With Q1 2025 numbers in, our in-depth analysis reveals that Greater Downtown Miami's luxury condo market opened the year on a stable note. Momentum remained steady and prices reported modest single-digit gains for sellers. However, with inventory levels trending higher than in recent quarters and luxury condos taking slightly longer to sell, the influence of a buyer's market became increasingly evident across this urban core area.

In Q1 2025, Brickell stood out as the best-performing submarket in Greater Downtown Miami. The financial district led both price gains and year-over-year sales growth, while also recording the fastest days on market and the lowest levels of inventory. 

With seamless public transit access, high walkability, a dynamic urban lifestyle and a growing mix of high-end residences, it's no surprise that Miami's "Manhattan of the South" continues to capture the attention of end-users and investors alike. It's also home to some of Miami's most anticipated pre-construction condos, such as Cipriani Residences Miami, Baccarat Residences, and The St. Regis Residences, reinforcing its position as a premier destination for luxury living.

Read below for our exclusive and comprehensive analysis of how Greater Downtown, Edgewater, Brickell, and Downtown Miami performed in Q1 2025, along with a detailed comparison to the overall Miami luxury condo market trends in terms of sales, prices, days on market, and inventory.

Greater Downtown Miami Luxury Condo Market at a Glance: Q1 2025 YoY Closed Sales

Greater Downtown Miami Luxury Condo Market at a Glance: Q1 2025 YoY Median Sale Price

Greater Downtown Miami Luxury Condo Market at a Glance: Q1 2025 YoY Median Price/Sq. Ft.

Summary of Q1 2025 for the Greater Downtown Miami area:

• Brickell had the highest sales volume (57 sales) 
• Brickell also reported the highest percentage YoY sales growth (10%)
• Edgewater posted the highest median sale price ($1.54 million)
• Edgewater registered the highest price per square foot ($961)

For this report, we've included the zipcodes 33129, 33130, 33131, 33132, 33137 – Brickell Hammock, Brickell, Brickell Key, Downtown Miami, Arts & Entertainment District, Edgewater, Wynwood, Midtown and the Design District. This luxury condo market report focuses exclusively on properties priced $1 million and above, and generally does not include pre-construction condo sales.

Q1 2025 Greater Downtown Miami Luxury Condo Market Highlights

• Sales remained flat year-over-year.
• 12-month sales trendline downshifted to a negative trajectory from a positive curve in Q4 2024.
• Price per Square Foot went up 5% year-over-year to $925.
• Median Sale Price remained flat year-over-year at $1.4M.
• Days on Market remained flat year-over-year at 80 days.
• Inventory went up to 26 months.
• Greater Downtown closed Q1 2025 as a buyer's market, mirroring the overall Miami market.

Q1 2025 Greater Downtown Sub-Neighborhood Highlights

• Brickell emerged as the strongest market of Q1 2025 in Greater Downtown, leading year-over-year sales growth with a 10% increase.
• 12-month sales trendline negative across the board.
• Luxury condos in Brickell provided the best value to sellers in Greater Downtown, with the highest percentage gains (7%) in year-over-year Price per Square Foot.
• Edgewater held its position as the most expensive neighborhood in Greater Downtown, recording a median price of $961/Square Foot.
• Edgewater reported the highest Median Sale Price in Greater Downtown at $1.54 million.
• Brickell emerged as the fastest-selling market of Greater Downtown, as luxury condos took only 67 days to sell.
• Edgewater and Brickell posted the lowest levels of inventory in the Greater Downtown area.

Table of Contents

1. Greater Downtown Miami Luxury Condo Sales Trends
2. Greater Downtown Miami Luxury Condo Price Trends
3. Greater Downtown Miami Luxury Condo Days on Market Trends
4. Greater Downtown Miami Luxury Condo Inventory Trends
5. Edgewater Neighborhood Trends - Overall Sales
6. Edgewater Neighborhood Trends - Sales Price, Price/Square Foot
7. Edgewater Neighborhood Trends - Days on Market
8. Edgewater Neighborhood Trends - Inventory
9. Brickell Neighborhood Trends - Overall Sales
10. Brickell Neighborhood Trends - Sales Price, Price/Square Foot
11. Brickell Neighborhood Trends - Days on Market
12. Brickell Neighborhood Trends - Inventory
13. Downtown Neighborhood Trends - Overall Sales
14. Downtown Neighborhood Trends - Sales Price, Price/Square Foot
15. Downtown Neighborhood Trends - Days on Market
16. Downtown Neighborhood Trends - Inventory
17. Conclusion
    
    

1. Q1 2025 Greater Downtown Miami Luxury Condo Sales: Flat YoY

Sales flat-negative year-over-year; 12-month sales trendline negative

Deviating from Miami's overall flat-positive quarter-over-quarter and year-over-year performance, luxury condos in the Greater Downtown area recorded comparatively slower activity than the better-performing submarkets of Miami Beach (collectively), and Coconut Grove & Coral Gables (combined) this first quarter.

Below are the Key Q1 2025 Sales Statistics for Greater Downtown Miami:

• Q1 2025 vs Q1 2024: Sales stayed mostly flat, marginally down by 2.1% from 94 in Q1 last year to 92 sales this year. (Fig.1.1)
• Q1 2025 vs Q4 2024: Sales dropped 21.4% quarter-over-quarter, down from 117 in the previous quarter to 92 in Q1 2025. (Fig. 1)
• Brickell maintained its position as the leading sales volume contributor in the Greater Downtown area, recording 57 sales this first quarter. The business district also reclaimed its position as the highest percentage contributor (10% year-over-year) for sales growth in this urban core grouping, outpacing Edgewater from the previous quarter.

Greater Downtown Miami Luxury Condo Quarterly Sales 2015-2025 - Fig. 2.1

Greater Downtown Miami Luxury Condo Monthly Sales from Jan. 2016 to Mar.2025 - Fig. 2.2

Looking into the Monthly Sales trends of Fig. 2.2 for Greater Downtown Miami:

• January 2025 closed with 30 luxury condo sales, up from 23 sales recorded in the same month a year ago.
• February closed with 24 sales, lower than the previous year's 27 sales noted in the same month.
• March closed with 38 sales, lower than the 44 sales recorded for the same period in 2024.

Greater Downtown Miami Luxury Condo 12-Month Sales with Trendline - Fig. 2.3

The 12-month Sales Trendline of Fig. 2.3 downshifted from a positive trajectory in Q4 2024 to a negative curve in Q1 2025. Pairing this with insights from our daily client interactions as luxury market specialists in the Greater Downtown area, we expect a softer second quarter compared to the recent peak-season cycles.

2. Q1 2025 Greater Downtown Miami Luxury Condo Prices: Up

Q1 2025 Price per Square Foot up 5% to $925; Median Price flat year-over-year

Greater Downtown Miami Luxury Condo Quarterly Price per Sq. Ft. 2017-2025 - Fig. 3

Partly aligning with the overall Miami trend of an increase in year-over-year Price per Square Foot and decline in Median Price, Miami's urban core grouping reported the following Key Price Stats for Q1 2025:

• Q1 2025 vs Q1 2024: Median Sale Price remained flat, adjusting 0.2%, marginally up from $1,426,995 in Q1 of the previous year to $1,430,000 for the same quarter in 2025. (Fig. 1.1)
• Q1 2025 vs Q1 2024: Price per Square Foot: increased 5%, up from $881 in Q1 last year to $925 in the comparable quarter of 2025. (Fig. 1.1)
• Q1 2025 vs Q4 2024: Price per Square Foot stayed flat, adjusting only 1.4% quarter-over-quarter, slightly up from $912 in Q4 2024 to $925 this first quarter. (Fig. 1)

A look at the 9-year snapshot of quarterly luxury condo prices (Fig. 3) reveals that the Price per Square Foot continued to close in its highest ranges this first quarter, confirming good value and returns for sellers. However, drawing from our vast experience serving the Greater Downtown Miami area for two decades, we expect some price pressure going forward as the latest administrative policies, shifting macroeconomic dynamics, and this buyer's market take full effect.

3. Q1 2025 Greater Downtown Miami Days on Market: Up QoQ, Flat YoY

Days on Market remained flat year-over-year. Following the overall Miami market trend of an increase in quarter-over-quarter and year-over-year numbers, Greater Downtown Miami reported the following Days on Market (DOM) statistics:

• Q1 2025 vs Q1 2024: Luxury condos spent only 2 more days on the market compared to the year-ago quarter, reporting flat year-over-year stats with a negligible 2.6% increase. (Fig. 1.1)
• Q1 2025 vs Q4 2024: Luxury condos spent 13 more days on the market compared to Q4 2024, reporting a 19.4% increase in quarter-over-quarter DOM. (Fig. 1)
• At 80 days, the statistic reflects an increase in decision-making timelines, consistent with typical first-quarter patterns and the prevailing buyer's market conditions, and still within a healthy range.

Greater Downtown Miami Luxury Condo Quarterly Days on Market 2018-2025 – Fig. 4

4. Q1 2025 Greater Downtown Miami Luxury Condo Inventory: Up YoY

Q1 2025 closed with 26 months of inventory. Mostly in line with the overall Miami market trend of flat quarter-over-quarter and higher year-over-year inventory, our in-depth Greater Downtown Miami luxury condo market analysis reveals the following stats for Q1 2025:

• On a quarter-over-quarter basis, inventory was up from 22 months in December 2024 to 26 months in March 2025, recording an 18.2% uptick. (Fig. 5)
• On a year-over-year basis, inventory was up from 24 months in March 2024 to 26 months in March this year, reporting an 8.3% increase.

With 26 months of inventory, Greater Downtown Miami remained a buyer's market, as levels significantly exceeded the 9-12-month range of a balanced market. This means buyers can expect to lead negotiations with a broader selection of condos within their preferred price bracket, while sellers will need to keep pricing flexible.

As seasoned luxury market experts, we anticipate inventory will continue exceeding its balanced range—even if the upcoming peak season absorbs a considerable share—keeping the market buyer-friendly through to the end of 2025.

Want to live closer to work in Brickell or the Bay in Miami's Edgewater neighborhood? With our customizable search tool, you can browse luxury condos for sale in the Greater Downtown Miami area.

Greater Downtown Miami Luxury Condo Months of Inventory from Mar. 2019 to Mar.2025 - Fig. 5

A balanced market has approximately 9-12 months of inventory. The months of inventory are calculated as the number of active listings plus the number of pending listings divided by the average number of deals in the last 6 months.

Greater Downtown Miami Neighborhoods: Edgewater Market Trends (33132 and 33137)

5. Q1 2025 Edgewater Luxury Condo Sales: Down YoY

Sales down 13% year-over-year; 12-month sales trendline negative

Moving in contrast to the overall market's flat-positive quarter-over-quarter and year-over-year performance, Edgewater reported the following key sales statistics:

• Q1 2025 vs Q1 2024: Sales activity declined 13%, down from 23 in Q1 of the previous year to 20 sales in the comparable quarter of 2025. (Fig. 6.1)
• Q1 2025 vs Q4 2024: Sales dropped 41.2% quarter-over-quarter, notably down from 34 in the previous quarter to 20 in Q1 2025. (Fig. 6)

Owing to below-average momentum for this time of year, the 12-month Sales Trendline of Fig. 7.2 transitioned into a negative trajectory in Q1 2025 from a positive course in Q4 2024.

Edgewater Luxury Condo Quarterly Sales 2015 - 2025 - Fig. 7.1

Edgewater Luxury Condo 12-Month Sales with Trendline - Fig. 7.2

6. Q1 2025 Edgewater Miami Price per Square Foot: Up – Priciest in Greater Downtown

Q1 2025 Price per Square Foot up 2.9% to $961; Median Price also up year-over-year

Edgewater Miami Luxury Condo Quarterly Price per Sq. Ft. 2017-2025 - Fig. 8

Partly in line with the overall Miami trend of an increase in year-over-year Price per Square Foot and decline in Median Price, luxury condos in Edgewater reported the following Key Price Stats for Q1 2025:

• Q1 2025 vs Q1 2024: Price per Square Foot increased 2.9%, up from $934 in Q1 a year ago to $961 in the same quarter of 2025. (Fig. 6.1)
• Q1 2025 vs Q4 2024: Price per Square Foot stayed flat, adjusting only 1.1% quarter-over-quarter, marginally down from $971 in Q4 2024 to $961 this first quarter. (Fig. 6)

A closer look at the 9-year snapshot of quarterly luxury condo prices (Fig. 8) shows that the Price per Square Foot closed in the higher ranges in Q1 2025, confirming fair value and returns for sellers in this premium bayfront neighborhood.

• Edgewater maintained its title as the most expensive neighborhood in Greater Downtown, with its Price per Square Foot at $961 and Median Sale Price at $1,548,750.
• Q1 2025 vs Q1 2024: Median Sale Price increased 10.6%, up from $1,400,000 in Q1 of the previous year to $1,548,750 for the same quarter in 2025. (Fig. 6.1)

7. Q1 2025 Edgewater Miami Days on Market: Up QoQ & YoY

Edgewater Miami Luxury Condo Quarterly Days on Market 2018-2025 – Fig. 9

Days on Market up 19% year-over-year. Reflecting the overall Miami market trend of an increase in quarter-over-quarter and year-over-year values, Edgewater reported the following Days on Market (DOM) statistics:

• Q1 2025 vs Q1 2024: Luxury condos spent 17 more days on the market compared to Q1 last year, reporting a 19% increase in year-over-year stats. (Fig. 9)
• Q1 2025 vs Q4 2024: Luxury condos stayed 19 days longer on the market compared to Q4 2024, reporting a 22% increase in quarter-over-quarter DOM.
• At 103 days, the statistic reveals that luxury condos sold at a slower pace in this bayfront neighborhood as buyers and sellers took longer to reach a consensus.

8. Q1 2025 Edgewater Miami Inventory: Down YoY – One of the Lowest in Greater Downtown

Q1 2025 closed with 24 months of inventory. In contrast to the overall Miami market trend of flat quarter-over-quarter and higher year-over-year inventory, luxury condos in Miami's Edgewater neighborhood reported the following statistics:

• On a quarter-over-quarter basis, inventory was up from 19 months in December 2024 to 24 months in March 2025, posting a 26.3% uptick. (Fig. 10)
• On a year-over-year basis, inventory was down from 28 months in March 2024 to 24 months in March this year, recording a 14.3% decline.
• At 24 months, months of inventory trended higher than the 9-12-month range of an ideal market, giving buyers the leading edge in negotiations due to having more choices in their desired price range.
• In addition to being the only neighborhood in our overall review of key Miami neighborhoods to report a decline in year-over-year months of inventory, Edgewater posted the lowest inventory levels in Greater Downtown Miami.
  
  
  

As a top seller's brokerage in Edgewater, we provide a complimentary evaluation of your luxury condo and position it to attract the best offers. Contact us and our expert real estate agents will take care of everything for you

Edgewater Luxury Condo Months of Inventory from Mar. 2019 to Mar.2025 - Fig. 10

A balanced market has approximately 9-12 months of inventory. The months of inventory are calculated as the number of active listings plus the number of pending listings divided by the average number of deals in the last 6 months.

Greater Downtown Miami Neighborhoods: Brickell Market Trends (33129, 33130 and 33131)

9. Q1 2025 Brickell Luxury Condo Sales: Up YoY – Highest Growth in Greater Downtown

Sales up 9.6% year-over-year; 12-month sales trendline negative

Deviating from the overall market's flat-positive quarter-over-quarter and year-over-year activity, Brickell reported the following key sales statistics:

• Q1 2025 vs Q1 2024: Sales increased 9.6%, up from 52 in Q1 of the previous year to 57 sales for the same quarter of 2025. (Fig. 11.1)
• It's worth noting that Brickell has been the top contributor to overall sales volume in Greater Downtown Miami since 2021. This trend highlights the growing popularity and enduring demand for luxury housing in Miami's financial core.
• Brickell emerged as the strongest market of Q1 2025 in Greater Downtown, with the highest percentage increase in year-over-year sales. It was also the only neighborhood in Greater Downtown to record an increase from year-ago sales.
• Q1 2025 vs Q4 2024: Sales declined 19.7% quarter-over-quarter, notably down from 71 in the previous quarter to 57 in Q1 2025. (Fig. 11)

Even with positive momentum, the 12-month Sales Trendline of Fig. 12.2 downshifted into a negative curve in Q1 2025 from a positive trajectory in Q4 2024.

Brickell Luxury Condo Quarterly Sales 2015 - 2025 - Fig. 12.1

Brickell Luxury Condo 12-Month Sales with Trendline - Fig. 12.2

10. Q1 2025 Brickell Price per Square Foot: Up YoY – Highest Price Gain in Greater Downtown

Q1 2025 Price per Square Foot up 6.9% to peak of $937; Median Price flat year-over-year

Brickell Luxury Condo Quarterly Price per Sq. Ft. 2017-2025 - Fig. 13

Partly reflecting the overall Miami trend of a higher year-over-year Price per Square Foot and decline in Median Price, luxury condos in Brickell reported the following Key Price Stats for Q1 2025:

• Q1 2025 vs Q1 2024: Price per Square Foot increased 6.9%, up to a record $937 from $877 in Q1 last year. (Fig. 11.1)
• Q1 2025 vs Q4 2024: Price per Square Foot increased 7.7% quarter-over-quarter, up from $870 in Q4 2024 to $937 this first quarter. (Fig. 11)
• Q1 2025 vs Q1 2024: Median Sale Price stayed flat, adjusting only 1.3%, marginally up from $1,451,000 in Q1 of the previous year to $1,470,000 for the same quarter in 2025. (Fig. 11)

A closer look at the 9-year snapshot of quarterly luxury condo prices (Fig. 13) reveals that Brickell closed the first quarter with a record-high price for this area of $937/Square Foot, indicating that most deals closed with gains in this financial district.

Brickell also recorded the highest percentage gains (6.9%) of all the Greater Downtown neighborhoods under review, indicating that sellers received the best price appreciation for their properties in this business district.

11. Q1 2025 Brickell Days on Market: Up QoQ, Down YoY – Fastest-selling in Greater Downtown

Brickell Luxury Condo Quarterly Median Days on Market 2018 – 2025 - Fig. 14

Days on Market down 16% year-over-year. Partly consistent with the overall Miami market trend of an increase in quarter-over-quarter and year-over-year numbers, Brickell reported the following Days on Market (DOM) statistics:

• Q1 2025 vs Q1 2024: Luxury condos spent 12 fewer days on the market than in Q1 of the previous year, reporting a 16% decline in year-over-year stats. (Fig. 14)
• Q1 2025 vs Q4 2024. Luxury condos stayed 7 days longer on the market compared to Q4 2024, posting a 11.7% increase in quarter-over-quarter DOM.
• With luxury condos taking only 67 days to sell on average, Brickell emerged as the fastest-selling market of Q1 2025 in Greater Downtown, indicating that buyers and sellers were mostly aligned in their expectations.

12. Q1 2025 Brickell Inventory: Up YoY – One of the Lowest in Greater Downtown

Q1 2025 closed with 24 months of inventory. Partly consistent with the overall Miami market trend of flat quarter-over-quarter and higher year-over-year inventory, luxury condos in Brickell reported the following statistics for Q1 2025:

• On a quarter-over-quarter basis, inventory was up from 20 months in December 2024 to 24 months in March 2025, posting a 20% increase. (Fig. 15)
• On a year-over-year basis, inventory was up from 21 months in March 2024 to 24 months in March this year, reporting a 14.3% increase.
• At 24 months, inventory ranged above the 9-12-month benchmark of an ideal market, reaffirming a buyer's market.
• Brickell reported the lowest levels of inventory alongside Edgewater in Q1 2025. Additionally, this financial district has been reporting the tightest supply in the Greater Downtown area over recent quarters.

Brickell Luxury Condo Months of Inventory from Mar. 2019 to Mar.2025 - Fig. 15

A balanced market has approximately 9-12 months of inventory. The months of inventory are calculated as the number of active listings plus the number of pending listings divided by the average number of deals in the last 6 months.

Greater Downtown Miami Neighborhoods: Downtown Miami Market Trends (33128, 33132 and 33136)

13. Q1 2025 Downtown Miami Sales: Down YoY

Sales down 21.1% year-over-year; 12-month sales trendline negative

Deviating from the overall market's flat-positive quarter-over-quarter and year-over-year performance this first quarter, Downtown Miami reported the following key sales statistics:

• Q1 2025 vs Q1 2024: Sales dipped 21.1%, down from 19 in Q1 last year to 15 sales in the comparable quarter of 2025. (Fig. 15.1)
• Q1 2025 vs Q4 2024: Sales improved 25% quarter-over-quarter, up from 12 in the previous quarter to 15 sales in Q1 2025. (Fig. 15)

Owing to inconsistent momentum, the 12-month Sales Trendline of Fig. 16.2 kept its negative trajectory from Q4 2023 to Q1 2025.

Downtown Miami Luxury Condo Quarterly Sales 2015 - 2025 - Fig. 16.1

Downtown Miami Luxury Condo 12-Month Sales with Trendline - Fig. 16.2

14. Q1 2025 Downtown Miami Prices: Down YoY

Q1 2025 Price per Square Foot down 13.1% to $710; Median Price also down year-over-year

Downtown Miami Luxury Condo Quarterly Price per Sq. Ft. 2017-2025 - Fig. 17

Partly deviating from the overall Miami trend of an increase in year-over-year Price per Square Foot and decline in Median Price, luxury condos in Downtown Miami reported the following Key Price Stats for Q1 2025:

• Q1 2025 vs Q1 2024: Price per Square Foot declined 13.1%, down from $817 in Q1 last year to $710 in the comparable quarter of this year. (Fig. 15.1)
• Q1 2025 vs Q4 2024: Price per Square Foot decreased 4.5% quarter-over-quarter, down from $744 in Q4 2024 to $710 this first quarter. (Fig. 15)
• Q1 2025 vs Q1 2024: Median Sale Price dipped 16%, down from $1,428,990 in Q1 of the previous year to $1,200,000 for the same quarter in 2025. (Fig. 15.1)

A closer look at the 9-year snapshot of quarterly luxury condo prices (Fig. 17) reveals that the Price per Square Foot in Downtown closed in the mid-ranges this first quarter.

Recording the lowest Price per Square Foot of all the neighborhoods reviewed in our comprehensive quarterly report for overall Miami, Downtown continued offering the most affordable entry point into Miami's luxury condo market.

15. Q1 2025 Downtown Miami Days on Market: Up QoQ & YoY

Downtown Miami Luxury Condo Quarterly Median Days on Market 2018 – 2025 - Fig. 18

Days on Market went up 9% year-over-year. Consistent with the overall Miami market trend of an increase in quarter-over-quarter and year-over-year numbers, Downtown Miami reported the following Days on Market (DOM) statistics:

• Q1 2025 vs Q1 2024: Luxury condos spent 6 more days on the market compared to Q1 last year, reporting a 9% increase in year-over-year stats.s (Fig. 18)
• Q1 2025 vs Q4 2024: Luxury condos spent 7 more days on the market compared to Q4 2024, reporting an 11% increase in quarter-over-quarter DOM.
• At 71 days, the statistic remained within a healthy range, even though deals closed at a slightly slower pace.

16. Q1 2025 Downtown Miami Inventory: Up YoY – Highest in Overall Miami

Downtown Miami Luxury Condo Months of Inventory from Mar. 2019 to Mar.2025 - Fig. 19

A balanced market has approximately 9-12 months of inventory. The months of inventory are calculated as the number of active listings plus the number of pending listings divided by the average number of deals in the last 6 months.

Q1 2025 closed with 42 months of inventory. Echoing the overall Miami market trend of flat quarter-over-quarter and higher year-over-year inventory, luxury condos in Downtown Miami reported the following statistics for Q1 2025:

• On a quarter-over-quarter basis, inventory stayed flat at 42 months between December 2024 and March 2025, declining to 38 months in January and February before increasing to reflect new sellers entering the market ahead of peak season in Q2. (Fig. 19)
• On a year-over-year basis, inventory increased from 27 months in March 2024 to 42 months in March this year, reporting a 55.6% uptick.

With 42 months of inventory (39.6 on average for the quarter), Downtown Miami found itself in a strong buyer's market, as levels closed well above the 9-12-month range of a balanced market. This urban area also reported the highest inventory levels of all the Miami neighborhoods in our overall quarterly review.

17. Q1 2025 Greater Downtown Miami Market Conclusion

With a drop in quarter-over-quarter sales volumes and flat year-over-year sales, Greater Downtown Miami posted a stable, but slightly softer opening to 2025 compared to the overall Miami market. Brickell, on the other hand, emerged as a top-performer—the only submarket in the area to post positive year-over-year sales, thus leading growth trends across this urban core grouping. 

In line with the overall market, the 12-month Sales Trendline for Greater Downtown Miami and its submarkets was negative across the board, indicating a softer peak cycle ahead in Q2.

In our Q1 2025 price watch, Greater Downtown Miami posted a 5% gain in year-over-year Price per Square Foot, closing within its highest ranges at $925/Square Foot. This shows that sellers continued receiving good value for their luxury condo properties in Miami's urban core. However, as seasoned market experts, we expect growing price pressure to limit gains in upcoming quarters or even set off a correction, as the current buyer's market tightens amid broader economic headwinds.

A closer look reveals that Brickell provided the best value to sellers by posting the highest percentage gains in terms of year-over-year price per square foot. Edgewater remained the most expensive of all three submarkets, closing the quarter with the highest sales price of $1.54 million and price per square foot of $961.

Aligning with the overall Miami market trend, Greater Downtown reported an increase in year-over-year Days on Market. Brickell, in addition to being the only neighborhood to report a decline in year-over-year DOM, emerged as the fastest-selling submarket, with luxury condos averaging just over 2 months to sell.

With inventory up year-over-year across the board—except in Edgewater—and trending above the 9-12-month range of an ideal market, this urban core remained a firm buyer's market. This means buyers and investors will have more choices available within their preferred price bracket, along with the upper hand in negotiations.

As luxury housing experts, we recommend that sellers price their condos with room for flexibility. If you're looking to sell your Miami condo, contact us for a complimentary expert valuation and guidance on how to position your property to yield the highest possible returns.

As luxury market experts, we anticipate the following factors to shape the Miami market as we head into peak season:

• We expect Miami to remain in the international buyer spotlight, backed by its No. 4 global ranking in Knight Frank's five-year growth forecast and providing exceptional value per square foot compared to Monaco, London, and New York—all while delivering world-class design, next-gen amenities, and curated lifestyles in our latest condo products.
• We expect to remain a top choice for the global elite owing to our tax and business-friendly laws, adding to our burgeoning millionaire population that has grown by a staggering 94% between 2014 and 2024.
• On the other hand, we also expect rising insurance costs, higher association fees, evolving administrative policies and immigration laws, along with above-6% mortgage rates to keep some buyers on the sidelines, particularly in the under $5 million and investment-focused segments.
  
  

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Questions or comments about the stats? Interested in browsing the market? Just reach out directly to Sep at sniakan@blackbookproperties.com or call 305-725-0566.