Q1 2022 Miami Luxury Condo Market Summary: Sales Boom Continues Fueling Sellers’ Market

Q1 2022 Miami Luxury Condo Market Summary: Sales Boom Continues Fueling Sellers’ Market

  • Closed Sales: 703 

  • Change in Closed Sales: +47.1% (Q1 2022 vs Q1 2021)

  • Median Sales Price: $1.78M

  • Change in Median Sales Price: +3.2% (Q1 2022 vs Q1 2021)

  • Market Inventory: 7 months

     


Q1 2022 MIAMI LUXURY CONDO QUARTERLY MARKET SUMMARY 

Number of  Sales

% change  in Sales

Median  Sale Price

% change  in Median  Sale Price

Median  Sp/Sqft

% change  in Median  Sp/Sqft

Median  of DOM

Q1-2022

703

47.1%

$1,780,000

3.2%

$940

13.1%

76

Q1-2021 

478

197%

$1,725,000

4.6%

$831

20.8%

119

Q1-2020 

161 

$1,675,000 

$778 

134


2021 was one of the wildest years for the luxury condo market in Miami with record-breaking sales and very low inventory. And new data show this trend has continued unabated into the first quarter of 2022. The exceptionally strong buying demand that started last year, powered by businesses and the wealthy migrating from Silicon Valley and New York, has not slowed, setting new records as we closed the first quarter of the year.
Sales were at a record-high, while inventory dipped to a new low, keeping sellers firmly in control of the luxury condo market in Miami.

For the purpose of this Miami submarket luxury condo report, we've only included properties priced $1 million and above. The neighborhoods included in this market summary include Downtown Miami, Edgewater, Wynwood, Midtown and the Design District, Brickell, Coconut Grove, Coral Gables, Key Biscayne, Miami Beach, Fisher Island, Surfside and Bal Harbour, and Sunny Isles Beach.


Q1 2022 - Miami Luxury Condo Market Sales 

Opening the year on an unprecedented note, Q1 2022 delivered a brand-new record by reporting the highest sales in a first quarter in over 7 years of us reporting. With a total of 703 sales in Q1-22 vs. 478 in Q1-21 (the beaches and mainland areas included), the luxury condo market was on fire. Comparing the first quarter of 2022 to 2020 shows the maturity: a whopping 336.6% increase in sales (703 vs 161). Considering the first quarter of the year is generally soft (as per historical data), these numbers pose double the impact, showing that the luxury condo market has crossed a defining threshold in Miami.


Neighborhood Sales at a Glance

Neighborhood

Q1-2022

Q1-2021 

% Change

Greater Downtown Miami* 

202

69

192%

Miami Beach** 

441

369

20%

Coconut Grove & Coral Gables

60

40

50%


*
Greater Downtown Miami is inclusive of Edgewater, Brickell & Downtown
**Miami Beach is inclusive of South Beach, Mid-Beach, North Beach, Surfside & Bal Harbour, Sunny Isles & Fisher Island.


All the Miami neighborhoods in our detailed analysis reported high luxury sales volumes and growth. Brickell and Edgewater maintained their status as the favorite neighborhoods for buyers by leading market growth in Q1 2022.
Brickell reported a 259% increase in year-over-year sales (122 in Q1-22 vs. 34 in Q1-21), while Edgewater followed close with a 194% increase (50 in Q1-22 vs. 17 in Q1-21). 

Despite great market momentum, the trendline tracing sales over the past 12 months adjusted downwards – going from a flat-positive in Q4 2021 to a negative in Q1 2022. Upon further analysis, we found a slowdown in the Miami Beach neighborhoods responsible for this slowing of the overall momentum. However, as market experts, we still expect the second quarter of the year to close with powerful sales, considering it is generally the strongest quarter of the year and also by personal observation of market winds.


Q1 2022- Miami Luxury Condo Market Prices

As expected, following a hike in demand, prices have been on an upward trend in Miami. Both the overall Median Sales Price and Price per Square Foot closed higher year-over-year – with a majority of the neighborhoods posting gains. Luxury condos in Fisher Island and the combined neighborhood of Surfside and Bal Harbour reported maximum gains for sellers, closing the first quarter with the highest percentage increase in their year-over-year Price per Square Foot. Prices in Fisher Island went from $1,344 in Q1-21 to $1,881 in Q1-22, posting a 40% gain, while those in Edgewater went from $734 in Q1-21 to $824 in Q1-22, posting a 31% gain.


Price per Square Foot at a Glance

Neighborhood

Q1-2022

Q1-2021 

% Change

Greater Downtown Miami* 

$799

$695

15%

Miami Beach** 

$1,097

$926

18.4%

Coconut Grove & Coral Gables

$819

$665

23%


*
Greater Downtown Miami is inclusive of Edgewater, Brickell & Downtown
**Miami Beach is inclusive of South Beach, Mid-Beach, North Beach, Surfside & Bal Harbour, Sunny Isles & Fisher Island.


Q1 2022- Miami Luxury Condo Days on Market

As expected of a market with heightened demand, the Days on Market for luxury condos dropped drastically – declining by 43% year-over-year in Miami overall — down from 119 days in Q1-21 to 76 in Q1-22. All Miami neighborhoods under analysis posted a decrease in the number of days that luxury condos spent on the market before they were sold. Only the combined neighborhood of Surfside and Bal Harbour deviated from the trend, reporting an increase in its days on market data, which we will follow up on in our detailed Q1 2022 luxury condo market report for Miami Beach.


Q1 2022 - Miami Luxury Condo Market Inventory 

With sales reporting a new high in Q1 2022, especially backed by one of the strongest March we’ve seen in years, luxury condo inventory was bound to shrink. Down to just 7 months from 18 months last March, buyers continue finding themselves hard-pressed for choice, while sellers are enjoying taking the wheel on negotiations. Of all the neighborhoods under review, Fisher Island reported the lowest months of inventory (3 months), with the Coconut Grove and Coral Gables (5 months) plus Surfside and Bal Harbour (5 months) groupings following tight.


Inventory at a Glance

Neighborhood

  Q1-2022

Q1-2021 

% Change

Greater Downtown Miami* 

9 months

33 months

-72%

Miami Beach** 

7 months

16 months

-56%

Coconut Grove & Coral Gables

5 months

12 months

-58%


*
Greater Downtown Miami is inclusive of Edgewater, Brickell & Downtown
**Miami Beach is inclusive of South Beach, Mid-Beach, North Beach, Surfside & Bal Harbour, Sunny Isles & Fisher Island.


Even though developers are planning and building at a rapid pace, the new condo product announced recently will take at least 2-3 years to materialize. Until then, as luxury condo lovers continue snapping up inventory, the market will remain strongly seller-friendly.

For a look at all the Brand-New Miami Condos You Can Move into This Year (2022), go here.

These numbers for Q1 2022 also put to rest any concern about a bubble for Miami’s luxury condo market. With the past 5 quarters continuously reporting often record sales, this market is poised to remain and is not a one-off situation. “How high can the market go without hitting a ceiling?”, however, is a question we are paying attention to. Considering the current pace of Miami’s luxury condo market, we expect the second quarter to open on an exceptionally strong note, yet again, perhaps matching last year’s progress, if not creating a new sales peak.


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To stay tuned for our exclusive, in-depth analysis of the Q1 2022 luxury condo market in Miami, subscribe to this blog as we will soon have separate reports for the overall Miami market, Miami Beach, Greater Downtown Miami, and Coconut Grove plus Coral Gables (collectively).

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