Here’s a quick snapshot of single-family home sales in excess of $7.5 million across Miami-Dade and Coral Gables for the past 3 years:
Miami-Dade Miami-Dade Coral Gables Coral Gables
# Homes Sold # Homes Sold # Homes Sold # Homes Sold
YEAR $ 7.5m – $10.0m $10.0m+ $7.5m – $10.0m $10.0m+
3/06 – 2/07 12 8 4 0
3/07 – 2/08 9 8 3 2
3/08 – 3/09 7 7 3 1
MLS Inventory 4/09 42 homes 70 homes 10 homes 11 homes
# Years Supply 6 years 10 years 3.33 years 11 years
As these numbers reflect, sales in the high end are still challenging. EWM leads the sales of $1 million+ single family homes with a 21% market share in Miami-Dade and a 36% market share in Coral Gables.
The industry as a whole is only selling 32% of the $1 million+ single family homes and condos in Miami-Dade that we were selling 4 years ago. Sales in the over $1,000,000 price range are down by two-thirds. Look for some more price reductions in the over $1 million Miami Real Estate Market.