April 9, 2013
The luxury residential market in Miami-Dade County strengthened over the first quarter, according to a new quarterly report on the overall Miami-Dade residential market by StreetEasy.com. Luxury residential sales saw an increase of 16.3 percent in the first quarter of 2013 compared with a year earlier and an increase of 8.7 percent compared with last quarter.
The luxury residential market is defined as the top 10 percent of transactions in terms of price. Based on closings in the first quarter, the luxury market was made up of sales above 855,000 dollars, an increase of .6 percent since last year. South Beach and Fisher Island accounted for 64.1 percent of luxury closings.
Distressed property sales in Miami-Dade declined 18.8 percent in the first quarter on a year-over-year basis. Distressed condo sales dropped 20 percent compared with last year, and distressed home sales dropped 17.1 percent compared with last year. The median price of distressed sales rose 17.3 percent in the same time frame.
Source: The Miami Herald
