Miami Luxury Condo Sales Over $1 Million Reportedly Down 44.5%

 Bentley Bay Penthouse

Bentley Bay Penthouse

Residential condo sales are reportedly down close to 21% over the same time last year in 2015, according to Mansion Global. When focusing on properties over $1 million, there were just 73 single-family home sales in July, down 31.8% from the same time in 2015. Luxury Condos saw a total of just 45 transactions in July, those numbers were down 44.4% year over year. Condos also saw average days on market up 1.9% to 162 days before sale. There are also only 1,272 pending sales, down 25.4% year over year and inventory is up 47.8% with 2,482 luxury condo units over $1 million on the market. The slowdown can be attributed to unstable governments and currencies in South America and a strong dollar, which has put a slowdown on foreign investment. It also can be tied to the slowdown that has also hit the rest of the United States over the same time period. Despite the slowdown, investors have seen this as an opportunity to take advantage of some of the deals that have come about due to the market shift.