MLS Miami Condo Snapshot: Real Estate Market is Holding Steady

MLS Miami Condo Snapshot: Real Estate Market is Holding Steady

Apr 09, 2020 April 09, 2020

With all the upheaval and changes to our work-life balance in this time of social distancing, a key question on most people’s minds is ‘how is the residential real estate market reacting?’ A quick, two-week survey from the MLS shows that the Miami condo real estate market is holding fairly steady in the face of the coronavirus, with closings continuing and new listings coming online, but with signs of some slowdown expected as the industry grapples with how to manage showings and deals in light of recent restrictions. 

Our MLS survey took into account a total of about 9,000 condo listings across greater Miami and the Miami Beaches. Read on for details on how the Miami condo market has fared from March 30th, 2020 to April 6th, 2020.


Buyers and Sellers Move Forward with Closings



Contrary to what most people would imagine, the condo market in Miami is working as usual. Looking at the week ending March 30th, condo Closings showed little change for the same period a year ago - 118 condo sales closed compared to 121 closed sales in 2019, a decrease of just 2%.

Further, looking into the last week ending April 6th, there were a total of 90 closings, indicating that only some buyers are being cautious, while a majority are continuing on with business. Additionally, many realtors and clients are moving to virtual closings, making the process rather seamless.

Under Contract & Pending Sales Show Some Caution

Similarly, there were a total of 51 Miami condos either “Active with Contract” or “Pending Sale” for the week ending March 30th, which shows that people are still buying.  At the end of last week, that combined total decreased to 26. However, that doesn’t necessarily indicate that buyers are pulling out. These numbers are reminders that buying homes is an essential service, and we should expect to continue to see buyers and sellers coming to agreements and condo sales closing.

Condo Listings Status Steady

Another positive indicator that shows the condo market is holding steady is that new listings remained stable for the week ending April 6th, rising to 136 compared to 135 from the previous week. Also, for condos coming back on the market, last week saw only 9 fewer listings (73 compared to 64).  

And again, contrary to what some might expect, it doesn’t seem sellers are pulling their listings either. There were only 12 additional canceled listings between the two weeks. And last week actually saw decreases in listings Temporarily Off the Market, with only 88 sellers taking their condos off the market compared to 105 units the week before. Withdrawn listings also don’t seem to indicate any seller panic, as the change between the weeks was minimal -- 20 listings were withdrawn the 7 days ending March 30th compared to 22 withdrawn listings for last week. Withdrawn listings are listings that still have an active listing contract between the buyer and seller, but are no longer being shown in the MLS. 

Pricing Changes Minimal

Another positive trend we noticed for the Miami condo market is that there have not been any substantial pricing decreases over the last two weeks. Only 1.2% of listings posted price decreases compared to the same week a year ago. For the last seven days, there were even fewer listings that lowered their prices -- only 92 condos showed price decreases against a 106 from the week before. In fact, the number of listings reporting price increases went up by 8 (19 compared to 11). This just shows that buyers are still interested and sellers are getting a fair deal in Miami.

Conclusion: Miami’s Condo Market Staying Active

Our quick, two-week analysis has revealed that while there doesn’t seem to be a shortage of new listings, and closings are taking place as usual with pricing remaining neutral, it’s likely we’re going to see a slowdown for the time being. This is largely expected because as social distancing requirements are put into effect, showings are becoming more difficult to do depending on the location, with some condos not allowing showings at all.  So while the condo market in Miami is still active and not frozen, with no strong indications of panic seen on the buyer or seller sides regarding the current global situation, there is some slow down. 

Also, for those who might be wondering about the longer-term economic health of the real estate market, and if the limited mobility and social distancing could end up increasing the number of distressed properties on the market, most of the real estate and economic experts report that it should be minimal. Others are predicting a bigger impact, but with the increasing Federal and State government reprieves in process, owners of residential real estate and small businesses should find it easier to remain in good standing with their loans and mortgages. In the end, time will tell.





Have questions about the data? Want more information about how the market is reacting or need to discuss your potential condo purchase or sale? Call us anytime, and we will absolutely help.

Contact Us
Sep Niakan
Broker / Team Lead
Request Info
By sending you agree to CondoBlackBook's Terms of Use

Your Miami Condo Awaits

Recent Posts

May 2025: Miami New Development and Pre-Construction Condo Update
Preconstruction May 2025: Miami New Development and Pre-Construction Condo Update
Miami’s pre-construction condo market saw a flurry of activity this May. Sales launched for Roble One and Aire Residences Boutique, with three more developments preparing to hit the market. Ponce Park Residences debuted their lushly landscaped sales gallery, while Visions at Brickell Station and One Twenty Brickell both officially broke ground.  Meanwhile, Continuum Club & Residences may be in line for an expansion, signaling continued momentum in the market. Read on to find out which aging condo buildings were acquired in bulk buyout deals, along with other updates in our May 2025 Miami condo pre-construction news roundup. — May 2025 – Miami Condo Pre-Construction Market at a Glance Sales Launched Roble One – Coconut Grove Aire Residences Boutique – Bay Harbor Islands New Sales Gallery Ponce Park Residences – Coral Gables Launching Soon The Cloud One Hotel & Residences – Wynwood Faena Residences Miami (formerly One River Point) – Miami River Parkside...
What New Luxury Miami Condos Will Be Completed This Year?
What New Luxury Miami Condos Will Be Completed This Year?
Few places build with the speed—and style—of Miami. With its global reputation for ultra-luxury living, the city is in the midst of one of its most ambitious building booms ever. Among the many projects taking shape, an enticing mix of brand-new luxury condos will hit the finish line in 2025—bringing a stunning array of residences ready for you to move into and call home this year. Miami’s luxury condo sector has remained steady, with consistent demand and strong pricing trends. Following the business migration trends that began around 2020, the city continues to attract international wealth, families, C-suite executives, and high-net-worth investors drawn to its warm, tax-friendly shores. Fueled by this sustained momentum, Miami developers have been on the fast track to deliver on the growing demand for luxury projects in the Magic City. If you’re someone who loves to be the first to live in a pristine new high-end condo, you’re not alone, and this blog is for you. Keep reading to...
Midtown Park by PROPER: Design-Forward Miami Condo With Elevated Hospitality
Preconstruction Midtown Park by PROPER: Design-Forward Miami Condo With Elevated Hospitality
Set across five sprawling acres, Midtown Park feels like a neighborhood of its own, rising at the intersection of Miami’s most dynamic districts: the Design District, Wynwood, and Midtown. Here, life unfolds 24/7 as lush pathways connect you to 120,000 square feet of upscale retail, a public padel and racquet club, chef-driven restaurants and cafés, creative office spaces, open-air experiences and other artful amenities. At the heart of this $2 billion master-planned “Midtown within Midtown” will be the debut 28-story Midtown Park Residences by PROPER, the first phase of an ambitious six-building vision by Rosso Development and Midtown Development.  With PROPER Hotels guiding the experience, you can expect elevated design, warm hospitality, and spaces that feel as good as they look. The tower will feature 288 fully furnished residences, with studios starting at $720,000.  Completion is expected in 2028. — Thriving in the Heart of Midtown The condos at Midtown Park Residences...
The Pros & Cons of Buying a Short-Term Rental Condo in Miami as a Second Home
Video Blog The Pros & Cons of Buying a Short-Term Rental Condo in Miami as a Second Home
Picture this… A second home or vacation home in Miami that lets you soak in the sun and earn while you’re away. That’s the dream most second-home buyers have in mind, including sparkling water views, breezy terraces and an investment that pays for itself when you’re not there.  With most pre-construction condo projects in Miami being built to offer flexible rental options, that dream is more attainable than ever. But before you commit to a condo-hotel or Airbnb-friendly building, it’s worth thinking beyond nightly rates and rental calendars to consider what kind of second home experience you truly want. I’m Sep Niakan—a longtime Miami real estate agent and founding broker of Blackbook Properties—and in our latest video, I walk you through the lifestyle-versus-investment trade-offs between the more exclusive vacation rentals and the more revenue-driven Airbnb-friendly condos in Miami.     At Blackbook Properties, we believe in showing both sides of the coin, and having worked...
New Fort Lauderdale Condos That Allow Airbnb and Short-Term Rentals
Preconstruction New Fort Lauderdale Condos That Allow Airbnb and Short-Term Rentals
Known as the “Venice of America” and the world’s yachting capital, Fort Lauderdale is emerging as one of South Florida’s most exciting urban markets for real estate investors. The city generated over $125 million in tourist tax revenue last year—and approximately 14 million people visit Fort Lauderdale every year, contributing more than $11.4 billion to the local economy. Clear proof that there’s steady demand for short-term stays. For those eyeing top Airbnb-friendly opportunities in South Florida, Fort Lauderdale is a compelling choice. With its laid-back, powdery sand beaches, definitely boat-friendly lifestyle, navigable waterways, rich arts and culture scene, and collection of fine dining venues, Fort Lauderdale feels tailor-made for flexible living and short term stays. Developers are responding by bringing new, thoughtfully designed condo offerings to market. This new wave of Fort Lauderdale condos that allow Airbnb or daily rentals offers more than just a place to stay—each...
Brickell Bridge Schedule, Traffic and Solutions—All You Need To Know
Transportation Brickell Bridge Schedule, Traffic and Solutions—All You Need To Know
If you’ve ever tried driving from Brickell to Downtown Miami for work, lunch or a meeting, you know the gamble. Most Miamians dread the thought of such a risky drive for fear of getting caught at the Brickell Avenue Bridge. One of Miami’s busiest drawbridges, it links Brickell to Downtown by connecting Brickell Avenue to Northeast 2nd Avenue. When it rises, so does frustration. The Brickell Bridge spans the busy Miami River, opening on the hour and half-hour (during non-curfew time) to allow both pleasure boats and maritime traffic to pass. For anyone navigating between Brickell and Downtown, these frequent openings can be a headache, especially as both neighborhoods keep on growing. So What’s the Problem with the Brickell Bridge? Let’s Investigate! Brickell is considered one of Miami’s hottest neighborhoods today. The “Manhattan of the South” is the city’s financial core and a highly desirable residential area, as well as a go-to destination for dining and nightlife. For many,...
Chat on WhatsApp