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.
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 Condo Trends $500,000 to $1,000,000
Miami Condo Trends $1,000,000 to $3,000,000
Miami Condo Trends $3,000,000 to $5,000,000
Miami Condo Trends $5,000,000 to $10,000,000
Miami Condo Trends $10,000,000 to $20,000,000
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.
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