Miami-Dade home sales priced at $5 million and above rose 25 percent year over year in April 2026, the eighth consecutive monthly gain, according to MIAMI REALTORS data released May 15, 2026. I am seeing the top tier pull away from the broader market while condo inventory contracts for a third straight month. Buyers targeting $1M-plus product should lock pre-construction pricing now before the next monthly print confirms the trend.
MIAMI REALTORS released its April 2026 sales report on May 15, and the top line is unmistakable: total Miami-Dade home sales rose 5.6 percent year over year, the eighth consecutive monthly increase. The story underneath that headline is more interesting for anyone shopping in the luxury tier. Sales priced at $5 million and above climbed 25 percent year over year. Single-family transactions above $1 million rose 19.83 percent. Existing-condo sales above $1 million rose 15.64 percent. Inventory dropped across every category. For buyers serious about Miami luxury condos this year, that combination matters more than the modest 1.12 percent uptick in the overall condo median price. Pair this read with my Miami pre-construction buyer's guide and the broader Q1 2026 market report.
The April 2026 Numbers, Tier by Tier
The MIAMI REALTORS report breaks Miami-Dade sales out by property type and price band. The full year-over-year picture for April 2026 is the cleanest way to see where momentum is concentrated:
- Total home sales: +5.6 percent year over year, eighth consecutive monthly gain.
- Single-family transactions: +8.63 percent year over year, from 950 closings to 1,032 closings.
- Existing condo sales: +2.79 percent year over year, from 1,005 closings to 1,033 closings.
- Single-family $1 million-plus: +19.83 percent year over year.
- Condo $1 million-plus: +15.64 percent year over year.
- $5 million-plus, all properties: +25 percent year over year.
- Condo $300,000 to $500,000: +17.9 percent year over year.
- Total active inventory: -11.4 percent year over year, 18,765 to 16,622 listings.
The two numbers that should anchor every buyer conversation right now are the 25 percent jump above $5 million and the 11.4 percent inventory contraction. Compared with the broader market's 5.6 percent overall sales gain, the top tier is running at roughly 4.5 times the pace. That ratio is the clearest signal that international and ultra-high-net-worth capital has not pulled back from Miami despite high mortgage rates nationally. MIAMI REALTORS Chairman Alfredo Pujol attributed the resilience to the local market's high all-cash share and global demand base. Chief Economist Gay Cororaton pointed to out-of-state movers, second-home buyers, and corporations responding to tax conditions elsewhere as the persistent driver.
Median prices tell a more nuanced story. Single-family median sat at $670,000 in April 2026, down 1.47 percent year over year. Condo median sat at $450,000, up 1.12 percent year over year. The modest median movements are misleading if you stop there. The percentage shifts in the upper bands are doing all the work. Buyers chasing the median print are looking at a flat market; buyers in the luxury bands are looking at a market where supply tightens monthly while demand accelerates. See my Miami luxury price threshold breakdown for the related Q1 thresholds.
Why the Luxury Tier Is Pulling Away From the Median
Three structural forces are pushing the luxury tier faster than the overall market right now, and I see them on every buyer call I take. First, Miami's all-cash share remains far above the national average. According to Miami Realtors, cash sales accounted for 39.5 percent of all Miami-Dade closings in April 2026, versus the U.S. average near 27 percent reported by NAR. Cash buyers are largely insulated from the 30-year mortgage rate environment, which means rate volatility does not throttle luxury demand the way it throttles entry-level financing-dependent demand.
Second, the supply story is fundamentally different at the top. Pre-construction towers in Brickell, Edgewater, and Sunny Isles that launched in 2022 and 2023 are now selling their remaining inventory at appreciated pricing tiers. Towers that broke ground at launch pricing of $1,200 to $1,500 per square foot are quoting $1,600 to $2,000 per square foot for the last units. The inventory math at the $1 million-plus condo level is being defined by what is left in those final tiers, not by a steady supply of new units entering the market. See how I evaluate condo building financial health before any pre-construction purchase.
Third, international buyer flow has continued. Latin American capital, particularly from Argentina, Colombia, Venezuela, and Brazil, remains structural rather than cyclical because Miami functions as a wealth-preservation hub. NAR's 2025 Profile of International Transactions placed Colombian buyers at 15 percent and Venezuelan buyers at 6 percent of Miami's foreign-buyer share. World Cup 2026 exposure layered on top of that base will likely reinforce the brand premium in the second half of this year. Read more in my World Cup 2026 Miami real estate impact analysis.
April 2026 vs. April 2025: Side-by-Side at the Luxury Bands
The clearest way to see the acceleration is to put the price-band data next to last year's comparable. Below is the year-over-year change for Miami-Dade closings by tier, drawn from the MIAMI REALTORS April 2026 release and the prior-year MLS data referenced in that report.
| Category | YoY Change | Notes |
|---|---|---|
| $5M+ sales (all properties) | +25% | Strongest luxury tier acceleration |
| Single-family $1M+ | +19.83% | Coral Gables, Pinecrest, Bay Harbor leading |
| Existing condo $1M+ | +15.64% | Brickell, Edgewater, Sunny Isles concentration |
| Total single-family sales | +8.63% | 950 to 1,032 closings |
| Total condo sales | +2.79% | 1,005 to 1,033 closings |
| Total inventory | -11.4% | 18,765 to 16,622 listings |
| Single-family inventory | -14.55% | Tightest tier on supply side |
| Condo inventory | -10.11% | Third consecutive monthly decline |
The pattern is consistent: every category above $1 million is rising at a higher percentage than the overall market while every inventory category is contracting at a steeper rate than the year-ago print. That is the textbook setup for further price firmness in the luxury tier in the next two to four months, particularly if buyer flow holds through the summer.
What I Am Telling Buyers Looking at the April 2026 Numbers Right Now
The April 2026 print does not change strategy by itself, but it confirms a direction. For buyers I am working with in the $1 million-plus condo range, my framing is straightforward. Inventory is contracting three months in a row, demand at $1M-plus is rising at five to six times the pace of the overall market, and the data was reported by MIAMI REALTORS with the eighth consecutive monthly gain language. That sequence of facts does not produce a flat or declining luxury market in the next 60 to 90 days unless something external resets the equation.
For buyers looking at pre-construction, this is a strong moment to lock pricing. Developer reserve lists for towers delivering in 2027 and 2028 still have last-row units available at pricing set 18 to 24 months ago, before the 2026 acceleration was visible. Once those reservations move out of inventory, the next tier of pricing applies. The 20 to 30 percent deposit structures common in Miami pre-construction still let buyers spread the rest of the purchase price over construction milestones, which is the single best hedge against further price firmness while interest rates stay where they are. Read my pre-construction buying process guide for the full deposit and milestone walk-through.
For buyers looking at resale, the inventory math is harder. Active condo listings dropped 10.11 percent year over year and 1,339 units came off the market versus April 2025. Below the $1 million line that means competition is rising. Above $1 million the calculus shifts to specific buildings, specific stacks, and specific seller motivation. I work resale separately from pre-construction because the negotiation levers are different and the inspection and SB-4D reserve disclosure analysis matters more on resale. See the SB-4D special assessments guide before any resale luxury condo purchase.
For international buyers, the underlying tax and visa structuring questions are unchanged. FIRPTA withholding, LLC structuring, and country-specific tax treaties apply the same way they did 12 months ago. What is different is the cost of waiting. A buyer who would have closed at $1.6 million in April 2025 on a comparable Brickell condo is now looking at the same product at $1.85 million or higher. That delta translates to roughly $250,000 of paper appreciation that buyers who moved last year captured and buyers waiting did not. Call me at (305) 964-8614 if you want to walk through your timeline directly.
"The April 2026 data tells me one thing clearly. Miami luxury demand is not slowing, supply is contracting, and the gap between the median market and the $1 million-plus tier keeps widening. Buyers waiting for a soft moment in the top of the market are waiting for a signal that the underlying drivers, cash share, international flow, and pre-construction supply discipline, do not currently support. Move when the structure favors you, not when the median changes."Gerardo Gonzalez, Licensed Real Estate Agent at Compass
Frequently Asked Questions About the Miami April 2026 Sales Report
