The South Florida Ultra-Luxury Home and Condo Market for single family residences priced at over $10 Million has exploded in 2021, according to Top Miami, Coral Gables and Coconut Grove Realtor, Ashley Cusack.
Top Miami, Coral Gables and Coconut Grove Luxury Home and Condo Realtor, Ashley Cusack, published her views on the ultra-luxury segment covered in a Market Insights report recently issued by Berkshire Hathaway HomeServices on developments within the South Florida real estate market.
You can find more information about Ashley Cusack Team at: https://ashleycusack.com/
Cusack and her team are highly experienced real estate professionals who represent both sellers and buyers of luxury homes and condos in Coral Gables, Coconut Grove, Miami Beach, Gables Estates, Pinecrest, South Miami and Ponce Davis.
Cusack reported that Miami-Dade’s ultra-luxury real estate market, which includes single family homes and condos that have sold for more than $10M, continued to be highly active in the 2nd quarter of 2021, especially when compared to the same quarters in 2019 and 2020.
Total sales provided the clearest indicator of the strength of the ultra-luxury market in Q2 202. For single family homes in the $10M+ category, sales were up 920% versus 2020 and 2019. In both of those years, 5 homes sold in the 2nd quarter, whilst an astounding 51 ultra-luxury homes sold in 2021. Condo sales were similarly strong, up from 4 sales in 2020, 3 in 2019 to 28 sales in Q2 2021, yielding a 600% increase.
The available supply of ultra-luxury single family homes and condos is another excellent indicator of how active this high-end market is. Single family homes are at an 8.3-months’ supply in Q2 2021, whereas that number averaged 80 months in the second quarters of the previous two years. The supply of condos is down by close to 83% in 2021, with 11.7 months of supply, as opposed to the second quarters in the prior two years, which both had just over 86 months’ worth of supply.
Inventory, which is the number of homes for sale in the MLS is another important indicator of market dynamics. Single family home inventory is down in 2021, but the number of available condos at $10M+ is up in 2021 as compared to 2020 and 2019.
“I believe that the inventory discrepancy is because fewer ultra-luxury homes are being built, but there are a number of very high-end condo developments that are going up at the moment,” said Cusack.
Looking at the median price of closed sales, that number is down 13.7% and 23.2% in 2021 compared to 2020 and 2019. “I do think that if we had a more detailed breakdown of this very high-end market, then those numbers might adjust a bit – there have been a number of sales in the $20M+ range that could probably deserve their own price bracket for analysis!
“Miami-Dade’s ultra-luxury market has continued to shine in the second quarter of 2021 and, in real estate terms, remains a strong seller’s market. I am definitely excited to see how the rest of this year plays out!”
The full report can be found at Ashley Cusack Miami Dade Ultra-Luxury Market Report.
All these factors point toward a strong seller’s market, so homeowners in Coral Gables, Coconut Grove, Miami Beach, Palmetto Bay, Pinecrest, or any other South Florida locations should consider contacting Ashley Cusack Team to discuss the possibility of listing their home.
Ashley Cusack was recently featured in the January 2021 Florida edition of Top Agent Magazine, as described in the news article which you can view Ashley Cusack Top Realtor here.
Cusack has sold over $1 billion in residential real estate sales in her almost 30-year career with a business that is almost all sourced from repeat referrals. The Ashley Cusack Team has sold over $90 Million in real estate in the Miami area in the first half of 2021.
She has consistently been in the top ½ of 1 percent of Realtors nationwide, and in the top 5 of 800 agents at Berkshire Hathaway HomeServices EWM Realty – an accomplishment spanning the past 15 years. Cusack has also been recognized as the area’s top residential Realtor by the Miami-Dade Chamber of Commerce, Miami Agent Magazine and The Real Deal.