Miami Real Estate Trends September 2022

Let’s say goodbye to the Miami real estate trends indicating a market boom from 2020 to 1Q 2022, where residential home & condo inventory was absorbed at an unprecedented rate up until April of this year. We’re back to a buyer’s market where buyers have the leverage, and when condos are concerned, absolutely in their favor.

Miami Real Estate Trends September 2022

To understand the Miami real estate trends happening for the remainder of this year, we look at the numbers and analyze, by pricing bands, what the remainder of the year may hold for our Miami condo market. In sizing up some basic stats such as condo inventory, sale price per square foot, and absorption rates, we are using various pricing bands noted below for coastal condominiums in Miami.

Miami Condo Trends < $500,000

Miami Coastal Condo Inventory for September 2022 (500k)
August 2022 is a Neutral market*

Home For Sale in August 2022: 951 units.
•Up 5.1% compared to last month
•Down 47.7% compared to last year

Home Closed in August 2022: 219 units.
•Down 14.1% compared to last month.
•Down 48.2% compared to last year.

Home Placed under Contract in August 2022: 255 units.
•Up 32.8% compared to last month.
•Down 30.3% compared to last year.
Miami Real Estate Trends Miami Coastal Condo PPSF for September 2022 (500k)

Average Sold Price per Square Footage in August 2022: $282

•Down 9.6% compared to last month.
•Down 9.3% compared to last year.
Miami Coastal Condo Month of Inventory for September 2022 (500k)
August 2022 is a Neutral market*
Months of Inventory based on Closed Sales in August 2022: 4.3
•Up 22.5% compared to last month.
•0% compared to last year.

Miami Condo Trends $500,000 to $1,000,000

Miami Coastal Condo Inventory for September 2022 (500-1M)
August 2022 is a Buyer’s market*

Home For Sale in August 2022: 781 units.
•Down 0.4% compared to last month
•Down 11.5% compared to last year

Home Closed in August 2022: 119 units.
•Down 10.5% compared to last month
•Down 20.1% compared to last year

Home Placed under Contract in August 2022: 143 units.
•Up 17.2% compared to last month
•Down 7.7% compared to last year
Miami Real Estate Trends Miami Coastal Condo PPSF for September 2022 (500-1M)
August 2022 Average Sold Price per Square Footage is Depreciating*
Average Sold Price per Square Footage in August 2022: $494
•Down 0.6% compared to last month
•Up 25.4% compared to last year
Miami Coastal Condo Month of Inventory for September 2022 (500-1m)
August 2022 is a Buyer’s market*
Months of Inventory based on Closed Sales in August 2022: 6.6
•Up 11.9% compared to last month
•Up 11.8% compared to last year

Miami Condo Trends $1,000,000 to $3,000,000

Miami Coastal Condo Inventory for September 2022 (1M-3M)
August 2022 is a Buyer’s market*

Home For Sale in August 2022: 683 units.
•Down 2.3% compared to last month
•Down 18.1% compared to last year

Home Closed in August 2022: 67 units.
•Down 15.2% compared to last month
•Down 50.7% compared to last year

Home Placed under Contract in August 2022: 73 units.
•Up 15.9% compared to last month
•Down 24% compared to last year
Miami Real Estate Trends Miami Coastal Condo PPSF for September 2022 (1M-3M)
August 2022 Average Sold Price per Square Footage is Neutral*
Average Sold Price per Square Footage in August 2022: $852
•Up 1.2% compared to last month
•Up 22.1% compared to last year
Miami Coastal Condo Month of Inventory for September 2022 (1m-3m)
August 2022 is a Buyer’s market*
Months of Inventory based on Closed Sales in August 2022: 10.2
•Up 15.8% compared to last month
•Up 66.9% compared to last year

Miami Condo Trends $3,000,000 to $5,000,000

Miami Coastal Condo Inventory for September 2022 (3M-5M)
August 2022 is a Buyer’s market*

Home For Sale in August 2022: 207 units.
•Up 4.5% compared to last month
•Down 19.1% compared to last year

Home Closed in August 2022: 9 units.
•0% compared to last month
•Down 43.7% compared to last year

Home Placed under Contract in August 2022: 12 units.
•0% compared to last month
•Down 25% compared to last year
Miami Real Estate Trends Miami Coastal Condo PPSF for September 2022 (3M-5M)
August 2022 Average Sold Price per Square Footage is Depreciating*
Average Sold Price per Square Footage in August 2022: $1215
•Down 3.7% compared to last month
•Down 4.6% compared to last year
Miami Coastal Condo Month of Inventory for September 2022 (3m-5m)
August 2022 is a Buyer’s market*
Months of Inventory based on Closed Sales in August 2022: 23
•Up 4.5% compared to last month
•Up 43.8% compared to last year

Miami Condo Trends $5,000,000 to $10,000,000

Miami Coastal Condo Inventory for September 2022 (5M-10M)
August 2022 is a Buyer’s market*

Home For Sale in August 2022: 179 units.
•Down 4.3% compared to last month
•Up 13.3% compared to last year

Home Closed in August 2022: 9 units.
•0% compared to last month
•Down 18.2% compared to last year

Home Placed under Contract in August 2022: 12 units.
•Up 50% compared to last month
•Up 33.3% compared to last year
Miami Real Estate Trends Miami Coastal Condo PPSF for September 2022 (5M-10M)
August 2022 Average Sold Price per Square Footage is Depreciating*
Average Sold Price per Square Footage in August 2022: $1704
•Down 8% compared to last month
•Up 14.8% compared to last year
Miami Real Estate Trends Miami Coastal Condo Month of Inventory for September 2022 (5m-10m)
Miami real estate trends; August 2022 is a Buyer’s market*
Months of Inventory based on Closed Sales in August 2022: 19.9
•Down 4.3% compared to last month
•Up 38.3% compared to last year

Miami Condo Trends $10,000,000 to $20,000,000

Miami Coastal Condo Inventory for September 2022 (10M-20M)
August 2022 is a Buyer’s market*
Home For Sale in August 2022: 46 units.
•0% compared to last month
•Down 28.1% compared to last year
Miami Real Estate Trends Miami Coastal Condo PPSF for September 2022 (10M-20M)
August 2022 Average Sold Price per Square Footage is Neutral*
Average Sold Price per Square Footage in August 2022: $2090
•Down 24.5% compared to last month
•Down 26.2% compared to last year
Miami Real Estate Trends Miami Coastal Condo Month of Inventory for September 2022 (10m-20m)
Miami real estate trends; August 2022 is a Buyer’s market*
Months of Inventory based on Closed Sales in August 2022: 23
•0% compared to last month
•Down 28.1% compared to last year

Miami Condo Trends > $20,000,000

This price point entails the trophy properties of Miami with incredible floor plans and all-encompassing Miami views. Approximately 1/5 of residential property sales in Miami-Dade County are condominiums when sold for over $20m. Still, when they do, people take notice of both the development and the price per square foot.

Miami real estate trends in 2021 show where 9 condos were sold from $20-$40m (via MLS), with nearly half on Fisher Island. So far, year to date, 31 properties have sold over $20M, with 8 being condominiums. These eight condo sales include Fisher Island (3), Jade Signature’s penthouse 56, Surf Club Four Seasons (Residence 511 & 507), the 57 Ocean penthouse, and Regalia’s penthouse 43, with a median sale price per square foot of $4,642psf. Three condos have pending contracts today, each at Estates at Acqualina.

Miami Coastal Condo Inventory for September 2022 (20M+)
August 2022 is a Buyer’s market*

Home For Sale in August 2022: 14 units.
•Down 6.7% compared to last month
•Down 17.6% compared to last year
Miami Real Estate Trends Miami Coastal Condo PPSF for September 2022 (20M+)
August 2022 Average Sold Price per Square Footage is Neutral*
Average Sold Price per Square Footage in August 2022: $0
•N/A compared to last month
•N/A compared to last year
Miami Real Estate Trends Miami Coastal Condo Month of Inventory for September 2022 (20m+)
Miami real estate trends; August 2022 is a Buyer’s market*
Months of Inventory based on Closed Sales in August 2022: 14
•Down 6.7% compared to last month
•Down 17.6% compared to last year

Let’s Connect On…

YouTube | Instagram | Facebook | LinkedIn | Twitter

Stop Searching. Start Living.

Let’s talk today for a curated property list of new residential opportunities matching your wants & needs here in South Florida – whether you’re seeking a new trophy home, a remodeled condo, a Miami penthouse for sale, off-market & investment opportunities, or simply relocation assistance for your family or team, I’ll have it customized and ready for you – contact me here, and let’s discuss your ideas and vision for South Florida residential real estate.

South Florida coastal properties including South BeachMiami BeachSunny Isles BeachAventuraBal HarbourBay Harbor IslandsSurfsideMiami ShoresHollywoodBrickellDowntownWynwood-Edgewater-MidtownKey BiscayneBay Harbour IslandsCoconut GroveCoral Gablesand Fort Lauderdale (East of US1).

ONE Sotheby's International Realty

You have ONE life to live. You should expect the most from it. As you create your life’s legacy—through friendships, family, and professional accomplishments—you need partners on the journey who take the time to know and understand you and your goals. Professionals who seek to find the perfect place where your dreams can live and take shape in all that surrounds you, inspire you, and reflects your values. At ONE Sotheby’s International Realty, that is what inspires our mission: to give extraordinary lives a home to thrive. – OnlywithONE

Your Vision is Our Inspiration.

I’m connected with the world’s best luxury real estate brand and a vast global network of friends & colleagues who offer a bespoke experience wherever you reside. Locally, I offer the best in real estate knowledge and client services as a master broker-associate with the leading firm, ONE Sotheby’s International RealtyWhy Sotheby’s? Because of the brand heritage, prestige, propensity for perfection, and quite simply, the immense global reach in curating luxury goods and real estate. Since 2002, I’ve been successful in the South Florida residential market with knowledge, experience, and white-glove service that consistently exceeds expectations.

Technology & Resources.

The Miami Beach Real Estate Blog is an excellent resource for Southeast Florida residential real estate data, trends, and property information. South Florida’s population influx is important in assisting our growth and resilience, so check back often to uncover more about South Florida real estate opportunities and trends.

Who You Are

You are a client – not a customer:

  • Clients are under the protection of another.
  • Customers purchase a commodity or service.

Knowledge is protection. As a client, you can expect confidentiality and risk assessment with fully accurate information you will understand, implement, and use to build your net worth.

:: South Florida HomesLuxury Condos & Unique Penthouses ::

About Ashton Coleman

Ashton is a tech & social media savvy professional who understands the industry providing white-glove service with a wealth of experience, an impeccable reputation, and a keen ability to efficiently handle all facets of real estate. Ashton’s territory has grown significantly since 2002, marketing & selling extraordinary South Florida coastal real estate from Miami Beach to Lighthouse Point. A Certified Luxury Homes Marketing Specialist (Million Dollar Guild), with a multitude of other residential certifications, Ashton provides both exceptional service and unique selling techniques. His success is attributed to an unparalleled work ethic with years of experience including top-tier professional services where the ‘art of the deal’ is mastered in contract negotiations, deal-making intricacies and the end, results-driven real estate.

folder_openBuyers of South Florida, Inventory, Market Updates, Seller's of South Floridalabel, , , ,