Q2 Miami Residential Market Report | Condos & Homes

Image from Ashton Coleman, P.A. MiamiDreamRealty.com LLC

Q2 Miami Residential Condo + Home Market Report

We provide an in-depth look at how our markets are performing on a quarterly basis.

Second Quarter (vs. Q1) Residential Market Activity Cooled.

• Miami Beach experienced 45% fewer closed sales, however, inventory levels have a notable decrease along with trends showing an increase in home sale price values.
• With the most desirable winter months behind us, other factors include the effects of over-development, the stronger US Dollar, FinCEN, and volatility in the financial markets each contributing to some degree to a dampening of buyers’ purchase intent.
• Closings in Q2 responded to diminished buyer urgency which was a dramatic decrease over Q1, reflecting a common Q2 spring season downtick in buyer activity.
• Of the significantly fewer residential sales, the sale price values for condos were unchanged over Q1.
• Of the significantly fewer residential sales, the sale price values for homes were up 11% over Q1.

Year-Over-Year (2018 vs. 2017) Review.

• Miami Beach condo prices were down 4% from Q2 2017 (up 7% from Q1 2018).
• Miami Beach home prices were up 13% from Q2 2017 (up 15% from Q1 2018).
• The average condo sale price of $758,453 was essentially higher over Q2 2017’s figure of $635,427, supported by the $26M Ocean One Penthouse sale among other record-breaking transactions.
• The average home sale price of $3.231M was essentially higher over Q2 2017’s figure of $2.580M, supported by Thomas Kramer’s $33M Star Island auction.

Miami Beach CONDOS

(Q2 = 2,732 Condos Available) | Inventory is DOWN 11%
(Q1 = 3,084 Condos Available)

(Q2) APR-JUN 2018

• 545 SOLD at a Median SP$/PSF of $417 (Same as Q1)
• Average Days On Market (DOM) = 134
• 81 Sold for more than $1M (15%)
• 13 Sold for more than $5M (2%)

(Q1) JAN – MAR 2018

• 986 SOLD at a Median SP$/PSF of $417 | CONDO Values are UP 9%
• Average Days On Market (DOM) = 135
• 152 Sold for more than $1M (15%)
• 24 Sold for more than $5M (2%)

(Q4) OCT-DEC 2017

• 401 SOLD at a Median SP$/PSF of $380
• Average Days On Market (DOM) = 135
• 42 Sold for more than $1M (10%)
• 3 Sold for more than $5M (1%)

(Q3) JUL-SEPT 2017

• 391 SOLD at a Median SP$/PSF of $383
• Average Days On Market (DOM) = 135
• 42 Sold for more than $1M (11%)
• 5 Sold for more than $5M (1%)

(Q2) APR-JUN 2017

• 515 SOLD at a Median SP$/PSF of $434
• Average Days On Market (DOM) = 134
• 67 Sold for more than $1M (13%)
• 6 Sold for more than $5M (1%)

Miami Beach HOMES

(Q2 = 393 Homes Available) | Inventory is DOWN 15%
(Q1 = 463 Homes Available)

(Q2) APR-JUN 2018

• 65 SOLD at a Median SP$/PSF of $654 | HOME Values are UP 11%
• Average Days On Market (DOM) = 164
• 51 Sold for more than $1M (78%)
• 9 Sold for more than $5M (14%)

(Q1) JAN – MAR 2018

• 116 SOLD at a Median SP$/PSF of $580 | HOME Values are UP 11%
• Average Days On Market (DOM) = 157
• 87 Sold for more than $1M (75%)
• 14 Sold for more than $5M (12%)

(Q4) OCT-DEC 2017

• 46 SOLD at a Median SP$/PSF of $516
• Average Days On Market (DOM) = 228
• 30 Sold for more than $1M (71%)
• 6 Sold for more than $5M (13%)

(Q3) JUL-SEPT 2017

• 50 SOLD at a Median SP$/PSF of $529
• Average Days On Market (DOM) = 170
• 34 Sold for more than $1M (68%)
• 4 Sold for more than $5M (8%)

(Q2) APR-JUN 2017

• 76 SOLD at a Median SP$/PSF of $566
• Average Days On Market (DOM) = 181
• 56 Sold for more than $1M (74%)
• 8 Sold for more than $5M (11%)

Source: Matrix MLS Residential Home Sales Database