2018 has been a great year for luxury home sales in South Florida. According to a new report by the Miami Association of Realtors, luxury real estate sales of properties over $1 Million have increased 21.5% and posted year-over-year increases in the last 6 of 7 months. Luxury condos are continuing to take the lead with sale increasing as much as 28%.
Homes valued under $600,000 are still facing severe supply shortages. Prices on single-family homes in Miami have continued to rise as lack of inventory and high demand plague lower tier markets.
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