Reflecting the overall mood of the Miami market, Miami Beach's luxury condo market reported stable sales along with a record-high price per square foot in our Q1 2025 analysis. While these indicators typically suggest a balanced market, the rising levels of surplus inventory and an increase in the number of days luxury properties spent on the market indicate that conditions remained buyer-friendly.

In Q1 2025, Miami Beach neighborhoods outperformed the mainland submarkets, claiming the lead for several key trends. South Beach emerged as Miami's top-performing submarket, recording an impressive 35% increase in year-over-year sales growth. Meanwhile, Sunny Isles Beach provided sellers with the best value for their luxury condos, also logging a 35% increase in year-over-year Price per Square Foot—the highest of all Miami neighborhoods in our quarterly analysis.

Sunny Isles Beach also stepped into the spotlight as Miami's fastest-selling market of Q1 2025, with luxury condos taking only 48 days on average to sell. And, once again, Fisher Island continued trending as Miami and South Florida's most expensive zip code, with the highest price per square foot and highest median sale price. 

Read on for more year-over-year insights in our exclusive and detailed analysis on how each Miami Beach-area neighborhood fared against each other ahead of peak season, as well as against the overall Miami luxury condo trends and other real estate market statistics in Q1 2025.

For the purposes of this report, we've included the sub-neighborhoods of South Beach, Mid-Beach, North-Beach, Sunny Isles Beach, Surfside, Bal Harbour, and Fisher Island as part of our Miami Beach grouping. This luxury condo submarket report focuses exclusively on properties priced at $1 million and above.

Q1 2025 Miami Beach Overall Luxury Condo Market Highlights:

• Sales remained flat-positive year-over-year, indicating market stability, but were up 20% quarter-over-quarter.
• Sunny Isles Beach remained the highest volume contributor—a nod to its popularity.
• 12-month Sales Trendline kept a negative curve from Q3 2024 to Q1 2025.
• Price per Square Foot went up 14.9% year-over-year to $1,375.
• Median Sale Price climbed 6.7% year-over-year to $2.2M.
• Days on Market remained flat year-over-year at 85 days.
• Inventory went up 15% year-over-year to 23 months.
• Miami Beach closed as a buyer's market in Q1 2025, reflecting the overall market mood.

Q1 2025 Miami Beach Sub-neighborhood Highlights:

• South Beach emerged as the strongest market in Miami Beach and overall Miami, reporting the highest percentage increase (35%) in year-over-year sales.
• The 12-Month Sales Trendline kept a negative trajectory across the board, except in Surfside and Bal Harbour.
• Sunny Isles Beach recorded the highest year-over-year gains in Miami Beach and overall Miami, reporting a 35% increase in Price per Square Foot for luxury condos.
• Fisher Island continued topping the list of the most expensive zip codes in all of Miami and South Florida, with luxury condos fetching a median price of $2,004/square foot.
• Fisher Island reported the highest Median Sale Price of $5.5 million in our quarterly review, maintaining its status as the most premium zip code in Miami.
• Sunny Isles Beach reported the highest percentage gains in year-over-year Median Sale Price at 28%.
• Mid-North Beach emerged as the fastest-selling market in all of Miami, with luxury condos taking an average of only 48 days to sell.
• South Beach recorded the lowest levels of inventory (21 months) in Miami Beach.

Miami Beach Luxury Condo Markets at a Glance: Q1 2025 YoY Closed Sales

Miami Beach Overall Luxury Condo Markets at a Glance: Q1 2025 YoY Median Sale Price

Miami Beach Luxury Condo Markets at a Glance: Q1 2025 YoY Median Sale Price/Sq. Ft.

Table of Contents

1. Overall Q1 2025 Miami Beach Luxury Condo Market Trends
2. Q1 2025 South Beach Luxury Condo Market Trends
3. Q1 2025 Mid and North Beach Luxury Condo Market Trends
4. Q1 2025 Surfside & Bal Harbour Luxury Condo Market Trends
5. Q1 2025 Sunny Isles Beach Luxury Condo Market Trends
6. Q1 2025 Fisher Island Luxury Condo Market Trends
7. Conclusion: Q1 2025 Miami Beach Luxury Condo Market Report
   
   

1. Q1 2025 Miami Beach Luxury Condo Market Sales: Flat YoY

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

The luxury condo market in Miami Beach echoed and contributed to the flat-positive quarter-over-quarter and year-over-year sales trends noted in the overall Miami market.

Below are the Key Q1 2025 Sales Statistics for Miami Beach:

• Q1 2025 vs Q1 2024: Sales stayed mostly flat, slightly up by 2.4% from 212 in Q1 last year to 217 sales in the comparable quarter this year. (Fig.1.1)
• Q1 2025 vs Q4 2024: Sales increased 20.6% quarter-over-quarter, up from 180 in the previous quarter to 217 in Q1 2025. (Fig. 1)
• Sunny Isles Beach retained its position as the leading volume contributor for the tenth consecutive quarter, logging a total of 75 sales in Q1 2025, with South Beach close behind at 69 sales. 
• South Beach emerged as the strongest market in Miami Beach and overall Miami, recording the highest percentage growth in year-over-year sales (35%) this first quarter.

Miami Beach Luxury Condo Quarterly Sales 2015-2025 - Fig. 2.1

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

Looking into the Monthly Sales trends of Fig. 2.2 for Miami Beach reveals that sales gradually increased as the market entered high season in spring:

• January 2025 closed with 44 luxury condo sales, lower than the 56 sales recorded in the same month a year ago.
• February closed with 81 sales, higher than the previous year's 67 sales noted for the comparable month.
• March closed with 92 sales, again higher than the 89 sales recorded for the same period in 2024.

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

Even with good sales momentum, the 12-month Sales Trendline of Fig. 2.3 maintained its slight negative trajectory from Q3 2024 to Q1 2025.

Pairing this analysis with our day-to-day interactions with clients, as luxury condo market experts, we expect this beachside market to report a softer second quarter compared to previous peak-season cycles. Historical data demonstrates that Miami's real estate market is cyclical, with spring kicking off the high season, although recent trends indicate that this luxury condo market is transitioning into one with year-round activity.

Miami Beach Luxury Condo Price Per Square Foot: Up to All-time High

Q1 2025 Price per Square Foot up 14.9% to peak of $1,375; Median Price also up year-over-year

Miami Beach Quarterly Sales Price per Sq. Ft. 2017-2025 - Fig. 3

Partly reflecting the overall Miami trend of an increase in year-over-year Price per Square Foot and decline in Median Price, this beachside grouping reported the following Key Price Stats for Q1 2025: 

• Q1 2025 vs Q1 2024: Price per Square Foot increased 14.9%, up from $1,197 in Q1 of the previous year to $1,375 in the same quarter of 2025. (Fig. 1.1)
• Q1 2025 vs Q4 2024: Price per Square Foot increased 16% quarter-over-quarter, up from $1,185 in Q4 2024 to $1,375 this first quarter. (Fig. 1)
• Q1 2025 vs Q1 2024: Median Sale Price also increased 6.7%, up from $2,026,500 in Q1 last year to $2,200,000 for the same quarter in 2025. (Fig. 1.1)

A closer look at the 9-year snapshot of quarterly luxury condo prices (Fig. 3) reveals that the Price per Square Foot in Miami Beach closed at a record-high of $1,375 in Q1 2025, demonstrating remarkable price appreciation and returns for luxury condo sellers. However, reading into the current market mood paired with trends emerging due to the recent administrative policies and a buyer's market taking hold, as luxury market veterans, we expect to see some price pressure and correction in upcoming quarters.

Q1 2025 Miami Beach Luxury Condo Days on Market: Up QoQ, Flat YoY

Miami Beach Quarterly Days on Market 2018-2025 – Fig. 4

Days on Market remained flat year-over-year. Partly consistent with the overall Miami market trend of an increase in quarter-over-quarter and year-over-year values, Miami Beach 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 numbers with a negligible 2.4% increase. (Fig. 1.1)
• Q1 2025 vs Q4 2024: Luxury condos spent 7 more days on the market compared to Q4 2024, reporting a 9% increase in quarter-over-quarter DOM. (Fig. 1)
• At 85 days, even though the statistic stayed within a healthy range, it indicated an increase in decision-making timelines, typical of this time of year as well as a strengthening buyer's market. (Fig. 4)

Q1 2025 Miami Beach Luxury Condo Inventory: Up YoY

Miami Beach 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.

Q1 2025 closed with 23 months of inventory. Partly deviating from the overall Miami market trend of flat quarter-over-quarter and higher year-over-year inventory, our Miami Beach luxury condo market analysis reveals the following stats for Q1 2025:

• On a quarter-over-quarter basis, inventory was down from 27 months in December 2024 to 23 months in March 2025, reporting a 26% decline as high season kicked in towards the end of the first quarter. (Fig. 5)
• On a year-over-year basis, inventory was up from 20 months in March 2024 to 23 months in March this year, recording a 15% increase.

Posting 23 months of inventory, Miami Beach remained a buyer's market, with levels in excess of the ideal 9-12-month range of a balanced market. This means buyers in this beachside grouping will enjoy a broader range of options within their preferred price bracket, while sellers will have to keep prices flexible.

As luxury housing experts, we expect inventory to continue ranging above its ideal 9-12-month benchmark in the following quarters. Even as the upcoming peak season absorbs a significant portion, elevated levels will keep the market favourable for buyers through to the end of the year.

Want to live close to the water or on the beach in Miami? Use our search tool to browse Miami Beach condos for sale or contact us directly for a real estate expert to secure your desired address.

2. Miami Beach Neighborhoods: South Beach (33139)

Q1 2025 South Beach Luxury Condo Sales: Up YoY – Leads % Growth in Overall Miami

Sales up 35.3% year-over-year; 12-month sales trendline negative

South Beach Luxury Condo Quarterly Sales 2015-2025 - Fig. 7.1

South Beach Luxury Condo 12-Month Sales with Trendline - Fig. 7.2

Leading and contributing to the overall market's flat-positive quarter-over-quarter and year-over-year performance, South Beach reported the following key sales statistics this first quarter:

• Q1 2025 vs Q1 2024: Sales soared 35.3%, notably up from 51 in Q1 of the previous year to 69 sales in the comparable quarter of 2025. (Fig. 6.1)
• Q1 2025 vs Q4 2024: Sales jumped 19% quarter-over-quarter, up from 58 in the previous quarter to 69 in Q1 2025. (Fig. 6)

South Beach emerged as the strongest market of Q1 2025 in our overall Miami luxury condo market analysis, leading first-quarter sales growth with the highest percentage increase (35%) in year-over-year volumes. The popular vacation destination was also one of only two Miami Beach neighborhoods to record an increase from year-ago sales in Q1 2025, along with the Mid-North Beach pairing.

Even with an improvement in quarterly momentum, the 12-month Sales Trendline of Fig. 7.2 kept a negative trajectory between Q3 2024 and Q1 2025.

Q1 2025 South Beach Luxury Condo Prices: Down YoY

Q1 2025 Price per Square Foot down 5.1% to $1,325; Median Price also down year-over-year

South Beach Luxury Condo Quarterly Price per Square Foot 2017-2025 - Fig. 8

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

• Q1 2025 vs Q1 2024: Price per Square Foot declined 5.1%, down from $1,397 in Q1 last year to $1,325 in the same quarter of 2025. (Fig. 6.1)
• Q1 2025 vs Q4 2024: Price per Square Foot decreased 4.2% quarter-over-quarter, down from $1,383 in Q4 2024 to $1,325 this first quarter. (Fig. 6)
• Q1 2025 vs Q1 2024: Median Sale Price declined 15.2%, down from $2,300,000 in Q1 of the previous year to $1,950,000 for the same quarter in 2025. (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 upper ranges in Q1 2025, indicating that sellers continued receiving good returns for their luxury condo investments in this premium vacation and second home hotspot.

Q1 2025 South Beach Luxury Condo Days on Market: Up QoQ, Down YoY

South Beach Luxury Condo Quarterly Days on Market 2018-2025 - Fig. 9

Days on Market went down 10% year-over-year. Partly deviating from the overall Miami market trend of an increase in quarter-over-quarter and year-over-year numbers, South Beach reported the following Days on Market (DOM) statistics:

• Q1 2025 vs Q1 2024: Luxury condos spent 8 fewer days on the market than in Q1 of the previous year, reporting a 10% decline in year-over-year stats. (Fig. 9)
• Q1 2025 vs Q4 2024: Luxury condos stayed 15 days longer on the market compared to Q4 2024, posting a 25% increase in quarter-over-quarter DOM.
• At 75 days, data indicates that buyer-seller communication flowed relatively swiftly in this iconic vacation destination.

Q1 2025 South Beach Luxury Condo Inventory: Up YoY – Still Lowest in Miami Beach

South Beach Months of Inventory from Mar. 2019 to Mar. 2025 - Fig. 10

Q1 2025 closed with 21 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 South Beach reported the following statistics for Q1 2025:

• On a quarter-over-quarter basis, inventory was up from 26 months in December 2024 to 21 months in March 2025, posting a 19.2% increase. (Fig. 10)
• On a year-over-year basis, inventory was up from 18 months in March 2024 to 24 months in March this year, reporting a 16.7% increase.
• At 21 months, inventory exceeded the 9-12-month benchmark of an ideal market, confirming a buyer's market.

It's also worth noting that South Beach reported the lowest inventory levels in Miami Beach in our first quarter review.

3. Miami Beach Neighborhoods: Mid and North Beach (33140 & 33141)

Q1 2025 Mid-North Beach Luxury Condo Sales: Up YoY

Sales up 4.7% year-over-year; 12-month sales trendline negative

Mid-Beach and North-Beach Quarterly Sales 2015-2025 - Fig. 12.1

Mid-Beach and North-Beach 12-Month Sales with Trendline - Fig. 12.2

Reflecting the overall market's modest growth while outperforming in quarterly momentum, Mid-North Beach reported the following key sales statistics this first quarter:

• Q1 2025 vs Q1 2024: Sales increased 4.7%, up from 43 in Q1 last year to 45 sales for the comparable quarter of 2025. (Fig. 11.1)
• Q1 2025 vs Q4 2024: Sales spiked 87.5% quarter-over-quarter, notably up from 24 in the previous quarter to 45 in Q1 2025. (Fig. 11)

Even with positive market momentum, the 12-month Sales Trendline of Fig. 12.2 kept its negative course from Q4 2024 to Q1 2025.

Q1 2025 Mid-North Beach Luxury Condo Price Trends: Mixed

Q1 2025 Price per Square Foot up 30.4% to peak of $1,405; Median Price down year-over-year

Mid-Beach and North-Beach Quarterly Price per Sq. Ft. 2017-2025 - Fig. 13

Consistent with the overall Miami trend of a higher year-over-year Price per Square Foot and decline in Median Price, the luxury condo market in Mid-North Beach reported the following Key Price Stats for Q1 2025:

• Q1 2025 vs Q1 2024: Price per Square Foot increased 30.4%, up from $1,077 in Q1 last year to $1,405 in the comparable quarter of 2025. (Fig. 11.1)
• Q1 2025 vs Q4 2024: Price per Square Foot soared 53% quarter-over-quarter, up from $918 in Q4 2024 to $1,405 this first quarter. (Fig. 11)
• Q1 2025 vs Q1 2024: Median Sale Price declined 4%, down from $1,875,000 in Q1 of the previous year to $1,800,000 for the same quarter in 2025. (Fig. 11.1)

A closer look at the 9-year snapshot of quarterly luxury condo prices (Fig. 13) reveals that this figure—$1,405/Square Foot—represents an all-time high record in Mid-North Beach, indicating that most deals closed with gains and sellers received exceptional value for their luxury properties in this upscale beach neighborhood.

This difference between Price per Square Foot and Median Sale Price trends likely indicates that a greater number of smaller-sized, amenity-rich condos were sold in Mid-North Beach this quarter compared to larger residences.

Q1 2025 Mid-North Beach Days on Market: Down QoQ & YoY – Fastest-selling in Overall Miami

Mid-Beach and North-Beach Luxury Condo Quarterly Days on Market 2018-2025 – Fig. 14

Days on Market went down 50% year-over-year. Moving in contrast to the overall Miami market trend of an increase in quarter-over-quarter and year-over-year numbers, the combined neighborhood of Mid-North Beach reported the following Days on Market (DOM) statistics:

• Q1 2025 vs Q1 2024: Luxury condos spent 48 fewer days on the market than in Q1 of the previous year, reporting a remarkable 50% decline in year-over-year stats. (Fig. 14)
• Q1 2025 vs Q4 2024: Luxury condos spent 6 fewer days on the market compared to Q4 2024, posting an 11.1% decline in quarter-over-quarter DOM.

With luxury condos taking only 48 days to sell, Mid-North Beach emerged as the fastest-selling market in this broader beach segment as well as the overall Miami market, indicating aligned buyer-seller expectations and quick closings.

Q1 2025 Mid-North Beach Luxury Condo Inventory: Down YoY

Mid-Beach and North-Beach 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.

Q1 2025 closed with 26 months of inventory. Partly deviating from the overall Miami market trend of flat quarter-over-quarter and higher year-over-year inventory, luxury condos in Mid-North Beach reported the following statistics for Q1 2025:

• On a quarter-over-quarter basis, inventory was down from 30 months in December 2024 to 26 months in March 2025, posting a 13.3% decline. (Fig. 15)
• On a year-over-year basis, inventory was up from 24 months in March 2024 to 26 months in March this year, recording an 8.3% increase.
• At 26 months, inventory ranged above the 9-12-month benchmark of an ideal market, giving buyers the leading edge in negotiations and more choices within their desired price range.

4. Miami Beach Neighborhoods: Surfside & Bal Harbour (33154)

Q1 2025 Surfside & Bal Harbour Luxury Condo Sales: Down YoY

Sales down 10.7% year-over-year; 12-month sales trendline positive

Surfside & Bal Harbour Quarterly Sales 2015-2025 - Fig. 17.1

Surfside & Bal Harbour 12-Month Sales with Trendline - Fig. 17.2

Moving against the overall market's flat-positive quarter-over-quarter and year-over-year trends this first quarter, Surfside & Bal Harbour reported the following key sales statistics in Q1 2025:

• Q1 2025 vs Q1 2024: Sales declined 10.7%, down from 28 in Q1 last year to 25 sales in the comparable quarter of 2025. (Fig. 16.1)
• Q1 2025 vs Q4 2024: Sales also dipped 10.7% quarter-over-quarter, down from 28 in the previous quarter to 25 sales in Q1 2025. (Fig. 16)

The 12-month Sales Trendline of Fig. 17.2 transitioned out of a negative curve in Q4 2024 to a positive trajectory in Q1 2025, suggesting good momentum ahead of peak season in the upcoming quarter.

Q1 2025 Surfside & Bal Harbour Luxury Condo Price Trends: Mixed

Q1 2025 Price per Square Foot up 12.1% to $1,357; Median Price down year-over-year

Surfside & Bal Harbour Quarterly Price per Sq. Ft. 2017-2025 - Fig. 18

Consistent with the overall Miami trend of an increase in year-over-year Price per Square Foot and decline in Median Price, the luxury condo market in Surfside & Bal Harbour reported the following Key Price Stats for Q1 2025:

• Q1 2025 vs Q1 2024: Price per Square Foot increased 12.1%, up from $1,210 in Q1 last year to $1,357 in the same quarter of this year. (Fig. 16.1)
• Q1 2025 vs Q4 2024: Price per Square Foot increased 13.6% quarter-over-quarter, up from $1,195 in Q4 2024 to $1,357 this first quarter. (Fig. 16)
• A look at the 9-year snapshot of quarterly luxury condo prices (Fig. 18), shows that prices continued closing in the higher ranges, indicating that sellers received good value for their luxury condos.
• Q1 2025 vs Q1 2024: Median Sale Price declined 7.3%, down from $3,075,000 in Q1 of the previous year to $2,850,000 in the comparable quarter of 2025. (Fig. 16.1)

This variation in Price per Square Foot and Median Sale Price trends likely shows that a higher volume of amenity-rich, smaller-sized condo sales dominated the quarter in Surfside and Bal Harbour.

Q1 2025 Surfside & Bal Harbour Days on Market: Down QoQ, Up YoY

Surfside & Bal Harbour Quarterly Days on Market 2018-2025 – Fig. 19

Days on Market went up 35% year-over-year. Partly consistent with the overall Miami market trend of an increase in quarter-over-quarter and year-over-year numbers, luxury condos in Surfside & Bal Harbour reported the following Days on Market (DOM) statistics:

• Q1 2025 vs Q1 2024: Luxury condos spent 23 more days on the market compared to Q1 last year, reporting a 35% increase in year-over-year stats. (Fig. 19)
• Q1 2025 vs Q4 2024: Luxury condos spent 53 fewer days on the market compared to Q4 2024, reporting a 37% decline in quarter-over-quarter DOM.

At 90 days, the statistic indicates that some paused listings probably returned to the market in the previous quarter, owing to a positive outlook for 2025. This may have caused a temporary spike in values, and as those listings were sold, numbers normalized.

Q1 2025 Surfside & Bal Harbour Luxury Condo Inventory: Up YoY

Surfside & Bal Harbour Months of Inventory from Mar. 2019 to Mar. 2025 - Fig. 20

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 22 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 Surfside & Bal Harbour reported the following statistics for Q1 2025:

• On a quarter-over-quarter basis, inventory was down from 24 months in December 2024 to 22 months in March 2025, posting an 8.3% decrease. (Fig. 20)
• On a year-over-year basis, inventory was up from 18 months in March 2024 to 22 months in March this year, recording a 22.2% increase.
• At 22 months, inventory closed above the 9-12-month benchmark of a balanced market, providing buyers more choices within their desired price range along with an upper hand in negotiations.
  
  

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5. Miami Beach Neighborhoods: Sunny Isles Beach (33160)

Q1 2025 Sunny Isles Beach Luxury Condo Sales: Down YoY

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

Sunny Isles Beach Luxury Condo Quarterly Sales 2015-2025 - Fig. 22.1

Sunny Isles Beach Luxury Condo 12-Month Sales with Trendline - Fig. 22.2

In contrast to the overall market's flat-positive quarter-over-quarter and year-over-year performance, luxury condos in Sunny Isles Beach reported the following key sales statistics this first quarter:

• Q1 2025 vs Q1 2024: Sales activity declined 9.6%, down from 83 in Q1 of the previous year to 75 sales in the comparable quarter of 2025. (Fig. 21.1)
• It's worth noting that Sunny Isles Beach has consistently been the top volume contributor to overall sales in Miami Beach since 2022. The trend highlights the intense demand and growing appeal of this oceanfront enclave for branded luxury housing.
• Q1 2025 vs Q4 2024: Sales jumped 21% quarter-over-quarter, notably up from 62 in the previous quarter to 75 in Q1 2025. (Fig. 21)

Owing to inconsistent momentum, the 12-month Sales Trendline of Fig. 22.2 continued posting a negative trajectory between Q4 2024 and Q1 2025.

Q1 2025 Sunny Isles Beach Luxury Condo Prices: Up YoY – Leads % Gains in Overall Miami

Q1 2025 Price per Square Foot up 34.9% to peak $1,279; Median Price also up year-over-year

Sunny Isles Beach Quarterly Price per Sq. Ft. 2017-2025 - Fig. 23

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

• Q1 2025 vs Q1 2024: Price per Square Foot increased 34.9%, up from $948 in Q1 last year to $1,279 in the same quarter of 2025. (Fig. 21.1)
• Q1 2025 vs Q4 2024: Price per Square Foot increased 35.3% quarter-over-quarter, up from $945 in Q4 2024 to $1,279 this first quarter. (Fig. 21)
• Q1 2025 vs Q1 2024: Median Sale Price increased 27.6%, up from $1,920,000 in Q1 of the previous year to $2,450,000 for the same quarter in 2025. (Fig. 21.1)

A closer look at the 9-year snapshot of quarterly luxury condo prices (Fig. 23) reveals that prices closed at a record-high of $1,279/Square Foot, giving sellers top value for their luxury condos in this oceanfront enclave.

Sunny Isles Beach emerged as a market to watch for investors, as it provided sellers the highest percentage gains (35%) in year-over-year Price per Square Foot of all the Miami neighborhoods under review in our Q1 2025 analysis.

Sunny Isles Beach still offered the most affordable entry point into Miami Beach's luxury condo market, recording the lowest price per square foot of all the beach neighborhoods in this quarterly review. However, with branded projects such as the St. Regis Residences and Bentley Residences on the way, the price situation can likely upturn once these iconic projects develop over the next few years.

Q1 2025 Sunny Isles Beach Luxury Condo Days on Market: Up QoQ & YoY

Sunny Isles Beach Quarterly Days on Market 2018-2025 – Fig. 24

Days on Market went up 62.5% year-over-year. Aligned with the overall Miami market trend of higher quarter-over-quarter and year-over-year numbers, luxury condos in Sunny Isles Beach reported the following Days on Market (DOM) statistics:

• Q1 2025 vs Q1 2024: Luxury condos spent 45 more days on the market compared to Q1 last year, reporting a 62.5% increase in year-over-year stats. (Fig. 24)
• Q1 2025 vs Q4 2024: Luxury condos spent 54 more days on the market compared to Q4 2024, reporting an 85.7% increase in quarter-over-quarter DOM.
• At 117 days, the statistic suggests a potential disconnect between buyer-seller expectations, as sales took longer to close in this oceanfront corridor for branded luxury living.

Q1 2025 Sunny Isles Beach Luxury Condo Inventory: Up YoY

Sunny Isles Beach Months of Inventory from Mar. 2019 to Mar. 2025 - Fig. 25

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 24 months of inventory. Partly reflecting the overall Miami market trend of flat quarter-over-quarter and higher year-over-year inventory, luxury condos in Sunny Isles Beach reported the following statistics for Q1 2025:

• On a quarter-over-quarter basis, inventory was down from 27 months in December 2024 to 24 months in March 2025, recording an 11.1% decline. (Fig. 25)
• On a year-over-year basis, inventory was up from 20 months in March 2024 to 24 months in March this year, posting a 20% increase.
• At 24 months, inventory closed above the ideal 9-12-month range, providing more choices and negotiating power to potential buyers.

6. Miami Beach Neighborhoods: Fisher Island (33109)

Q1 2025 Fisher Island Luxury Condo Sales: Down YoY

Sales down 57.1% year-over-year; 12-month sales trendline negative

Fisher Island Luxury Condo Quarterly Sales 2015-2025 - Fig. 27.1

Fisher Island Luxury Condo 12-Month Sales with Trendline - Fig. 27.2

Moving against the overall market's flat-positive quarter-over-quarter and year-over-year trends, luxury condos in Fisher Island reported the following key sales statistics this first quarter:

• Q1 2025 vs Q1 2024: Sales dipped 57.1%, down from 7 in Q1 of the previous year to 3 sales in the first quarter of 2025. (Fig. 26.1)
• Q1 2025 vs Q4 2024: Sales dropped 62.5% quarter-over-quarter, notably down from 8 in the previous quarter to 3 in Q1 2025. (Fig. 26)

Owing to below-average momentum, the 12-month Sales Trendline of Fig. 27.2 downshifted from a positive trajectory in Q4 2024 into a negative curve in Q1 2025.

Q1 2025 Fisher Island Luxury Condo Price Trends: Mixed – Most Expensive in Overall Miami

Q1 2025 Price per Square Foot up 9% to $2,004; Median Price down year-over-year

Fisher Island Quarterly Price per Sq. Ft. 2017-2025 - Fig. 28

Aligned with the overall Miami trend of a higher year-over-year Price per Square Foot and decline in Median Price, the luxury condo market in Fisher Island reported the following Key Price Stats for Q1 2025:

• Q1 2025 vs Q1 2024: Price per Square Foot increased 9%, up from $1,839 in Q1 of the previous year to $2,004 in the comparable quarter of this year. (Fig. 26.1)
• Q1 2025 vs Q4 2024: Price per Square Foot declined 21.5% quarter-over-quarter, down from $2,552 in Q4 2024 to $2,004 this first quarter. (Fig. 26)
• Q1 2025 vs Q1 2024: Median Sale Price declined 9.8%, down from $6,100,000 in Q1 last year to $5,500,000 for the same quarter in 2025. (Fig. 26.1)

A closer look at the 9-year snapshot of quarterly luxury condo prices (Fig. 28) shows that prices continued closing in the higher ranges in this premium island community, indicating that sellers continued receiving good value for their luxury properties.

Fisher Island held its title as the most expensive zip code for luxury condos in Miami, consistently reporting the highest price per square foot and median sale price of all the Miami neighborhoods in our quarterly watch.

This deviation between Price per Square Foot and Median Sale Price trends suggests that a greater number of smaller-sized condos with white-glove amenities sold in Fisher Island compared to traditionally larger residences.

Q1 2025 Fisher Island Luxury Condo Days on Market: Down QoQ & YoY

Fisher Island Quarterly Days on Market 2018-2025 – Fig. 29

Days on Market went down 15% year-over-year. Moving against the overall Miami market trend of an increase in quarter-over-quarter and year-over-year values, Fisher Island reported the following Days on Market (DOM) statistics:

• Q1 2025 vs Q1 2024: Luxury condos spent 16 fewer days on the market compared to Q1 last year, reporting a 15% decrease in year-over-year stats. (Fig. 29)
• Q1 2025 vs Q4 2024: Luxury condos stayed 90 fewer days on the market compared to Q4 2024, reporting a 50% dip in quarter-over-quarter DOM.
• At 90 days, the statistic reveals positive buyer-seller interaction in this island neighborhood as values remain within a healthy range.

Q1 2025 Fisher Island Luxury Condo Inventory: Up YoY

Fisher Island Months of Inventory from Mar. 2019 to Mar. 2025 - Fig. 30

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 25 months of inventory. Partly reflecting the overall Miami market trend of flat quarter-over-quarter and higher year-over-year inventory, luxury condos in Fisher Island reported the following statistics for Q1 2025:

• On a quarter-over-quarter basis, inventory was up from 16 months in December 2024 to 25 months in March 2025, posting a 56.3% increase. (Fig. 30)
• On a year-over-year basis, inventory was up from 22 months in March 2024 to 25 months in March this year, reporting a 13.6% increase.
• At 25 months, inventory far exceeded the ideal 9-12-month range, confirming a buyer's market that offers purchasers the benefit of choices and better negotiation power.
  
  

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7. Q1 2025 Miami Beach Luxury Condo Market Conclusion

Miami Beach's luxury condo market outpaced the Greater Downtown Miami segment with positive year-over-year sales this first quarter, recording a 2.4% increase vs. a 2.1% decline. Paired with the fact that most Miami neighborhoods led key quarterly trends in Q1 2025, this suggests a resurgence for the beachside area, reaffirming the timeless appeal of its coastal lifestyle and premium addresses.

The 12-month sales trendline in Miami Beach remained negative across the board, except in the combined neighborhood of Surfside and Bal Harbour. This, coupled with our on-ground observations as market experts, leads us to expect a softer peak season in Q2 this year, as the luxury condo market continues to navigate broader macroeconomic headwinds.

South Beach emerged as the neighborhood of choice for luxury condo buyers in Q1 2025, reporting the highest percentage sales growth (35%) compared to all other neighborhoods in this quarterly review.

In our quarterly price watch, most Miami Beach neighborhoods reported an increase in year-over-year Price per Square Foot, in line with the overall Miami trend. However, considering the latest administrative policies, higher mortgage rates, rising association costs, and a tightening buyer's market, we expect to see some price pressure moving forward.

Although Fisher Island remained the undisputed winner with the highest recorded price per square foot and sales prices in overall Miami, a more in-depth analysis revealed that properties in Sunny Isles Beach offered sellers the highest percentage gains (35%) in year-over-year price per square foot.

Mid-North Beach (combined) emerged as the fastest-selling market in overall Miami, with luxury condos selling in an average of 1.5 months (48 days). A majority of the neighborhoods in our quarterly watch reported a decline in year-over-year Days on Market, bucking the overall Miami trend.

In terms of inventory, all Miami Beach neighborhoods reported an increase in year-over-year numbers, following and fueling the overall market trend. In Q1 2025, South Beach reported the lowest levels of inventory in Miami Beach at 21 months, while Mid-North Beach posted the highest levels at 26 months.

Overall, as inventory closed above the 9–12-month range of an ideal market, this beachside grouping reported a buyer's market. With a steady influx of new construction luxury condos expected to enter the market over the next few quarters, along with the current market sentiment, we expect Miami's real estate market to continue carrying a surplus, keeping it largely buyer-friendly.

As market experts with a close watch on evolving trends, we anticipate that the following factors will influence Miami's luxury condo market as we approach peak season:

• With Knight Frank's Annual Wealth Report consistently recognizing Miami as a market leader—this time as one of the top ten global real estate markets poised for five-year growth—we expect to remain in the international spotlight for those looking for luxury homes that compare to those in Monaco, London, and New York, but offer exceptional value per square foot.
• With our unique combination of stunning outdoors, diverse culture, and pocket-friendly tax policies, along with a rapidly growing population of millionaires that has increased by 94% between 2014 and 2024, we anticipate attracting even more high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs).
• On the downside, we anticipate several challenges in the market, such as rising insurance costs, increasing association fees, changing administrative policies, and evolving immigration laws to keep some buyers on the sidelines—particularly affecting the under-$5 million and investor-focused market.
  
  

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Have questions about the data or are thinking about buying or selling in Miami Beach? Reach out to Sep at sniakan@hbroswell.com or call 305-725-0566—we're here to help you every step of the way.