How high are prices is Miami real estate? Well, only overpriced, densely packed Manhattan has more listings on the market priced at $1 million or more. The city of Miami comes in second, while Miami Beach has the third most. Though, Miami Beach has far more listings in the $5 million and $10 million-plus echelon than its mainland sister.
The report, via exMiami, comes from Coldwell Banker. Keep in mind that the data comes from MLS, a listings service used by realtors that may not include properties sold directly from developers.
Miami currently has 1,185 residential listings priced over $1 million, while Miami Beach has 897. Manhattan sits far and away at number one with 5,006, but to put it in prospective, Los Angeles only has 770, which is good enough for fourth place.
Though, the high-priced market in South Florida isn't limited to just Miami and Miami Beach. Fort Lauderdale came in sixth with 729, Naples was seventh with 712, Boca Raton was tenth with 544, and North Miami Beach was 13th with 460.
When it came to listing priced at $5 million or more, Miami Beach came in second with 218 behind Manhattan's 1,573. Miami fell to eighth with just 87.
Miami Beach was also second for property worth $10 million or more with 82 to NYC's 685. Miami was tenth with 27th. Naples, home of Rick Scott, was tied for eighth with 28.
Though, there's a big difference between million-dollar listings being on the market and people actually buying those properties. The Miami-area doesn't do quite so well when it comes to luxury properties that have actually closed this year.
There were just 933 closed properties in Miami at a million-plus and only 699 in Miami Beach. That put the cities at ranks of eighth and 12th each. Miami Beach, however, came in fifth at closed properties over $5 million with 63, and fourth in properties over $10 million with 17.
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