Sales of existing luxury condominiums in Miami surged in July, according to a report out Thursday.
Properties sold that were priced at at least $1 million rose from 45 to 68 year-over-year, a 51.1% increase despite healthy competition from the new construction market, according to the report by the Miami Association of Realtors and the Multiple Listing Service.
Existing luxury single-family home sales, meanwhile, increased 9.6% year-over-year in July, from 73 to 80.
Sales for $1-million-and-up homes have now increased in Miami for five consecutive months, while luxury condo sales have risen for two straight months, according to the report.
“Sellers are becoming more realistic with their prices, especially at the top of the market,” said Christopher Zoller, the association’s chairman of the board, in the report.
“The recent run-up of the stock market and the potential for interest rate hikes are also encouraging more buyers to come off the sidelines and purchase Miami real estate.”
But the growth wasn’t limited to the luxury market. Miami single-family mid-market home sales, defined in the report as properties listed between $250,000 and $600,000, rose by 15.5% in July, from 574 to 663 sales.
In July, Miami-Dade County saw total existing residential sales increase 0.8% year-over-year and sales for existing condominiums increase 2.5% year-over-year.
Sales for existing single-family homes meanwhile, decreased 1% year-over-year, a figure in line with the nationwide decrease of 1.3% in total existing home sales.
Cash buyers in Miami made up 39.9% of total closed sales in July, more than double the national figure of 19%, according to the report. Of those cash purchases, 56.4% were condo sales.