According to a new report from Miller Samuel, the average sale price for luxury condos in Miami and Miami Beach plunged 30% year over year in the third quarter, to $948,700 and $2.6 million respectively. The number of luxury condo sales also dropped by 25% in MIami and 17% in Miami Beach — amidst a glut of high-priced homes and condos. Inventory of luxury condos in Miami Beach jumped 30% in the quarter compared with a year ago while in broader Miami, inventory rose 11%, resulting in a 40-month supply of luxury condos. Inventories for single-family homes in both areas are also higher. Miami’s results reflect those from other U.S. cities, where the super luxury segment is being impacted the most.