This performance outpaces the previous record of 230 sales established during the 2021 market surge. Despite mortgage rates climbing above 7% in September, the region continues to attract liquidity-heavy buyers, with cash transactions representing 37.8% of all closed sales in August. The ultra-luxury sector remains particularly resilient, averaging one sale per day at the $10 million threshold.

While the high-end market thrives, the broader landscape faces inventory constraints. Total active listings dropped 12.1% year-over-year to 15,825, with single-family home inventory falling by 19.2%. This scarcity of supply maintains upward pressure on pricing, even as total home sales saw a slight 1.1% decline in August. Analysts point to the disparity between single-family homes, currently in a seller’s market with a 4.9-month supply, and the condo sector, which holds a 12.1-month supply. Despite these shifts, Miami remains a competitive global bargain; $1 million currently secures 58 square meters of prime property, significantly more than in New York, London, or Paris.