High season yielded a better-than-expected boost for Miami Beach's luxury condo market this second quarter, which had been reporting lower year-over-year sales for the past eight quarters. In Q2 2024, sales improved year-over-year, most neighborhoods reported peak prices, and slightly elevated inventory levels nudged this grouping of beachside neighborhoods into a soft buyer's market.

As per our luxury condo analysis for Q2 2024, Mid-North Beach emerged as the best-performing neighborhood in Miami Beach. In addition to leading Sales growth, this pairing of serene, upscale neighborhoods also offered sellers maximum value for their luxury properties by posting the highest percentage increase in year-over-year Price per Square Foot. The pair also recorded one of the lowest levels of inventory in Miami Beach.

As always, Fisher Island retained its title of the most expensive zip code in Miami Beach and South Florida, whereas Sunny Isles Beach continued offering the most affordable entry prices. 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 during high season, and against the overall Miami luxury condo trends and other real estate market statistics in Q2 2024.

For 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. Also, this luxury condo submarket report only features properties priced at $1 million and above.

Q2 2024 - Miami Beach Overall Luxury Condo Market Highlights

• Sales were up 7.7% year-over-year, the best-performing quarter in the market's new normal.
• Sunny Isles Beach remained the highest volume contributor.
• The 12-month Sales Trendline corrected from a negative curve in Q1 2024 to a positive trajectory in Q2 2024.
• Price per Square Foot was up 22.6% year-over-year to a record-setting $1,272.
• Median Sales Price was up 47.1% year-over-year to $2.5M.
• Days on Market was up 28.2% year-over-year to 91 days.
• Inventory was up 7.7% year-over-year to 14 months.
• Miami Beach transitioned from a balanced to a soft buyer's market in Q2 2024.

Q2 2024 - Miami Beach Sub-neighborhood Highlights:

• Winner: Mid-North Beach led sales growth in Miami Beach and overall Miami recording the highest percentage (44%) year-over-year increase, followed by Fisher Island with a 40% increase.
• The 12-month Sales Trendline was positive across the board, except in Surfside & Bal Harbour (combined) and Fisher Island.
• Winner: Mid-North Beach luxury condos offered the highest gains in Miami Beach and all of Miami in Q2 2024, reporting a 38% increase in year-over-year Price per Square Foot.
• Winner: Fisher Island continued to be the most expensive neighborhood in all of Miami, priced at $2,051/Square Foot.
• Winner: Fisher Island reported the highest Median Sales Price of $5.7 million in our review, keeping its title as the most premium zip code in Miami and South Florida.
• Winner: South Beach again reported the highest percentage gains in year-over-year Median Sales Price at 64%.
• Winner: Surfside and Bal Harbour remained the fastest-selling market in Miami Beach, with luxury condos taking an average of only 61 days to sell.
• South Beach and Mid-North Beach reported the lowest levels of inventory (13 months) in Miami Beach and the second-lowest in all of Miami, behind the combined neighborhood of Coconut Grove and Coral Gables (10 months).

Miami Beach Luxury Condo Markets at a Glance – Q2 2024 YoY (Number of sales)

Miami Beach Overall Luxury Condo Markets at a Glance – Q2 2024 YoY (Median Sale Price)

Miami Beach Luxury Condo Markets at a Glance – Q2 2024 YoY (Median Sales Price / SqFt)

Table of Contents

1. Overall Miami Beach Q2 2024 Luxury Condo Market Trends
2. South Beach Q2 2024 Luxury Condo Market Trends
3. Mid and North Beach Q2 2024 Luxury Condo Market Trends
4. Surfside & Bal Harbour Q2 2024 Luxury Condo Market Trends
5. Sunny Isles Beach Q2 2024 Luxury Condo Market Trends
6. Fisher Island Q2 2024 Luxury Condo Market Trends
7. Conclusion - Q2 2024 Miami Beach Luxury Condo Market Report

— Overall Miami Beach Q2 2024 Luxury Condo Market Trends

1.1 Miami Beach Luxury Condo Sales Trends

After eight quarters of reporting lower year-over-year sales, Miami Beach sprung back into action as high season energy took over the luxury condo market. Re-asserting its value as a popular beachside destination for luxury living, Miami Beach (collectively) reported the following positive sales trends in alignment with the overall Miami market mood for Q2 2024.

Below are the Key Q2 2024 Sales Statistics for Miami Beach:

• Q2 2024 vs Q2 2023. Sales increased 7.7% year-over-year, up from 246 in Q2 last year to 265 sales in the same quarter this year. (Fig.1.1)
• Q2 2024 vs Q1 2024. Sales jumped 25% quarter-over-quarter, up from 212 in the previous quarter to 265 in Q2 2024. (Fig. 1)
• Sunny Isles Beach remained the highest volume contributor for the tenth consecutive quarter, reporting 98 sales this second quarter.
• Mid-North Beach led market growth in this beachside grouping by reporting the highest percentage increase in year-over-year sales (44%), closely followed by Fisher Island (40%).

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

• April 2024 closed with 110 sales, higher than the 69 sales noted in the same month a year ago.
• May closed with 88 luxury condo sales versus 97 sales noted during the same month last year.
• June closed with 67 sales, lower than the 80 sales noted for the same period in 2023.

Owing to high season momentum, the Sales Trendline of Fig. 2.3 corrected from a negative curve in Q1 2024 to a positive trajectory in Q2 2024.

Based on the above trends and our day-to-day interactions, as experts in the luxury condo market, we expect this beachside market to sustain its positive momentum heading into the slower-paced third quarter. 

As evidenced by historical data, Miami's cyclical real estate market is known to peak during the second quarter and gradually pace down through to the end of the year. However, recent trends indicate that our luxury condo market is shifting towards being a year-round market.

Miami Beach Luxury Condo Quarterly Sales 2015-2024 - Fig. 2.1

Miami Beach Luxury Condo Monthly Sales from Jan. 2016 to Jun. 2024 - Fig. 2.2

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

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1.2 Miami Beach Luxury Condo Price Trends

Reflecting the overall Miami trend of a higher year-over-year Price per Square Foot and Median Price, this beachside grouping also reported positive price stats this high season. 

Below are the Key Price Stats for Q2 2024:

• Q2 2024 vs Q2 2023. Price per Square Foot increased by 22.6%, up from $1,037 in Q2 of the previous year to $1,272 for the same quarter in 2024. (Fig. 1.1)
• Q2 2024 vs Q1 2024. Price per Square Foot increased 6.3% quarter-over-quarter, up from $1,197 in the previous quarter to $1,272 in Q2 2024. (Fig. 1)
• A closer look at the 5-year snapshot of Quarterly luxury condo prices below (Fig. 3) shows that the Price per Square Foot closed at a record-high of $1,272, indicating that sellers have consistently been receiving excellent value for their luxury properties in these beachside neighborhoods, with most deals affording gains.
• Q2 2024 vs Q2 2023. Median Sales Price also increased 47.1% year-over-year, up $1,700,000 in Q2 last year to $2,500,000 for the comparable quarter of this year. (Fig. 1.1)

Miami Beach Quarterly Sales Price per Sq. Ft. 2017-2024 - Fig. 3

1.3 Miami Beach Days on Market Trends

Days on Market up 28.2% year-over-year. Partly aligned to the overall Miami market trend of flat quarter-over-quarter values and an increase in year-over-year numbers, Miami Beach reported the following Days on Market (DOM) statistics:

• Q2 2024 vs Q2 2023. Luxury condos spent 20 more days on the market compared to Q2 last year, posting a 28.2% uptick in year-over-year stats. (Fig. 1.1)
• Q2 2024 vs Q1 2024. Luxury condos spent 8 more days on the market compared to Q1 2024, reporting a 9.6% increase in quarter-over-quarter DOM. (Fig. 1)
• At 91 days, the statistic suggests a slowdown in buyer-seller communication despite improved sales activity. (Fig. 4)

Miami Beach Quarterly Days on Market 2018-2024 – Fig. 4

1.4 Miami Beach: Luxury Condo Inventory Trends

Q2 2024 closed with 14 months of inventory. In response to heightened seasonal demand, luxury condo inventory expectedly declined over the course of the second quarter (a typical pattern for Miami's seasonal luxury condo market). Echoing the overall Miami trend of a decline in quarter-over-quarter numbers and an increase in year-over-year values, luxury condos in Miami Beach reported the following inventory stats for Q2 2024:

• On a quarter-over-quarter basis, inventory dropped from 20 months in March 2024 to 14 months mid-year, recording a 30% decline. (Fig. 5)
• On a year-over-year basis, inventory was up from 13 months in June 2023 to 14 months in the same month this year, reporting a 7.7% increase.

With inventory closing above the ideal 9-12-month range, Miami Beach transitioned into a soft buyer's market, following the overall Miami market trend. This expansion allows buyers to find a wider variety of luxury housing within their preferred price bracket, while sellers can optimize returns by keeping price flexibility in mind.

As luxury real estate experts, we expect inventory to continue ranging above its ideal 9-12-month benchmark through the rest of 2024, as the upcoming quarters are known to be slower (as observed from historical patterns tracked over the past seven years).

Miami Beach Months of Inventory from Mar. 2019 to Jun. 2024 - Fig. 5

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

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— South Beach Q2 2024 Luxury Condo Market Trends

2.1 South Beach Luxury Condo Sales Trends

Following the overall market trend of higher quarter-over-quarter and year-over-year sales, South Beach too reported the following positive stats this high season:

• Q2 2024 vs Q2 2023. Sales increased 4% year-over-year, up from 75 in Q2 last year to 78 sales in the same quarter this year. (Fig. 6.1)
• It's worth noting that sales in this beachside neighborhood performed well given the higher, new normal benchmarks established in Miami's post-pandemic market. (Fig. 7.1)
• Q2 2024 vs Q1 2024. Sales soared 52.9% quarter-over-quarter, up from 51 in the previous quarter to 78 sales in Q2 2024. (Fig. 6)

Capturing high season boost, the 12-month Sales Trendline of Fig. 7.2 transitioned from a negative trajectory in Q1 2024 to a positive curve in Q2 2024.

South Beach Luxury Condo Quarterly Sales 2015-2024 - Fig. 7.1

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

2.2 South Beach Luxury Condo Price Trends

Echoing the overall Miami trend of a higher year-over-year Price per Square Foot and Median Price, the luxury condo market in South Beach reported the following Key Price Statistics for Q2 2024:

• Q2 2024 vs Q2 2023. Price per Square Foot increased 27.8% year-over-year, up from $1,113 in Q2 of the previous year to $1,422 for the comparable quarter of 2024. (Fig. 6.1)
• Q2 2024 vs Q1 2024. Price per Square Foot stayed flat, adjusting by 1.8%, marginally up from $1,397 in the previous quarter to $1,422 in Q2 2024. (Fig. 6)
• South Beach reported a new record-setting Price per Square Foot at $1,397 (Fig. 8) and the second-highest percentage gains in Miami Beach, confirming exceptional value for sellers in this world-class beach destination.
• Q2 2024 vs Q2 2023. Median Sales Price soared 63.9%, up from $1,525,000 in Q2 last year to $2,500,000 for the same quarter this year. (Fig. 6)

South Beach Luxury Condo Quarterly Price per Square Foot 2017-2024 - Fig. 8

2.3 South Beach Days on Market Trends

Days on Market flat year-over-year. Partly consistent with the overall Miami market trend of flat quarter-over-quarter numbers and an increase in year-over-year values, South Beach reported the following Days on Market (DOM) statistics:

• Q2 2024 vs Q2 2023. Luxury condos spent only one extra day on the market compared to a year ago, logging a negligible 2% increase in year-over-year stats. (Fig. 9)
• Q2 2024 vs Q1 2024. Again, luxury condos spent only two more days on the market compared to Q1 2024, reporting a marginal 2.4% increase in quarter-over-quarter DOM.
• At 85 days, the statistic indicates that buyer-seller communication remained stable in this vacation hotspot.

South Beach Luxury Condo Quarterly Days on Market 2018-2024 - Fig. 9

2.4 South Beach Luxury Condo Inventory Trends

Q2 2024 closed with 13 months of inventory. South Beach reported similar stats as the overall Miami trend this second quarter, posting a decline in quarter-over-quarter numbers and increase in year-over-year inventory:

• On a quarter-over-quarter basis, inventory was down from 18 months in March to 13 months in June this year, reporting a 27.8% decrease. (Fig. 10)
• On a year-over-year basis, inventory increased from 11 months in June 2023 to 13 months in the same month this year, reporting an 18.2% increase.
• At 13 months, inventory closed above the 9-12-month range of a balanced market, providing more choices in this soft buyer's market.
• South Beach also reported the lowest levels of inventory in Miami Beach for a fifth quarter straight. Further, the vacation hotspot reported the second-lowest levels of inventory in all of Miami alongside Mid-North Beach.

South Beach Months of Inventory from Mar. 2019 to Jun. 2024 - Fig. 10

— Mid and North Beach Q2 2024 Luxury Condo Market Trends

3.1 Mid-North Beach Luxury Condo Sales Trends

Following the overall Miami trend of higher quarter-over-quarter and year-over-year volumes, Mid-North Beach reported the following notable sales statistics:

• Q2 2024 vs Q2 2023. Sales increased 43.6% year-over-year, up from 39 in Q2 last year to 56 sales in the comparable quarter this year. (Fig. 11.1)
• It's worth noting that Mid-North Beach emerged as the most robust market in Miami Beach, leading sales growth in the area with the highest percentage increase in year-over-year volume out of all the neighborhoods under analysis.
• Q2 2024 vs Q1 2024. Sales improved 30.2% quarter-over-quarter, up from 43 in the previous quarter to 56 sales in Q2 2024. (Fig. 11)

Powered by intense buyer demand, the 12-month Sales Trendline of Fig. 12.2 stayed on course with a positive trajectory between Q1 2024 and Q2 this year.

Mid-Beach and North-Beach Quarterly Sales 2015-2024 - Fig. 12.1

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

3.2 Mid-North Beach Luxury Condo Price Trends

Consistent with the overall Miami trend of an increase in year-over-year Price per Square Foot and Median Price, luxury condos in Mid-North Beach reported the following notable Price Statistics for Q2 2024:

• Q2 2024 vs Q2 2023. Price per Square Foot increased 37.8%, up from $1,007 in Q2 of the previous year to $1,388 for the same quarter in 2024. (Fig. 11.1)
• Q2 2024 vs Q1 2024. Price per Square Foot posted an uptick of 28.9%, up from $1,077 in the previous quarter to $1,388 in Q2 2024. (Fig. 11)
• Mid-North Beach emerged as the new market to watch for investors, as this moderately-sized market reported a record-setting price of $1,388/square foot and posted the highest percentage gains in year-over-year Price per Square Foot out of all the neighborhoods under review in our second-quarter review, providing maximum value to sellers till date.
• Q2 2024 vs Q2 2023. Median Sales Price increased 44.2% year-over-year, up from $1,560,000 in the second quarter of 2023 to $2,250,000 in Q2 this year. (Fig. 11.1)

Mid-Beach and North-Beach Quarterly Price per Sq. Ft. 2017-2024 - Fig. 13

3.3 Mid-North Beach Days on Market Trends

Days on Market up 59% year-over-year. Partly following the overall Miami market trend of flat quarter-over-quarter values and an increase in year-over-year numbers, Mid-North Beach reported the following Days on Market (DOM) statistics:

• Q2 2024 vs Q2 2023. Luxury condos spent 43 more days on the market compared to a year ago, reporting a 59% increase in year-over-year stats. (Fig. 14)
• Q2 2024 vs Q1 2024. Luxury condos spent 19 more days on the market than in Q1 2024, posting a 19.8% increase in quarter-over-quarter DOM.
• At 115 days, the statistic suggests inconsistency between buyer-seller expectations, resulting in luxury condo deals closing with a slight delay.

Mid-Beach and North-Beach Luxury Condo Quarterly Days on Market 2018-2024 – Fig. 14

3.4 Mid-North Beach Luxury Condo Inventory Trends

Q2 2024 closed with 13 months of inventory. Partly consistent with the overall Miami trend of a decline in quarter-over-quarter numbers and an increase in year-over-year inventory, luxury condos in Mid-North Beach reported the following stats for Q2 2024:

• On a quarter-over-quarter basis, inventory was down from 24 months in March to 13 months in June this year, reporting a remarkable 45.8% decrease. (Fig. 15)
• On a year-over-year basis, inventory decreased from 14 months in June 2023 to 13 months in the same month this year, reporting a 7.1% decline.
• At 13 months, inventory was closer to the 9-12-month range of an ideal market, offering balanced opportunities to buyers and sellers in an otherwise soft buyer's market.
• Mid-North Beach tied with South Beach to report the lowest levels of inventory in Miami Beach and the second-lowest levels in all of Miami.

Mid-Beach and North-Beach Months of Inventory from Mar. 2019 to Jun. 2024 - Fig. 15

A balanced market has 9-12 months of inventory. The months of inventory are calculated as no. of active listings + no. of pending listings divided by the average number of deals in the last six months.

—Surfside & Bal Harbour Q2 2024 Luxury Condo Market Trends 

4.1 Surfside & Bal Harbour Luxury Condo Sales Trends

Moving against the overall Miami market trend of positive quarter-over-quarter and year-over-year sales, luxury condos in Surfside & Bal Harbour reported the following sales statistics:

• Q2 2024 vs Q2 2023. Sales declined 25.7% year-over-year, down from 35 in Q2 last year to 26 sales for the same quarter this year. (Fig. 16.1)
• Q2 2024 vs Q1 2024. Sales decreased 7.1% quarter-over-quarter, down from 28 in the previous quarter to 26 sales in Q2 2024. (Fig. 16)

Owing to sluggish sales, the 12-month Sales Trendline of Fig. 17.2 maintained its negative trajectory from Q4 2023 through to Q2 2024 in this pairing of upscale beach neighborhoods.

Surfside & Bal Harbour Quarterly Sales 2015-2024 - Fig. 17.1

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

4.2 Surfside & Bal Harbour Luxury Condo Price Trends

Deviating partly from the overall market trend of an increase in year-over-year Price per Square Foot and Median Price, luxury condos in Surfside & Bal Harbour reported the following key Price Statistics in Q2 2024:

• Q2 2024 vs Q2 2023. Price per Square Foot decreased 11.5%, down from $1,343 in Q2 2023 to $1,189 for the comparable quarter this year. (Fig. 16.1)
• Q2 2024 vs Q1 2024. Price per Square Foot stayed flat, adjusting only -1.8%, down from $1,210 in the previous quarter to $1,189 in Q2 2024. (Fig. 16)
• A look at the 5-year snapshot of Quarterly luxury condo prices below (Fig. 18), reveals that prices again closed in the mid-ranges, providing sellers fair value for their luxury condo properties.
• Q2 2024 vs Q2 2023. Median Sales Price increased 7%, up from $2,850,000 in Q2 last year to $3,050,000 for the same quarter this year. (Fig. 16.1)
• The above difference in Price per Square Foot and Median Sales Price stats could be caused by sales of larger residences outpacing those of smaller-sized units in Q2 2024, therefore thinning out the price per square foot even as the median sales price increased.

Surfside & Bal Harbour Quarterly Price per Sq. Ft. 2017-2024 - Fig. 18

4.3 Surfside & Bal Harbour Days on Market Trends

Days on Market up 54% year-over-year. Partly deviating from the overall Miami trend of flat quarter-over-quarter numbers and an increase in year-over-year values, luxury condos in Surfside & Bal Harbour reported the following Days on Market (DOM) statistics:

• Q2 2024 vs Q2 2023. Luxury condos spent 21 more days on the market compared to the second quarter of 2023, reporting a 54% increase in year-over-year stats. (Fig. 19)
• Q2 2024 vs Q1 2024. Luxury condos spent six fewer days on the market than in the previous quarter, reporting a 9% decrease in quarter-over-quarter DOM.
• With luxury condos taking only 61 days to sell, Surfside & Bal Harbour maintained their position as the fastest-selling market in Miami Beach for a second quarter in a row, indicating positive buyer-seller communication.

Surfside & Bal Harbour Quarterly Days on Market 2018-2024 – Fig. 19

4.4 Surfside & Bal Harbour Luxury Condo Inventory Trends

Q2 2024 closed with 16 months of inventory. Following the overall Miami trend of a decline in quarter-over-quarter numbers and an increase in year-over-year values, luxury condos in Surfside & Bal Harbour reported the following inventory stats:

• On a quarter-over-quarter basis, inventory decreased from 18 months in March to 16 months in June this year, reporting a 11.1% decline. (Fig. 20)
• On a year-over-year basis, inventory increased from 11 months in June 2023 to 16 months in June this year, reporting a 45.5% uptick.
• At 16 months, as inventory exceeded the 9-12-month benchmark of an ideal market, buyers received the advantage of having a wider selection fall within their desired price bracket in this soft buyer's market.

Surfside & Bal Harbour Months of Inventory from Mar. 2019 to Jun. 2024 - Fig. 20

A balanced market has 9-12 months of inventory. The months of inventory are calculated as – no. of active listings + no. of pending listings divided by the average number of deals in the last six months.

If you are interested in buying or selling a condo in any of these Miami Beach neighborhoods, or would like more information about the data in our reports, please email us anytime.

— Sunny Isles Beach Q2 2024 Luxury Condo Market Trends

5.1 Sunny Isles Beach Luxury Condo Sales Trends

Aligned with the overall Miami market trend of higher quarter-over-quarter and year-over-year sales, Sunny Isles Beach reported the following key sales statistics:

• Q2 2024 vs Q2 2023. Sales increased 6.5% year-over-year, up from 92 a year ago to 98 sales in Q2 this year. (Fig. 21.1)
• It's worth noting that Sunny Isles Beach has mostly been the top volume contributor to overall sales in Miami Beach since 2022, highlighting the growing appeal of this oceanfront haven of branded luxury housing.
• Q2 2024 vs Q1 2024. Sales increased 18.1%, up from 83 in the previous quarter to 98 sales in Q2 2024. (Fig. 21)

With a boost from high season demand, the 12-month Sales Trendline of Fig. 22.2 transitioned from a negative trajectory in Q1 2024 to a positive curve in Q2 2024.

Sunny Isles Beach Luxury Condo Quarterly Sales 2015-2024 - Fig. 22.1

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

5.2 Sunny Isles Beach Luxury Condo Price Trends

Echoing the overall Miami trend of an increase in year-over-year Price per Square Foot and Median Price, luxury condos in Sunny Isles Beach reported the following Price Stats in Q2 2024:

• Q2 2024 vs Q2 2023. Price per Square Foot increased 14.1%, up from $890 in Q2 2023 to $1,016 for the same quarter this year. (Fig. 21.1)
• Q2 2024 vs Q1 2024. Price per Square Foot increased 7.2%, up from $948 in the previous quarter to $1,016 in Q2 2024. (Fig. 21)
• A closer look at the 5-year snapshot of Quarterly luxury condo prices below (Fig. 17), shows that prices closed at a new all-time high of $1,016, offering sellers incredible value for their luxury properties in this oceanfront enclave.
• Sunny Isles Beach also continued offering buyers the most affordable entry point into Miami Beach's luxury condo market, with the lowest price per square foot of all the other neighborhoods in this quarterly report. However, as mentioned earlier, with several branded projects on the way, including the St. Regis Residences and  Bentley Residences, the price situation here can likely increase once these prestigious projects are delivered.
• Q2 2024 vs Q2 2023. Median Sales Price increased 34%, up from $1,745,000 in Q2 of the previous year to $2,337,500 for the comparable quarter this year. (Fig. 21.1)

Sunny Isles Beach Quarterly Price per Sq. Ft. 2017-2024 - Fig. 23

5.3 Sunny Isles Beach Days on Market Trends

Days on Market up 51% year-over-year. Partly consistent with the overall Miami market trend of flat quarter-over-quarter numbers and an increase in year-over-year values, luxury condos in Sunny Isles Beach reported the following Days on Market (DOM) statistics:

• Q2 2024 vs Q2 2023. Luxury condos spent 36 more days on the market compared to a year ago, reporting a 51% increase in year-over-year stats. (Fig. 24)
• Q2 2024 vs Q1 2024. Luxury condos spent 35 more days on the market than in Q1 2024, posting a 48.6% increase in quarter-over-quarter DOM.
• At 107 days, luxury condos sold at a slower pace, indicating that buyers and sellers took longer to reach a consensus in this branded condo corridor.

Sunny Isles Beach Quarterly Days on Market 2018-2024 – Fig. 24

5.4 Sunny Isles Beach Inventory Trends

Q2 2024 closed with 14 months of inventory. Positively deviating from the overall Miami trend of a decline in quarter-over-quarter numbers and an increase in year-over-year inventory, luxury condos in Sunny Isles Beach reported the following contrasting statistics:

• On a quarter-over-quarter basis, inventory was down from 20 months in March to 14 months in June this year, reporting a 30% decline. (Fig. 25)
• On a year-over-year basis, inventory stayed flat at 14 months in June 2023 and the same period this year, reporting no change compared to a year ago.
• At 14 months, inventory closed slightly above the ideal 9-12-month range, offering equal opportunities to buyers and sellers in an otherwise soft buyer's market.

Sunny Isles Beach Months of Inventory from Mar. 2019 to Jun. 2024 - Fig. 25

A balanced market has 9-12 months of inventory. The months of inventory are calculated as – no. of active listings + no. of pending listings divided by the average number of deals in the last six months.

—Fisher Island Q2 2024 Luxury Condo Market Trends

6.1 Fisher Island Luxury Condo Sales Trends

Partly consistent with the overall market trend of higher quarter-over-quarter and year-over-year sales, luxury condos in Fisher Island reported the following key sales statistics this high season:

• Q2 2024 vs Q2 2023. Sales increased 40% year-over-year, up from five in Q2 last year to seven sales in the comparable quarter this year. (Fig. 26.1)
• Q2 2024 vs Q1 2024. Sales remained steady in this exclusive island neighborhood compared to the previous quarter, reporting the same seven sales as noted in Q1 2024. (Fig. 26)

Even with positive sales, the 12-month Sales Trendline of Fig. 27.2 shifted back into a negative trajectory in Q2 2024 from a positive track in Q1 2024.

Fisher Island Luxury Condo Quarterly Sales 2015-2024 - Fig. 27.1

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

6.2 Fisher Island Luxury Condo Price Trends

Deviating partly from the overall Miami market trend of a higher year-over-year Price per Square Foot and Median Price, Fisher Island reported the following Key Price Stats in Q2 2024:

• Q2 2024 vs Q2 2023. Price per Square Foot increased 13.8%, up from $1,803 in Q2 last year to $2,051 in the same quarter this year. (Fig. 26.1)
• Q2 2024 vs Q1 2024. Price per Square Foot increased 11.5%, up from $1,839 in the previous quarter to $2,051 in this second quarter. (Fig. 26)
• A look at the 5-year snapshot of Quarterly luxury condo prices below (Fig. 28), reveals that prices again closed in the higher ranges, showing that sellers continued receiving great value for their luxury condos in this premium island community.
• Fisher Island consistently maintained its status as the most expensive neighborhood for luxury condos in Miami and South Florida, again reporting the highest price per square foot and median sales price of all the Miami neighborhoods on our quarterly watch.
• Q2 2024 vs Q2 2023. Median Sales Price declined 24%, down from $7,500,000 in Q2 of the previous year to $5,700,000 for the same quarter this year. (Fig. 26.1)
• This difference in Price per Square Foot and Median Sales Price trends could be influenced by sales of smaller, amenity-packed luxury condos outpacing those of larger-sized units during the second quarter, thus commanding a higher price per square foot even as the overall sales price logged a reduction.

Fisher Island Quarterly Price per Sq. Ft. 2017-2024 - Fig. 28

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6.3 Fisher Island Days on Market Trends

Days on Market down 4% year-over-year. Deviating from the overall Miami market trend of flat quarter-over-quarter values and an increase in year-over-year numbers, Fisher Island reported the following Days on Market (DOM) statistics:

• Q2 2024 vs Q2 2023. Luxury condos spent six fewer days on the market compared to Q2 a year ago, reporting a 4% decrease in year-over-year stats. (Fig. 29)
• Q2 2024 vs Q1 2024. Luxury condos spent 41 more days on the market than in Q1 2024, posting a 38.7% increase in quarter-over-quarter DOM.
• At 147 days, the statistic falls into normal territory, with buyers and sellers taking average time coming to terms in this island neighborhood.

Fisher Island Quarterly Days on Market 2018-2024 – Fig. 29

6.4 Fisher Island Luxury Condo Inventory Trends

Q2 2024 closed with 16 months of inventory. Echoing the overall Miami trend of a decline in quarter-over-quarter numbers and an increase in year-over-year values, luxury condos in Fisher Island reported the following inventory statistics in Q2 2024:

• On a quarter-over-quarter basis, inventory decreased from 22 months in March to 16 months in June this year, reporting a 27.3% decline. (Fig. 30)
• On a year-over-year basis, inventory increased from 12 months in June 2023 to 16 months in June this year, reporting a 33.3% increase.
• At 16 months, inventory surpassed the 9-12-month range of a balanced market, offering purchasers a slightly better advantage in this soft buyer's market, as they can browse a wider selection of luxury properties within the same price bracket.

Fisher Island Months of Inventory from Mar. 2019 to Jun. 2024 - Fig. 30

A balanced market has 9-12 months of inventory. The months of inventory are calculated as – no. of active listings + no. of pending listings divided by the average number of deals in the last six months.

— Conclusion

Based on the above findings for Q2 2024, Miami Beach's luxury condo market performed exceptionally well within its newfound sales and price parameters in this post-pandemic new normal. Sales were up year-over-year across the board, much in line with our overall Miami market observations—with Surfside & Bal Harbour as the only exception.

Considering a majority of the neighborhoods reported a positive 12-month Sales Trendline in Q2 2024— except Surfside & Bal Harbour and Fisher Island—as luxury housing experts, we anticipate the third quarter to close on a healthy note even as the market is expected to pace down as winter approaches (a general trend noted from historical patterns).

Mid-North Beach (collectively) emerged as the most popular sub-market of Q2 2024 in Miami Beach, leading sales growth trends with a 44% increase in year-over-year volumes.

In our quarterly price watch, Fisher Island carried on as the undisputed title holder of the most premium zip code in South Florida. Home to celebrities and ultra-high-net-worth individuals from around the world, this exclusive island continued reporting the highest price per square foot ($2,051) as well as median sales price ($5.7 million).

In a more detailed analysis, properties in Mid-North Beach afforded sellers the highest percentage gains in year-over-year price per square foot (44%) along with recording the highest price per square foot to date at $1,388. The majority of the neighborhoods in our quarterly price watch also reported peak prices, reporting exceptional value for sellers across this beachside market.

On the other hand, Sunny Isles Beach continued providing buyers the most affordable entry point into Miami Beach's luxury condo market at an attractive price of $1,016/square foot.

With luxury condos taking only 61 days to sell on average, Surfside and Bal Harbour continued to be the fastest-selling market in this beachside grouping. While the majority of neighborhoods reported an increase in year-over-year Days on Market, following the overall Miami market trend, only Fisher Island reported a decline.

In terms of inventory, most neighborhoods reported a year-over-year increase in numbers, like the overall market trend. For the fifth quarter in a row, South Beach reported the lowest levels of inventory in Miami Beach at 13 months, joined for the first time by Mid-North Beach.

Overall, with inventory ranging above the 9–12-month benchmark of a balanced market, this beachside grouping transitioned into a soft buyer's market, with certain segments still reporting equal opportunities.

As luxury market veterans, we expect the following factors to continue influencing the market's direction through the remainder of 2024:

• With more incoming wealthy families wanting larger condos with at least three bedrooms, well-compensated remote workers, all-cash-paying tech workers, and Canadian investors contributing to Miami's expanding buyer demographic, we expect luxury condo demand to continue to grow at a stable pace in Miami Beach.
• With Miami's burgeoning economy and new reputation as a sophisticated corporate hub gaining international attention, we expect more high-net-worth individuals to be drawn to our tax-friendly landscape.
• With Miami's unique package offering an active lifestyle, year-round warmth, spectacular beaches, a vibrant arts and culture scene, and diversity we expect the demand for second homes and Airbnb-friendly condo rentals to increase moving forward.
• Meanwhile, we anticipate moderate sales and steady new construction deliveries to keep the market buyer-friendly with relatively high levels of inventory until the end of the year.
  
  
  

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