Miami Luxury Home Sales Spike 24 Percent Annually in May

According to the Miami Association of Realtors, total Miami luxury home sales rose 24.1 percent year-over-year in May as existing condominium sales rose for the second consecutive month. Total Miami luxury sales ($1 million-and-above) increased from 158 to 196 in May 2018, a rise of 24.1 percent. Condo luxury sales led the surge by posting a 58.6 percent jump (from 58 luxury transactions in May 2017 to 92 last month). Condo and single-family $1 million-and-above transactions have each now increased year-over-year in four of the last five months. "Miami real estate luxury sales continue trending upward," MIAMI Chairman of the Board George C. Jalil said. "Strong pent-up demand for $1 million-and-above Miami properties, sellers becoming more reasonable with their prices and the federal tax reform leading more home buyers from high-taxed northern states to purchase in Florida, which has no state income tax, are several key factors."