With Miami more than a year deep into a housing market slowdown, many brokers are urging luxury homeowners to drop prices. As reported by The Real Deal, October was Miami’s worst month for luxe home sales since 2011 as only 94 houses and condos priced above $1 million sold that month, marking a drop-off of more than a third from the 145 sold in 2015.
The market is still contending with an inventory of 4,100 luxury homes listed for sale across Miami-Dade County.
A healthy luxury market can contend with up to 18 months of supply, but Miami is now grappling with nearly three years’ worth of inventory. That means buyers are more inclined to sit on the sidelines and shop around for deals.