Miami’s luxury residential resale market diverged in the first quarter of the year as single-family home sales increased from last year’s first quarter and sales of existing condos dropped.
The Miami Association of Realtors, classifying luxury sales as those above $1 million, reported that the number of luxury single-family home sales increased 2.3 percent in the first quarter, compared to last year’s first quarter, while luxury condo resale's dropped 3.6 percent.
New condo construction cut into sales of existing condos, but resale prices appear buoyant. The Miami Association of Realtors reported that the median condo resale price was $1.7 million in the first quarter, up 13 percent from $1.5 million in the same period last year.
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