Miami New Construction Closings 2026
The Short Answer
Miami’s new condominium buildings that delivered in 2024, 2025 and 2026 have recorded 118 closed sales above $1 million since January 2024. The median was $3,355,525 at $1,675 per square foot, and sellers took a median of 93.4% of asking price.
Pre-construction listings in buildings scheduled for 2027 or later ask a median of $1,931 per square foot. That is 15% above what the delivered class is closing at.
The other thing the data shows is how small this market is. New construction accounted for 6% to 8% of all coastal condominium closings above $1 million in each quarter of 2026. The headlines come from new towers. The transactions do not.
New Construction Is a Small Slice of a Shrinking Quarter
These are all coastal Miami condominium closings above $1 million, by quarter, split by whether the building delivered in 2024 or later.
| Quarter 2026 | Closings above $1M | Closed volume | Median sold price | In buildings 2024 or newer | New-build share | New-build $/SF | Older $/SF | Sales above $5M |
|---|---|---|---|---|---|---|---|---|
| Q1 | 310 | $1,059M | $2,020,000 | 20 | 6% | $1,743 | $1,009 | 49 |
| Q2 | 340 | $1,238M | $2,140,000 | 26 | 8% | $1,548 | $1,104 | 62 |
| Q3 | 247 | $783M | $1,875,000 | 15 | 6% | $1,411 | $982 | 30 |
Read the Q3 column carefully, and then put it in context twice. Closings fell 27% from Q2, volume fell 37%, the median fell 12%, and sales above $5 million fell by half, from 62 to 30. First, this data was pulled on October 1, the day after the quarter ended, and closings are often recorded in the MLS days or weeks late, so some of that drop will fill in. Second, Q3 is seasonally the slowest quarter in Miami, so a decline from Q2 is normal and does not by itself mean the market weakened.
Against the same quarter a year earlier, the direction reverses. TrendGraphix data for Miami’s coastal communities above $1 million shows 507 sales in July through September 2026 against 482 a year earlier, up 5.2%, with the median sold price up 3.2% and active inventory down 18.8%. So the quarter was slower than the spring and busier than the same quarter last year, on less inventory.
What does stand out is the top of the market. Sales above $5 million fell from 62 to 30 between Q2 and Q3, which is a larger move than seasonality or recording lag explains on its own, and it matches a separate dataset where Fisher Island recorded no condominium sale above $5 million between June and mid-September.
The new-construction premium over older buildings also compressed through the year, from 73% in Q1 to 40% in Q2 and 44% in Q3. Those are cross-building comparisons, so they measure which buildings sold rather than what newness is worth. For the controlled version of that question, see New vs. Older Miami Luxury Condos, where the premium is positive in some submarkets and negative in others.
The Delivered Class, Building by Building
| Building | Delivered | Closed sales since Jan 2024 | Median closed $/SF | Median closed price | Sold to list | Median days on market | Active listings | Median asking $/SF |
|---|---|---|---|---|---|---|---|---|
| Five Park Miami Beach | 2024 to 2025 | 58 | $1,904 | $3,895,000 | 93.1% | 127 | 18 | $2,262 |
| Onda Residences, Bay Harbor Islands | 2024 | 9 | $1,538 | $4,380,000 | 93.3% | 267 | 7 | $1,442 |
| Mr. C Residences Coconut Grove | 2024 | 9 | $1,767 | $2,675,000 | 92.3% | 155 | 2 | $2,392 |
| The Well Bay Harbor Islands | 2025 | 9 | $1,427 | $3,147,000 | 95.0% | 354 | 2 | $1,472 |
| Aurora Sunny Isles Beach | 2024 | 6 | Not reported | $1,701,500 | 100.0% | 29 | 0 | None listed |
| Vita at Grove Isle | 2025 | 4 | $2,443 | $7,925,000 | 99.2% | 131 | 7 | $2,633 |
Five Park is the only building in this class with a deep sample. Its 58 closings at a median of $1,904 per square foot, with 18 listings still active asking $2,262, make it the benchmark for everything else delivered in this cycle.
The spread between buildings is wider than any premium newness carries. Vita at Grove Isle closed at $2,443 per square foot and The Well Bay Harbor Islands at $1,427. Both delivered in 2025. One is on Biscayne Bay in Coconut Grove and one is on a Bay Harbor Islands canal, and that difference is worth 71%.
What These Closings Actually Are
This matters before anyone quotes the numbers above as resale evidence.
In a building that just delivered, most MLS closings are developer sales. A buyer signed a contract two or three years ago and is now taking title. A true resale, where an early buyer sells to someone else, is a different transaction with different economics.
The sold-to-list column separates them reasonably well. Aurora Sunny Isles closed at exactly 100% of asking with a median of 29 days on market, which is a developer closing at contract price. Vita at Grove Isle closed at 99.2% and The Well at 95.0%, both leaning developer. Five Park at 93.1% and Mr. C at 92.3% look like a mix that includes negotiated resales.
So treat the Aurora and Vita rows as developer pricing, not as proof of what a resale buyer will pay. The asking prices and the listing counts are unaffected by this problem, which is why the next two sections lean on those.
The Delivery Gap, at Two Price Levels
The Delivery Gap is the distance between what unbuilt product asks and what finished product closes at. It is not the same number at every price point.
| Price floor | Pre-construction asking $/SF, 2027 or later | Delivered 2024 to 2026 closing $/SF | Delivery Gap |
|---|---|---|---|
| Above $1 million | $1,931 | $1,675 | +15% |
| Above $5 million | $2,935 | $2,357 | +25% |
The gap widens as the price rises. At $1 million and up, a pre-construction buyer is paying 15% more per square foot than the newest finished buildings close at. Above $5 million, the premium is 25%.
Both numbers are the bet, not the loss. A contract signed in 2026 delivers in 2029, and the buyer is paying for three years of appreciation plus the value of being first in a new building. The data cannot tell you whether that bet pays. It can tell you the size of it.
The pre-construction ladder
Forty-seven active listings sit in buildings scheduled for 2027 or later. The asking prices per square foot are not clustered. They run four to one.
| Building | Scheduled | Active listings | Median asking price | Median asking $/SF |
|---|---|---|---|---|
| Ritz-Carlton Residences South Beach | 2028 | 6 | $9,175,000 | $4,088 |
| Ocean House | 2027 | 2 | $13,800,000 | $4,004 |
| The Delmore, 8777 Collins | 2029 | 4 | $26,025,000 | $3,963 |
| Bentley Residences | 2028 | 1 | $8,850,000 | $2,935 |
| St. Regis Residences | 2029 | 2 | $8,862,500 | $2,800 |
| Milano Boutique Condo | 2027 | 5 | $4,255,000 | $2,205 |
| The Well Coconut Grove | 2028 | 3 | $3,395,000 | $1,946 |
| 29 Indian Creek | 2027 | 3 | $2,822,050 | $1,944 |
| Ponce Park | 2027 | 4 | $4,887,500 | $1,532 |
Ritz-Carlton Residences South Beach also carries seven pending sales against those six active listings, which is the strongest contract activity in the pre-construction group. The Delmore asks $3,963 per square foot for 2029 delivery in Surfside, which is the one submarket where delivered product has actually closed near that level.
Those year columns are MLS target dates. They move.
The Resale Queue in Newly Delivered Buildings
One caution on this section. The figures here come from a different export, Miami-Dade condominium sales above $5 million, because that dataset carries the resale listings in buildings the new-construction search does not include. Aston Martin Residences and UNA Residences do not appear in the new-construction export at all.
Above $5 million, the 2024 to 2026 delivery class holds 1.58 active listings for every closed sale. Every older group of buildings holds about 0.5. By building:
- Vita at Grove Isle: 15 listings against 8 closings, about 61 months of supply
- Aston Martin Residences: 11 listings against 12 closings, about 30 months
- Onda Residences: 2 listings against 6 closings, about 11 months
- Five Park Miami Beach: 8 listings against 27 closings, about 10 months
- Mr. C Residences Coconut Grove: 1 listing against 11 closings, about 3 months
- UNA Residences: 16 listings, no closed sales
That is the structural problem with buying early in a new tower. The building releases many residences into resale in the same period, and the seller competes with neighbors holding nearly identical floor plans. An established building sells one residence at a time. I measured the same pattern across every vintage in New vs. Older Miami Luxury Condos.
What This Means for Buyers
Separate developer pricing from resale pricing before you use a comparable. A closing at 100% of asking in a building that delivered last year is a contract signed years ago, not evidence of today’s resale market.
Price the pre-construction contract against delivered buildings, not against other pre-construction. The gap is 15% above $1 million and 25% above $5 million. Ask what has to happen by delivery for the price to be the market price.
Count the listings in the building. Three months of supply and 61 months of supply are different negotiations in buildings of the same age.
In a building with no closed sales, you set the comparable. UNA Residences has 16 listings above $5 million and no closings. Whatever the first buyer pays becomes the number every other seller there quotes.
What This Means for Sellers
Your competition is your own building. Five Park has 18 active listings asking a median of $2,262 per square foot while the building has closed at $1,904. The first seller to price to the closed number sets the comparable for the rest.
Newness is already in the closed price. An ask above your building’s closed sales needs a reason a buyer can see, such as a higher floor, a better line, or a finished interior.
Watch the quarter you are listing into. Coastal closings above $1 million fell 27% from Q2 to Q3 and sales above $5 million fell by half. Some of that is recording lag. Plan for the rest of it.
If you hold a pre-construction contract, read the queue. The timing picture by submarket and building is in how long it takes to sell a $5 million Miami condo.
For current inventory in these buildings, see Miami Penthouses & Estates.
Frequently Asked Questions
What do Miami’s newly delivered condos actually sell for?
Across buildings delivered in 2024, 2025 and 2026, 118 closings above $1 million since January 2024 had a median price of $3,355,525 at $1,675 per square foot, with sellers taking a median of 93.4% of asking. By building, medians ran from $1,427 per square foot at The Well Bay Harbor Islands to $2,443 at Vita at Grove Isle.
How much more does Miami pre-construction ask than finished buildings close at?
Pre-construction listings for 2027 or later ask a median of $1,931 per square foot, against $1,675 for closings in buildings delivered 2024 to 2026. That is 15%. Above $5 million the same comparison is 25%, $2,935 asking against $2,357 closing.
What share of Miami coastal condo sales are new construction?
6% to 8%. Of coastal condominium closings above $1 million, buildings delivered in 2024 or later accounted for 20 of 310 sales in Q1 2026, 26 of 340 in Q2, and 15 of 247 in Q3.
Did the Miami condo market slow in the third quarter of 2026?
It depends on the comparison. Against Q2 2026, yes: coastal closings above $1 million fell from 340 to 247, volume fell from $1,238 million to $783 million, and sales above $5 million fell from 62 to 30. Against Q3 2025, no: TrendGraphix data for the same coastal area above $1 million shows 507 sales in July through September 2026 against 482 a year earlier, up 5.2%, with inventory down 18.8%. Q3 is seasonally the slowest quarter, and the October 1 pull date means some Q3 closings were not yet recorded. The clearest soft spot is above $5 million, where the quarter-over-quarter decline is too large for either explanation alone.
Which new Miami building has sold the most residences?
Five Park Miami Beach, with 58 closings above $1 million since January 2024 at a median of $1,904 per square foot. It still has 18 active listings asking a median of $2,262.
Which pre-construction building asks the most per square foot?
Among listings in buildings scheduled for 2027 or later, Ritz-Carlton Residences South Beach asks a median of $4,088 per square foot for 2028, followed by Ocean House at $4,004 for 2027 and The Delmore at $3,963 for 2029. Ponce Park is the lowest in the group at $1,532.
Buying or Selling in a New Miami Building?
What a residence in a new building is worth cannot be read from the building’s name or its delivery year. It depends on the line and floor, the view corridor, whether the closing you are comparing against was a developer sale or a resale, how many residences with your floor plan are listed right now, and whether the developer still holds inventory in the building.
If you’re evaluating a residence at Five Park, Mr. C Coconut Grove, Vita at Grove Isle, Onda, The Well, Aurora, Ritz-Carlton Residences South Beach, The Delmore or any Miami pre-construction tower, contact Ashton Coleman for a property-specific comparison using recent closed sales and current competing inventory.
Explore current listings on Miami Penthouses & Estates.
📞 305.978.7704
📧 AColeman@onesothebysrealty.com
About the Market Data
This analysis uses three Southeast Florida MLS (SEFMLS) exports.
The new-construction export covers Miami new-construction condominium listings and closings above $1 million, pulled October 1, 2026. It contains 118 closings since January 2024 in buildings the MLS dates 2024 to 2026, 167 active listings in those same buildings, and 47 active listings in buildings dated 2027 or later. This export is built on the MLS new-construction designation, so it is not a complete census of sales in new buildings. Aston Martin Residences and UNA Residences do not appear in it, and resale listings in some delivered buildings are absent.
The quarterly tables come from three exports of coastal Miami condominium closings above $1 million, one per quarter of 2026, covering MLS areas 12, 21, 22, 32, 41, 42 and 50. Q1 contains 310 closings, Q2 340 and Q3 247. The Q1 file includes one closing dated December 31, 2025. Each export also contained active and pending rows capped at the same counts in all three quarters, so those statuses were excluded as unreliable.
The resale queue section uses a fourth export, Miami-Dade condominium closings above $5 million from January 2024 to September 2026 with active listings as of September 2026, because the new-construction export does not carry those resale listings. Months of inventory there divides active listings by the average monthly closings over 32.5 months.
Building years are the MLS year-built field, which for an unbuilt tower is a target date that moves. Sold-to-list uses the list price on the closed record, which may be a reduced price rather than the original asking price. Days on market is cumulative days on market to contract, which can reset when a listing is withdrawn and relisted. Aurora Sunny Isles reports no sold price per square foot on its six closings. Five of the six delivered buildings rest on fewer than ten closings, so those rows describe those transactions rather than the building. MLS information is believed accurate but is not guaranteed.
Disclaimer
Information is provided for informational purposes only and is subject to change without notice. Real estate statistics, listings and sales information should be independently verified. Nothing contained herein constitutes legal, tax, financial or investment advice. Buyers and sellers should consult appropriate professional advisors before making real estate decisions.
