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
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.
Average Sold Price per Square Footage in August 2022: $282
•Down 9.6% compared to last month.
•Down 9.3% compared to last year.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
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 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 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
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 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 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
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 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 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
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 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; 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
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 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; 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
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.
Average Sold Price per Square Footage in August 2022: $282
•Down 9.6% compared to last month.
•Down 9.3% compared to last year.
Months of Inventory based on Closed Sales in August 2022: 4.3
•Up 22.5% compared to last month.
•0% compared to last year.
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
Average Sold Price per Square Footage in August 2022: $494
•Down 0.6% compared to last month
•Up 25.4% compared to last year
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
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
Average Sold Price per Square Footage in August 2022: $852
•Up 1.2% compared to last month
•Up 22.1% compared to last year
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
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
Average Sold Price per Square Footage in August 2022: $1215
•Down 3.7% compared to last month
•Down 4.6% compared to last year
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
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
Average Sold Price per Square Footage in August 2022: $1704
•Down 8% compared to last month
•Up 14.8% compared to last year
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
Home For Sale in August 2022: 46 units.
•0% compared to last month
•Down 28.1% compared to last year
Average Sold Price per Square Footage in August 2022: $2090
•Down 24.5% compared to last month
•Down 26.2% compared to last year
Months of Inventory based on Closed Sales in August 2022: 23
•0% compared to last month
•Down 28.1% compared to last year
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.
Home For Sale in August 2022: 14 units.
•Down 6.7% compared to last month
•Down 17.6% compared to last year
Average Sold Price per Square Footage in August 2022: $0
•N/A compared to last month
•N/A compared to last year
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
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This post first appeared on Miami Beach & Sunny Isles Real Estate, please read the originial post: here
