Miami Luxury Home & Condo Trends for May 2023

Miami Luxury Home and Condo Tremds May 2023

Explore the latest trends in Miami’s coastal real estate market and gain valuable insights into the luxury homes and condos priced over $1,000,000 with this comprehensive review. Our analysis provides monthly and year-over-year updates for each property type, enabling you to stay informed and make informed decisions. Stay ahead of the curve and discover the pulse of Miami’s prestigious real estate market. Join us as we delve into the world of Miami coastal homes and condos, offering a professional perspective on the industry’s current trends.

Miami stands as a world-class destination that captivates individuals from across the globe with its sun-kissed climate, picturesque beaches, and vibrant cultural scene. However, the city’s allure stretches beyond its natural beauty, extending into its thriving real estate market. Miami’s collection of luxury homes and condominiums presents a level of comfort and refinement that few other cities can rival. The real estate landscape in Miami encompasses an impressive range of offerings, from awe-inspiring oceanfront residences to extravagant properties with resort-style amenities.

Miami’s dynamic arts and culture scene and internationally acclaimed culinary delights elevate the city into a coastal haven for those seeking a sophisticated lifestyle in South Florida. With these enticing elements combined, it becomes apparent why Miami holds its esteemed position as one of the most desirable destinations worldwide for luxury real estate. Here are the latest trends for May 2023 in our monthly review.

Miami Coastal Homes $1m+

Today’s Miami coastal homes for sale offer various options, sustaining different preferences and lifestyles. With a variety of living options, whether you’re looking for a waterfront home or a modern mansion, numerous home options are available in Miami. These luxury homes offer the ultimate privacy, comfort, and style, making them a top choice for those seeking a luxury lifestyle.

Miami Coastal Homes Inventory for May

May 2023 was a Buyer’s market*

Home For Sale in May 2023: 526 units.

Down 1.3% compared to last month
Up 29.9% compared to last year

Home Closed in May 2023: 68 units.

Down 6.8% compared to last month
Down 31.3% compared to last year

Home Placed under Contract in May 2023: 71 units.

Down 15.5% compared to last month
Down 12.3% compared to last year
Miami Coastal Home price per square foot for May

May 2023 Average Sold Price per Square Footage was Neutral*

Average Sold Price per Square Footage in May 2023: $1066

Down 4% compared to last month
Down 24.7% compared to last year

Miami Luxury Homes

Miami Luxury Homes are in demand, offering residents a luxurious and sophisticated lifestyle. These homes feature high-end finishes, spacious layouts, and premium appliances. They are designed with the utmost attention to detail, providing residents with an unmatched lavish lifestyle. Miami luxury homes for sale offer breathtaking views of the city and ocean and provide access to amenities such as private pools, outdoor kitchens, and 24-hour security.

*A buyer’s market has more than 6 months of inventory based on closed sales.

Miami Coastal Condos $1m+

Discover the condo lifestyle with Miami luxury condos priced at $1 million and above. Renowned as some of the most prestigious properties in the world, these premier condominiums redefine the meaning of sophistication and comfort. Impeccable craftsmanship and exquisite attention to detail are evident throughout, showcasing high-end finishes, top-tier appliances, and cutting-edge technology throughout each condo. Indulge in the Miami lifestyle as you immerse yourself in the incredible skyline views of the city, Biscayne Bay, and the Atlantic Ocean these condos provide. Unparalleled amenities await, including beachfront & rooftop swimming pools, rejuvenating spas, wellness & fitness centers, and round-the-clock security, ensuring peace of mind in every aspect of your experience.

Miami Coastal Condo Inventory for May

May 2023 was a Buyer’s market*

Home For Sale in May 2023: 1256 units.

Down 2.3% compared to last month
Up 23.6% compared to last year

Home Closed in May 2023: 100 units.

Down 2.9% compared to last month
Down 54.1% compared to last year

Home Placed under Contract in May 2023: 102 units.

Down 15% compared to last month
Down 21.5% compared to last year
Miami Coastal Condos price per square foot for May

May 2023 Average Sold Price per Square Footage was Appreciating*

Average Sold Price per Square Footage in May 2023: $1409

Up 16.9% compared to last month
Up 11.6% compared to last year

Miami Luxury Condos

Explore an impressive selection of Miami Luxury Condos for sale, offering an array of sizes and styles to suit diverse preferences and lifestyles. From intimate studios to expansive Miami penthouses, Miami presents a multitude of options for today’s buyers. These exceptional condominiums redefine luxury living with seamless convenience, comfort, and style. Indulge in modern functionality, as these condos provide a sanctuary that will exceed expectations. Whether you seek a condo with ocean views or a penthouse abode, Miami Luxury Condos offers an awesome choice for those ready to embrace the South Florida lifestyle.

*A buyer’s market has more than 6 months of inventory based on closed sales

The Miami Lifestyle

The Miami lifestyle offers residents comfort, elegance, and sophistication. Discover our exceptional collection of meticulously designed condos, Miami coastal homes, and penthouses, where every detail is thoughtfully considered to offer residents an unparalleled lavish lifestyle. Miami luxury real estate provides diverse options to suit every preference and lifestyle. Whether you desire an oceanfront condo or an expansive waterfront mansion, Miami delivers the best luxury living. For more information about South Florida’s residential real estate market, please reach out here. Your dream home in Miami awaits.

Stop Searching. Start Living.

An expert in South Florida coastal properties, my specialty areas include South BeachMiami BeachSunny Isles BeachAventuraBal HarbourBay Harbor IslandsSurfsideMiami ShoresBrickellDowntownWynwood-Edgewater-MidtownKey BiscayneBay Harbour IslandsCoconut Grove, and Coral Gables. For Broward County, specialty areas include PlantationSouthwest RanchesDavieHollywoodDania BeachHallandale, and Fort Lauderdale (East of US1).

When researching South Florida homesluxury condosMiami penthousesoff-market properties, investment opportunities, or relocation assistance for your family and team, I’ll have it customized and ready for you. Contact me today for a curated list of properties, and let’s discuss your ideas and vision for South Florida.

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At Sotheby’s, Your Vision is Our Inspiration.

You have ONE life to live. You should expect the most from it. At ONE Sotheby’s International Realty, we are inspired by giving extraordinary lives a home to thrive. Many know Sotheby’s International for its brand heritage, prestige, propensity for perfection, and, quite simply, immense global reach. As curator of luxury real estate, it’s my pleasure to connect you with the world’s best real estate brand. We have a vast global network of friends & colleagues who offer a bespoke experience wherever you reside. Locally, I offer exceptional real estate and client services with the leading firm, ONE Sotheby’s International Realty.

Technology & Resources

The Miami Beach Real Estate Blog is an excellent resource for South Florida residential real estate data and property information. Check back often to learn about Miami real estate opportunities & trends.

You are a client, not a customer. You can expect confidentiality and risk assessment with accurate information to build your net worth as a client. Knowledge is protection.

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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.

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