The average sales price of a luxury condo in Miami/Miami Beach plunged by 30% year-over-year as of Q3, from $2.6 million to $948,700, according to a report from Douglas Elliman and Miller Samuel, cited by CNBC.
In terms of volume, the number of sales plunged by 25% in Miami and 17% in Miami Beach. As a result, properties are now sitting on the market for an average of 126 days, more than double last year’s figure. Meanwhile, inventory rose 11%, resulting in a 40-month of supply.
The numbers from Miami seem to mirror a similar dismal performance of luxury properties nationwide. Luxury “is becoming a smaller part of the market due to the reduced emphasis at the top,” said Miller Samuel’s Jonathan Miller.