Miami residential real estate in 2022 is in high demand and especially along with the premier coastal areas. In researching investment properties for a client this week, I realized an extreme number of pending sales to the tune of:

To understand the real estate trends happening this year, I’ve decided to get into the numbers and analyze, by pricing bands, what these next few months and the remainder of the year may hold for our local condominium 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 condominiums in Miami. I’m seeing FOMO (fear of missing out) when it comes to demand at

Miami Coastal Condos

3Q and on will be most interesting as our inventory glut of 2019 is now far behind us. The absorption rate is unprecented with properties purchased as second homes and investment properties being swooped up to the tune of very limited & tight supply especially in the coming months.

In 2021, 5,000+ (MLS max) properties sold within this price point (via MLS) with a median SP/$ at $318 psf. So far at the time of this research in mid-February, 834 condos have sold at a median SP/$ of $348 psf.

As of February Mls Stats, there are 1,563 pending contracts at a median LP/$ of $363 psf. As of nearly a month ago, from the third graph below, we see a 3.4 month supply whereas today shows only 2.4 months.

Miami Coastal Condos $500,000 to $1,000,000

Miami coastal condos within this “affordable” price point are also selling quickly. To find an older but quality 2 bedroom condominium with great Miami views is still attainable here.

In 2021, 4,678 properties sold within this price point (via MLS) with a median SP/$ at $476 psf. So far at the time of this research in mid-February, 550 condos have sold at a median SP/$ of $528 psf.

As of February MLS stats, there are 923 pending contracts at a median LP/$ of $609 psf.

Miami Coastal Condos $1,000,000 to $3,000,000

For newer construction, this is the sweet spot for 2 bedroom condos in Miami but with very limited supply.

In 2021, 3,015 properties sold within this price point (via MLS) with a median SP/$ at $717 psf. So far at the time of this research in mid-February, 318 condos have sold at a median SP/$ of $772 psf.

As of February MLS stats, there are 562 pending contracts at a median LP/$ of $831 psf.

Miami Coastal Condos $3,000,000 to $5,000,000

With inventory down to less than 9 months and selling price per square foot on the rise, the $3m to $5m pricing band is a top contender with absorption rates increasing quickly. For anyone wanting a newer 3 bedroom condo option in a premier building with incredible Miami views, this is the target range.

In 2021, 347 properties sold within this price point (via MLS) with a median SP/$ at $1,233 psf. So far at the time of this research in mid-February, 47 condos have sold at a median SP/$ of $1,468 psf.

As of February MLS stats, there are 82 pending contracts at a median LP/$ of $1,251 psf.

Miami Coastal Condos $5,000,000 to $10,000,000

For an exceptional 4 to 6 bedroom (3,300-4,500 SF Ave.) condominium, this is where you’ll find the very best selection when value & views is of importance. Within this price point you can still cherry pick for an amazing newer property with extraordinary Miami views.

Within this range, I have an exclusive listing at the lowest price per square foot at Trump Royale listed at $7.899m ($1,230 psf). With a median list price per square foot at $1,849 psf today, anything less than $1,400 psf is a deal.

In 2021, 224 properties sold within this price point (via MLS) with a median SP/$ at $1,812 psf. So far at the time of this research in mid-February, 21 condos have sold at a median SP/$ of $2,160 psf.

As of February MLS stats, there are 55 pending contracts at a median LP/$ of $1,915 psf.

Miami Coastal Condos $10,000,000 to $20,000,000

Within this ultra-luxury pricing band, we see resale inventory on a steady decline with the selling price per square foot continually increasing – still, at a 17.3 month supply as of January graph stats below, there is a good selection for buyers. I believe this will be a price point with similar trends and solid growth this year ahead.

South Florida’s luxury residential market is surging, with sales of homes priced at $10 million or more rising exponentially.

The Real Deal

In 2021, 65 properties sold within this price point (via MLS) with a median SP/$ at $2,539 psf. So far at the time of this research in mid-February, 7 have sold at a median SP/$ of $3,126 psf.

As of February MLS stats, there are 23 pending contracts at a median LP/$ of $3,128 psf.

Miami Coastal Condos > $20,000,000

This price point entails the very best 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 over $20m but when they do, people take notice in both the development and the price per square foot.

In 2021, 9 properties sold from $20-$40m (via MLS) with nearly half of them on Fisher Island. So far at the time of this research, 2 have sold at $21m (Palazzo Del Mare) and $23m (Surf Club).

What’s most impressive is that we find 8 pending contracts today at a median LP/$ of $4,858 psf so it should be wide open for ultra-luxury condo sales & trends this year ahead.

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.

Let’s Connect On…

YouTube | Instagram | Facebook | LinkedIn | Twitter

Be sure to join the VIP group for monthly market insights, South Florida news, and exclusive coastal properties; covering South Beach, Miami Beach, Sunny Isles Beach, Aventura,