Avg. S.F.
Avg. $/S.F.
3Q 2015 »
215
$1,589,540
3,679
$432
% Change (3Q 2014) »
h 6% (229)
h 2% ($1,621,854)
h 4% (3,840)
g 2% ($422)
1. Numbers include only the county’s most prominent neighborhoods. For a full list, visit onesothebysrealty.com/trends (p. 4).
900 Brickell Key Boulevard, #3401 | Miami, FL
The Condo Market 2 Waterfront Condos % Sample Traded
Avg. Sales Price
Avg. S.F.
Avg. $/S.F.
1.3%
$1,301,562
1,671
$779
g 6% ($1,229,658)
g 1% (1,647)
g 4% ($747)
3Q 2015 » % Change (3Q 2014) »
Non-Waterfront Condos % Sample Traded
Avg. Sales Price
Avg. S.F.
Avg. $/S.F.
0.9%
$501,540
1,114
$450
g 2% ($489,988)
h 2% (1,139)
g 5% ($430)
3Q 2015 » % Change (3Q 2014) »
Exclusive Developments: Pre-Construction For details, please visit onesothebysrealty.com/exclusive-developments.
Louver House
Three Hundred Collins
Oceana
South of Fifth, Miami Beach
South of Fifth, Miami Beach
Bal Harbour
Ritz-Carlton Residences
L’Atelier
Kai
Miami Beach
Miami Beach
Bay Harbor Islands
One Thousand Museum
Brickell City Centre
Mansions at Doral
Miami
Miami
Miami
2. Condo sections do not contain a Luxury Spotlight, since the product sample is already representative of the high-end market. For details on methodology, please see our 2015 report at onesothebysrealty.com/trends (p. 5).
View our 2015 TRENDS Real Estate Market Report: onesothebysrealty.com/trends
©MMXV 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.
For details on methodology, please see our 2015 report at onesothebysrealty.com/trends (p. 5).