Miami Condo Market Snapshot: June 2020

Three months into the coronavirus pandemic, we’re still adjusting our daily work and personal lives, and the markets are still adjusting, too. As we continue to monitor how the Miami condo market is faring, data from our June Multiple Listing Service (MLS) CBB Condo Market Snapshot show that, compared to May, the market is showing signs of a recovery, but compared to last year, sales have dropped significantly. The reality is the market will likely not catch up to 2019 numbers, but signs of stabilization for this year are promising.

Our MLS market survey took into account a total of about 9,000 condo listings across the greater Miami area and the Miami Beaches. Here’s the latest Miami condo market data comparing the last few months, as well as compared to last year.

Closed Sales Gap Stabilizing - Diverging since March 2020

Miami Overall YTD Closed Condo Sales


Cumulative Closed Sales for 2020 exceeded sales for most of the year up until March 28th. From March 28th onwards, Closed Sales have dropped. As of June 23rd, Total Closed Sales for 2020 were 1,864 compared to 2,721 in 2019, a decrease of 31.5%.



Closed Sales for Current Year and Prior Year and % Difference for 7 day Periods. Current and Prior Year


If we consider all 7-day periods for the year-to-date to June 22nd, we can see that sales have been approximately 60% lower since mid April, but this is to be expected. The key question is are sales over the most recent 7-day periods increasing?



Overall Condo Market - June Performing Better than May

Market Watch Miami - Closed Sales for 7 day Period. Current and Prior Year


A comparison of sales over 7-day periods ending March 30, April 6, May 4 , May 11, May 25 reveals a consistent decrease in Closed Sales and a widening gap between Closed Sales this year and Closed Sales last year.

However, our comparison for the 7-day periods ending June 8 and June 22 reveal an increase in sales during that time and compared to May, and a decrease in the sales gap between the same period last year. Pending Sales have also exceeded Closed Sales since the end of May. Both these factors may indicate the start of recovery.



Luxury Condo Closed Sales (>$1M) - Market Trying to Stabilize

Miami Luxury YTD Closed Condo Sale


Looking back over the past 6 weeks shows that the luxury condo market is still trying to find its footing. Year to Date (YTD) Closed Sales for condos priced $1 million and above continue to slip each week:

  • Week of May 13th: decrease of 22.2% (200 sales in 2020 vs 257 in 2019)
  • Week of May 25th: decrease of 27.6% (210 sales in 2020 vs 290 sales in 2019)
  • Week of June 6th: decrease of 30.7% (219 sales in 2020 vs 316 sales in 2019)
  • Week of June 22nd: decrease of 32.0% (233 sales in 2020 vs 347 sales in 2019)


Luxury Condo Sales - Week by Week YTD

Closed Sales for Luxury Condo for Current Year and Prior Year and % Difference for 7 day Periods. Current and Prior Year


Similar to the overall market, looking at all 7-day periods for the year-to-date to June 22nd, we can see that sales are still closing but have been approximately 60% lower since mid April. Again, we do not expect to see 2020 cumulative sales recover to 2019 numbers. We are watching a shift toward a sustained positive trend line.



New Listings, Price Decreases Trending Up

Market Watch Miami: Price Decreases, New and Back on the Market Trends


Interestingly, New Listings have generally increased over the last 6-7 weeks, and so have Price Decreases.

The number of price decreases over a 7-day period have increased from 106 in March to 274 in June.  The cumulative number of price decreases over this period is estimated to be in excess of 2000.  Although sales seem to have increased over the last week, the number of price decreases still indicates that the market is seeing buyer opportunities.

There does seem to be some movement in Price Increases in the last week, where there were over 30 increases. This is an encouraging sign. Still, both of these values are small when compared to the total market of more than 9,000 condo listings.



Summary of Key Miami Condo Market Indicators for June 22

Market Watch Miami Combined - 7 Days Ending 22 June 2020


  • Number of New Listings increased to 337 for week ending June 22, the most we have seen over the last 8 weeks and more than doubling compared to 295 for week ending June 8, 214 at the end of May, and 136 in April
  • Pending Sales and Closed Sales increasing
  • Number of Price decreases continues to rise


Want more insight on your specific Miami Market or your condo? Are you thinking of selling your Miami or Miami Beach condo? Or do you see a good opportunity to buy? Let us know and we'll be happy to review your specific needs and provide expert assistance.


Cover photo courtesy of Raphaël Biscaldi
Contact Sep Niakan
Founder, Condoblackbook.com & Owner/Broker, HB Roswell Realty
(305) 697-7667
contact@condoblackbook.com
Request Info
By sending you agree to CondoBlackBook's Terms of Use

Your Miami Condo Awaits

Recent Posts

How to Find a Good Miami Handyman or Contractor
Lifestyle How to Find a Good Miami Handyman or Contractor
Leaky faucet keeping you up at night? Porch lights been flickering a long time? Ready to renovate the kitchen? Keeping up with minor home repairs, cleaning and renovations seem like trivial tasks, yet they are important things on a homeowner's to-do list. And at times, finding the right person to get the job done is often more time-consuming than the task itself. Now, we all know the pain of getting stuck with the wrong service provider or handyman and losing more than just sleep in the process. So, to help you avoid making such costly mistakes when looking for a handyman, electrician, painter, plumber or cleaning service in Miami, we've put together a little checklist to help you get in touch with the right person for the job. Here's diving in: Be Clear on The Scope of Work Before you begin your hunt for a good handyman or home service vendor in Miami, jot down everything that needs to be done or fixed. Is it just repairs or will it be a couple of things part of a home improvement...
New Emotional Support Animal Law Florida 2020 - What it Means for Landlords and Condo Residents with an ESA Dog or Cat
Opinions and Advice New Emotional Support Animal Law Florida 2020 - What it Means for Landlords and Condo Residents with an ESA Dog or Cat
Do you have an Emotional Support Animal? Maybe you have an emotional support dog and are moving? Mental health is of paramount importance, especially in these times. With all the thought and energy we spend on our physical health it makes sense that we also take care of our mental health. One way emotional conditions are treated is with emotional support animals (ESA), usually an emotional support dog or cat. But if you have an ESA, and as a person with an emotional condition or disability, finding a new home comes with a whole new set of challenges only you can know. And no one needs the added fear and stress of possibly being denied housing or being discriminated against for owning an ESA.  Thankfully, a new law has been passed in Florida this year, effective July 1, 2020, which explicitly states what you and your current/prospective housing provider can and cannot do in regards to Emotional Service Animals. The law applies to all condos, apartments, and rental homes. This new law...
Miami’s New and Pre-Construction Condo Update: July 2020
Real Estate News Miami’s New and Pre-Construction Condo Update: July 2020
Last month in July, Miami’s construction landscape was busy. The long-anticipated Mr. C Residences in Coconut Grove and Smart Brickell’s second tower both broke ground, David Martin’s South Beach Marina Park is set for round two of approvals, Fisher Island’s Palazzo Del Sol developers announced a brand-new condo project, and much more. Read on for details on these and more preconstruction condo updates in our monthly roundup: Broke Ground Smart Brickell Tower II - Brickell With its ground breaking streamed live on Instagram, Smart Brickell’s second tower started construction last month in July. The LEED-certified towers come designed by Gensler, Miami’s-own HAC Architects and Urbanists, plus Arquitectonica Interiors incorporating a unique, “Smart” philosophy from lobby to rooftop. Each fully-finished and furnished residence will come equipped with smart, Wi-Fi enabled tech such as smart fixtures, Amazon’s Alexa, and a SmartCondo concierge app. The entire complex, with its two...
Miami Beach Luxury Condo Market Report Q2 2020
Real Estate News Miami Beach Luxury Condo Market Report Q2 2020
CondoBlackBook.com's overall Miami luxury condo market report for Q2 2020 unveiled the full impact the global health crisis had on sales, prices and other metrics as part of our quarterly analysis. As expected, sales slowed down and, as a result, inventory levels went up. The days condos spent on the market declined, however, that was more so due to sellers temporarily taking properties off the market and in part due to improved buyer-seller dialogue. Good news came in the form of sales prices holding their own – even posting gains - showing that sellers still got good value for their luxury condos, irrespective of a global slowdown. Miami Beach was the only grouping in our first quarter study to report a (18.3%) drop in year-over-year sales. So, as the global health crisis unfolded during the second quarter, it was unclear how one of the most popular cities in the world would fare, however it seems that the beaches managed to hold their own. South Beach went from being the worst...
Greater Downtown Miami Luxury Condo Market Report Q2 2020
Brickell Greater Downtown Miami Luxury Condo Market Report Q2 2020
CondoBlackBook.com's overall Miami luxury condo market report for Q2 2020 revealed the full impact of the pandemic with an inevitable slowdown in sales and increase in inventory for all of Miami's luxury condos. This has naturally extended the life cycle of the ongoing buyer's market trend for luxury condos. Days spent on the market dropped, partly due to sellers taking properties off the market and partly due to an improved buyer-seller dialogue. Prices, however, posted an increase, showing that sellers still got fair value for their luxury condos. Analysis of the Greater Downtown Miami (GDM) neighborhood (inclusive of Edgewater and Brickell), continues the overall Miami trends -- sales dropped and inventory increased slightly. However, Edgewater turns out to be the least affected neighborhood in all of Miami, in terms of a sales slowdown due to the pandemic. On the other hand, Brickell bears the full brunt of the slowdown, reporting the biggest drop in sales of all Miami...
Coral Gables and Coconut Grove Luxury Condo Market Report Q2 2020
Real Estate News Coral Gables and Coconut Grove Luxury Condo Market Report Q2 2020
As our CondoBlackBook.com 2Q20 report for this combined neighborhood showed exceptional sales growth, the outlook for 2Q20 was more than positive. However, with the COVID-19 situation unfolding globally, the full impact on numbers can be seen this quarter. Much like the overall Miami luxury condo market for 2Q20, sales are naturally down year-over-year. Still, the tail-end of the quarter has revealed signs of a recovery, which is likely to continue into the third quarter, at least. Median Sales Prices also show an upward trend, in sync with the overall market trend in Miami, showing that sellers received good value for their properties even as the pandemic weighed down on sales. Read on below for a more detailed analysis of the impact on monthly sales, the Price per Sq. Ft., Days on Market and Months of Inventory in this second-quarter plus how trends correlate to the overall luxury condo market in Miami. For the purpose of this Miami submarket luxury condo report, we've only...