Miami-Dade County had recorded 24 home sales of at least $30 million by Sept. 30, surpassing its previous full-year record of 21. The milestone points to continued strength among ultra-luxury buyers even as overall sales and pending contracts soften amid elevated mortgage rates. At the current pace, the county could see 32 such sales this year.
Key takeaways
- Miami-Dade’s 24 sales of $30 million or more through September beat the prior annual record of 21.
- September’s total home sales fell 2% year over year, to 1,733 transactions.
- Pending sales declined for both single-family homes and condominiums, while active listings fell for an eighth consecutive month.
Ultra-luxury sales reach a new high
The record covers sales of both single-family homes and condominiums. The 24 transactions completed by Sept. 30 already exceed last year’s full-year total, underscoring the contrast between a high-end market that remains active and a broader market facing slower activity.
If sales continue at the same rate, Miami-Dade could finish the year with about 32 transactions above the $30 million threshold. MIAMI REALTORS® + RWorld said the luxury activity reflects the wealth flowing into the region, while emphasizing that buyers can also find homes at lower price points.
September sales show a mixed market
Countywide home sales totaled 1,733 in September, down 2% from a year earlier. Single-family transactions fell 4.7% to 824, while condominium sales edged up 1% to 909.
MIAMI REALTORS® + RWorld Chief Economist Gay Cororaton attributed the softer year-over-year comparisons in part to higher mortgage rates. Rates rose nearly 0.6 percentage points, reaching 7.46% between Sept. 1 and Oct. 13, according to the report. The increase is weighing on buyers, though upper-end purchasers have continued to transact.
Pending deals and listings point to headwinds
Pending contracts—a measure that can signal future sales activity—also declined in September. Single-family home contracts dropped 11.6% to 814, and condominium contracts fell 7.5% to 936.
Active listings totaled 16,242 at the end of the month, down 10.1% from 18,057 a year earlier. That marked the eighth straight month of year-over-year declines in listings, even as weaker pending sales and higher borrowing costs indicated pressure across much of the market.
Buyers still have options beyond the top tier
The record-setting luxury sales do not represent the full range of Miami-Dade’s housing market. MIAMI REALTORS® + RWorld Chairman Alfredo Pujol noted that options in the broader South Florida region start around $400,000. In Miami, condominium sales near the $400,000 median price point were up 15% year over year, according to the organization.