Miami Luxury Homes See 11.5% Increase in Q3 Year-Over-Year Prices According to Knight Frank Prime Global Cities Index
With an 11.5% increase year-over-year in the third quarter of 2014, luxury home prices in Miami ranked 7th out of 33 key global cities tracked in the Knight Frank Prime Global Cities Index. As should be expected, within the past 6 and 3 months, Miami luxury home prices saw a decline of 3.6% and 4.1% respectively. The third quarter, which includes the months July through September, is typically the slowest quarter for Miami real estate. This price trend should reverse itself over the next two quarters as the weather in other parts of the world becomes progressively colder. In my opinion, all eyes should be on the figures for the first quarter of 2015. Q1 tends to be the best performing quarter for Miami real estate and should provide an indication as to where prices may head. Any signs of weakness in Q1 could spell trouble for luxury home prices throughout 2015 and 2016.