Q1 2023 Miami Luxury Condo Market Statistics: Healthy Opening to Year, Stable Market

Q1 2023 Miami Luxury Condo Market Statistics: Healthy Opening to Year, Stable Market

Apr 17, 2023 April 17, 2023

2023 is off to a healthy start! As predicted in our Q4 2022 Luxury Housing Report, Miami’s luxury condo market rebounded in the first quarter of 2023, as buyers and sellers returned in anticipation of high season (typically Spring). The numbers and statistics are supporting what we’ve been seeing on the ground, as buyer demand holds steady, driven by lower taxes, business migration, great weather, waterfront to branded housing options, and an overall great quality of life in South Florida

Shaking off the slower pace of the holiday season, first-quarter sales of 2023 for luxury condos priced $1 million and higher outperformed those from 2020 or pre-pandemic years; while sales were down compared to Q1 2022, Q1 2023 posted a record quarter looking back pre-pandemic. 

Prices also posted a slight uptick during the first quarter, in a nod to the luxury condo market’s overall health – squashing any doubts or rumors of an imminent crash like that of the national housing market. The year-over-year Days on Market also reported a decline, indicating smooth buyer-seller communication, and condos selling faster.


Get our exclusive insight and analysis of Miami luxury market statistics in our Q1 2023 Miami Housing Market Summary video.



As predicted, the Months of Inventory (indicative of how many months it would take to the current inventory of listings to be cleared off the market) showed signs of improvement too, as numbers reduced to reflect a healthy market pace.

The take-away? With 17 months’ worth of inventory on the market, it might seem that we are in a buyer’s market (9-12 months is the ideal range for a balanced market). However, considering high season is here, we, as real estate experts, expect Miami’s luxury condo market to shift gears to a more balanced position over the second quarter as the market picks up pace and more inventory is cleared

For now, we’d say buyers and sellers have equal footing at the negotiating table – presenting a leveled playing field to both sides.

Here are some Key Statistics for Q1 2023:

  • Q1 2023 Overall Miami Luxury Condo Market - Closed Sales: 367
    • Year-over-Year Change in Closed Sales: -50.7% (367 vs 744 sales in Q1 2022)
    • Quarter-over-quarter Change in Closed Sales: 33.9% (367 vs 274 sales in Q1 2023)
  • Q1 2023 Overall Miami Luxury Condo Market - Median Sales Price: $1.8M
    • Change in Median Sales Price: Flat (0.8% / Q1 2023 vs Q1 2022)



— Q1 2023 Overall Miami Luxury Condo Market - Inventory: 17 months

Q1 2023 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  Days On Market

Q1 2023

367

-50.7%

$1,800,000

0.8%

$966

2.2%

76

Q1 2022

744

$1,785,000

81


Read on for a closer look into a neighborhood-wise breakdown of our quarterly findings for Q1 2023:
 

For the purpose of this Miami luxury condo market 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 2023 - Miami Luxury Condo Market Sales 


Overall sales down -50.7% from a record 1Q in 2022

With 367 sales overall, Q1-23 volumes were 50.7% lower compared to the previous year’s all-time record-high of 744 sales. At first glance, Q1-23 sales might seem weak compared to the previous year’s record numbers. However, what needs to be emphasized is that Q1-22 reported the highest-ever first-quarter sales in more than 10 years of analysis (774 sales). From a statistical view, it is likely that 2022 will become an outlier year representing a surging market anomaly. 

Comparing quarter to quarter, we see that sales increased 33.9% from 274 in Q4-22 to 367 sales in Q1-23. What’s further worth noting is that Q1-23 volumes were also higher compared to the quarterly sales recorded in 2020 or before (watch for our in-depth luxury condo market report for Q1 2023). This shows that Miami’s luxury condo market opened the year strong, while maintaining the growth and momentum gathered over the past two years of booming sales.


Q1 2023 Miami Luxury Housing Market Stats – Neighborhood Sales at a Glance

Neighborhood

Q1 2023

Q1 2022

% Change

Greater Downtown Miami*

103

214

-51.9%

Miami Beach**

223

468

-52.4%

Coconut Grove & Coral Gables

41

62

-33.9%

 *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.


Looking at a broader, neighborhood-wise sales comparison (above), the combined neighborhood of Coconut Grove & Coral Gables emerged as the most resilient market of Q1 2023 - reporting only a 33.9% decline in year-over-year sales. On the other hand, the Miami Beach neighborhoods (collectively) again showed maximum impact with a 52.4% drop in year-over-year sales.

A closer look at the sub-markets again showed that Coconut Grove & Coral Gables (collectively) topped popularity charts in Q1 2023 – leading market growth with the least setback in year-over-year sales (41 in Q1-23 vs. 62 in Q1-22). On the other hand, Sunny Isles Beach continued reporting the maximum sales volume of all neighborhoods under review, closing the first quarter with 85 total sales. 

Considering the last two quarters of 2022 lost considerable momentum, the 12-month sales trendline for the overall market kept its negative curve between Q4 2022 and Q1 2023. All Miami neighborhoods in our analysis continued reporting a negative 12-month trendline as well. While this generally indicates that the next quarter should come up soft, we, as real estate experts, expect the second quarter to come in strong, since we will be at the peak of high season. (Miami’s luxury condo market is cyclical in nature, alternating between high and low seasons every year.)



— Q1 2023 Miami Luxury Condo Market Prices


Q1 2023 Price per SF up 2.2% to highest-ever at $966/SF

Bucking national trends, Miami’s luxury condo market closed Q1-23 with a slight uptick in its year-over-year Price per Square Foot. A majority of the Miami neighborhoods under our review either reported gains or a flat price year-over-year.

Luxury condos in Fisher Island again delivered maximum gains for sellers, closing Q1-23 with the highest percentage increase in year-over-year Price per Square Foot. Prices in this sub-market increased from $1,881 in Q1-22 to $2,273 in Q1-23 – reporting a gain of 21%.

Fisher Island also continued being the most expensive zip code for luxury condos in Miami with a median price of $2,273 per square foot, while Downtown Miami emerged as the most affordable neighborhood in Q1-23, with a median price of $776 per square foot.


Q1 2023 Miami Luxury Housing Marktet – Price per Square Foot Stats

Neighborhood

Q1 2023

Q1 2022

% Change

Greater Downtown Miami*

$896

$799

+12.1%

Miami Beach**

$1,107

$1,098

+0.8%

Coconut Grove & Coral Gables

$806

$806

Flat

*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 2023 Miami Luxury Condo Stats – Days on Market


Q1 2023 Days on Market down -6.2% from Q1 2022 – Luxury condos took 76 days to sell

With a healthy sales momentum, luxury condos in Miami sold 6.2% faster than a year ago (76 days in Q1-23 vs. 81 days in Q1-22).

Most of the Miami neighborhoods under analysis posted a decline in the number of days luxury condos spent on the market before they were sold. Taking only 61 days to sell, Edgewater and Brickell (both mainland Miami neighborhoods) emerged as the fastest-selling markets this quarter. 

On the other hand, Fisher Island reported the highest days on market this first quarter, with properties taking 104 days to sell, which we will follow up on in our detailed Q1 2023 Luxury Condo Market Report for Miami Beach. 


Q1 2023 Miami Luxury Condo Market Stats – Days on Market 
 

Neighborhood

Q1 2023

Q1 2022

% Change

Greater Downtown Miami*

62

75

-17.3%

Miami Beach**

82

90

-8.9%

Coconut Grove & Coral Gables

84

50

+68%

 *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 2023 - Miami Luxury Condo Market Inventory 


Overall Inventory Up at 17 months

Up to 17 months from 6 months last March and the same as last December (close of Q4-22), Months of Inventory closed above the 9-12-month range of a balanced market, suggesting a buyer’s market, on paper at least.

Of all the neighborhoods under review, Fisher Island plus the combined neighborhood of Coconut Grove and Coral Gables reported the lowest months of inventory (12 months), with Edgewater (14 months) following close.

As expected, with more people listing in anticipation of high season, inventory levels inflated towards the end of 2022 and into the first two months of 2023. However, with momentum expectedly picking up as well, we see levels looking to normalize at the close of the first quarter. This, combined with what we’re seeing anecdotally, as real estate experts, we expect inventory levels to further correct closer to a balanced range over the next few months.

So, even as current levels suggest that the luxury condo market is in favor of buyers, the market stands in equilibrium, especially with prices stable or slightly up. Sellers are recommended to list their properties, confident in the fact that prices are at an all-time high, with no signs of crashing. On the other hand, investors should take the opportunity as more inventory has emerged on the market, giving them the advantage of choice and down-shifting interest rates. 


Q1 2023 Miami Luxury Condo Market Stats – Months of Inventory 

Neighborhood

Q1 2023

Q1 2022

% Change

Greater Downtown Miami*

18

8

+125%

Miami Beach**

17

7

+142.9%

Coconut Grove & Coral Gables

12

5

+140%

*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 2023 Miami Neighborhood Luxury Condo Market Summary

As predicted in our Q4 2022 summary report, Miami’s luxury condo market is off to a strong start. Even though the market has come a long way from the breakneck speed of 2022, normalized and robust sales activity is carrying the market toward a steady position – offering buyers and sellers a leveled playing field.

All other market indicators read positive as well – prices are mostly flat or higher than a year ago, the days on market may have seasonally increased but are still lower compared to the same quarter of 2022, and months of inventory for most neighborhoods have reduced quarter-over-quarter (read December 2022).



— Q1 2023 Miami Luxury Housing Market Predictions

With spring kicking off high season, we expect steady demand from deep-pocketed out-of-towners as well as foreign buyers to continue powering the luxury condo market moving into 2023. We’re also seeing a second wave of business migration in Miami, as more developers have announced building brand-new Class-A office projects, looking to attract businesses moving to Miami for tax savings and to flourish in an overall conducive environment.

As interest rates steadily decline after peaking in October 2022, we expect more buyers to get off the sidelines, letting go of any initial hesitation. This, combined with the recent uptick in inventory, will work to the advantage of buyers, as they can expect to find a bit more selection and a bit less competition in Miami’s luxury condo market, for now.

Considering Miami has been acknowledged as the second “prime” real estate market in the world by a recent Knight Frank Report, plus major commercial players have either already moved here or are in the process of setting up offices in South Florida, we expect healthy buyer demand to keep the market steady. Add to that great quality of life, nature-dominated landscape, sugar-sand beaches, plus a new wave of branded luxury condos such as Bentley Residences or The St. Regis Residences - and Miami offers a hard-to-beat package for domestic and international buyers alike.

As mentioned above, based on healthy buyer demand, we expect Miami’s luxury condo market to level out in 2023, shifting into a more balanced position as inventory corrects over the next quarter or two. As real estate experts, we recommend sellers list their properties with stable pricing in mind. For buyers, we recommend enjoying this extra wiggle room created by surplus inventory and locking down on their favorite work-from-home space or second home with great rental income opportunities. 

To stay tuned for our exclusive, in-depth analysis of the Q1 2023 luxury condo market in Miami, and subscribe to this blog as we will soon be rolling out separate reports for the overall Miami market, Miami Beach, Greater Downtown Miami, and Coconut Grove plus Coral Gables neighborhoods.


ARE WE FRIENDS ON SOCIAL MEDIA?
📣 Connect with us on Instagram, TikTok and YouTube📣



If you have specific questions about this data, or want a market assessment of your property, please reach out to us directly or via our social media @blackbookproperties.

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

Video: Inside Tour of The Residences at Mandarin Oriental Miami
Video Blog Video: Inside Tour of The Residences at Mandarin Oriental Miami
Eager to bring you an exclusive preview of the interiors, finishes, and other unique offerings available at The Residences at Mandarin Oriental Miami, we gathered our crew and headed straight to their newly opened sales gallery perched onsite surrounded by Biscayne Bay where the new residential tower will rise. Join us for an insider look at all the spoils and luxuries that await you in Brickell Key’s finest, most exclusive, and thoughtfully designed residences yet. In this video, Sep Niakan, veteran Miami real estate agent and Founding Broker of Blackbook Properties & condoblackbook.com, sits down with Adrian Gonzalez of the Mandarin Oriental Miami Residences for a quick chat and in-depth tour and review of the interiors, finishes and fixtures. Watch now to discover what sets this island sanctuary apart and why it deserves to be your prized residence.   — Sky Homes at The Residences at Mandarin Oriental With no more than five residences per floor and two-bedroom floor plans...
Brickell vs South Beach: Which Miami Neighborhood is Best for Luxury Living?
Lifestyle Brickell vs South Beach: Which Miami Neighborhood is Best for Luxury Living?
One is known for its legendary beaches and nightlife, the other for being the Manhattan of the South. But what’s it like to live these two famous Miami neighborhoods? Should you live in Brickell or South Beach? If you’re considering a move to Miami or the South Florida area, and want to know more about the basic differences between living in Brickell vs South Beach (SoBe), here’s our exclusive Insider review of these two iconic Miami neighborhoods to help you decide. — Lifestyle Differences Between South Beach and Brickell South Pointe - South Beach Of course, there is going to be some differences between these two neighborhoods, despite being less about 6 miles away from each other. The Brickell lifestyle is definitely more urban and corporate-chic compared to the laid-back beachy lifestyle of South Beach. Living in Brickell, like any metropolitan and financial district in a big U.S. city, you’ll see your fair share of Miami’s best-dressed professionals darting back and forth...
Q3 2024 Miami Luxury Condo Market Summary: Sales Down, Prices Up in Buyer’s Market
Real Estate News Q3 2024 Miami Luxury Condo Market Summary: Sales Down, Prices Up in Buyer’s Market
What’s Miami’s luxury real estate market been up to? Well, with an expected slowdown after a high-paced second quarter, Miami’s luxury housing market downshifted into a softer cycle in Q3 2024.  While there was a decline in sales volume, prices increased and the average number of days on the market remained consistent year-over-year. This indicates that Miami's luxury condo market remained steady even as it has transitioned into a buyer's market with moderate surplus of luxury inventory. But another trend has emerged, and that is the Miami market has established a new definition of luxury.   This third quarter, the combined neighborhood of Coconut Grove & Coral Gables, continued outperforming all other neighborhoods in our quarterly analysis by reporting the highest percentage sales growth, fastest time to sell/lowest days on market, and lowest levels of inventory.  As we head into the 4th quarter, which is historically known to be the slowest of the year, and with the...
Video Blog: Top 5 Luxury Condos in South of Fifth, Miami Beach
Real Estate News Video Blog: Top 5 Luxury Condos in South of Fifth, Miami Beach
Miami Beach attracts residents with its vibrant energy and stunning beaches, Art Deco architecture, and nightlife, but for those seeking an exclusive haven of luxury and tranquility, South of Fifth (SoFi) is the neighborhood to be in. This coveted area, nestled at the southern tip of Miami Beach, boasts pristine beaches, upscale dining, a beautiful park, and a collection of the most prestigious condo residences in the city. In our latest video, Sep Niakan, founding broker of Blackbook Properties & condoblackbook.com and veteran Miami real estate agent, gives you a rundown of the five most luxurious (and expensive) South of Fifth condos for your consideration. Take a look!   If one (or more!) of the buildings in the video has caught your eye, don’t hesitate to reach us by phone, email, or text and we’ll be happy to help you explore available residential options.  For a more detailed look, these are the most luxurious South of Fifth condos that make up our list: 5. ICON...
Video: Viceroy Residences Miami, Your Luxury Oasis in Brickell
Video Blog Video: Viceroy Residences Miami, Your Luxury Oasis in Brickell
Dive into a world of luxury at Viceroy Residences Miami, a new condo development redefining sophisticated living in the heart of Brickell. More than a high-rise, Viceroy offers a haven of tranquility and exclusivity, with a resort-style experience in the middle of the vibrant energy of Miami's financial district. In our latest video, Sep Niakan, veteran Miami real estate agent and Founding Broker of Blackbook Properties & condoblackbook.com, sits down with Valeria Lugo, VP of Sales for Viceroy Brickell to get an inside scoop on all the details that make this project one of the most anticipated in the city. Take a look! The new Viceroy Brickell will rise 45 stories and have 442 fully finished residences, including studios, one-, and two-bedroom units, with the penthouse collection featuring three bedrooms. Units will range from 485 square feet to 1,286 square feet, excluding penthouses. Also, the building will be part of a three-tower luxury complex which includes the opulent...
September 2024: Miami New Development and Pre-Construction Condo Update
Preconstruction September 2024: Miami New Development and Pre-Construction Condo Update
A total of six Miami pre-construction projects broke ground this September, of which three are located in Miami’s coveted Bay Harbor Islands – Solina Bay Harbor, the Bay Harbor Towers, and La Maré Signature Collection. After almost a year of inactivity, Abbhi Capital’s condo-hotel planned for Downtown Miami pushed for new permits. Midtown Development proposed a massive redevelopment of Coral Gables’ popular Sunset Place. And, three new condo projects secured key approvals. This month, we also had Midtown’s Standard Residences and Grove Isle’s Vita Residences top off ahead of their 2025 completion. Read on to find out which other condo projects broke ground this month, along with details on other updates, in our monthly Miami condo pre-construction news roundup for September 2024: September 2024 – Miami Condo Pre-Construction Market at a Glance Broke Ground Rivage – Bal Harbour West Eleventh Residences – Downtown Miami Residences at Six Fisher Island – Fisher Island Solina...