Kicking off 2024 on a robust note, the luxury condo market in Miami Beach welcomed a new era, where stable price gains and sales consistently outperforming pre-pandemic benchmarks have become the norm. With the high-paced second quarter just around the corner, we are excited to see how buyer enthusiasm unfolds in this premium beachside market, which has historically been home to some of the most coveted oceanfront addresses in Miami.

According to our luxury condo analysis for Q1 2024, Surfside and Bal Harbour emerged as the best-performing neighborhood in Miami Beach. In addition to leading sales growth in the first quarter, this pairing of upscale neighborhoods also emerged as the fastest-selling market in Miami Beach and reported one of the lowest levels of inventory—a nod to its growing popularity among luxury condo buyers in the area. 

On the other hand, South Beach offered sellers maximum value by recording the highest percentage price per square foot (14%) and median price (26%) gains in Miami Beach this quarter. Fisher Island remained the most expensive zip code in Miami Beach and overall Miami, while Sunny Isles Beach continued as the most affordable entry point into the luxury condo market on the beach. 

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, as well as against the overall Miami luxury condo trends and other real estate market statistics in Q1 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.

Q1 2024 - Miami Beach Overall Luxury Condo Market Highlights:

• Sales are down 9.1% year-over-year, but still higher than in 2020 and prior years, denoting a new normal.
• Sunny Isles Beach continued to be the highest volume contributor.
• The 12-month Sales Trendline stayed negative between Q4 2023 and Q1 2024.
• Price per Square Foot was up 8.1% year-over-year to the highest-ever at $1,197.
• Median Sales Price was flat year-over-year.
• Days on Market was flat year-over-year.
• Inventory was up 17.6% year-over-year to 20 months.
• Miami Beach continued as a balanced market despite buyer-friendly inventory levels.

Q1 2024 - Miami Beach Sub-neighborhood Highlights:

• Winners: Surfside and Bal Harbour (combined) led sales growth in Miami Beach with the highest percentage year-over-year increase (4%).
• The 12-Month Sales Trendline was negative across the board, except Fisher Island and Mid-North Beach.
• Winner: South Beach luxury condos offered maximum value to sellers in Miami Beach and the second-highest gains in all of Miami in Q1 2024, reporting a 14% increase in year-over-year Price per Square Foot.
• Winner: Fisher Island remained the most expensive neighborhood in all of Miami, priced at $1,839/sq. ft.
• Winner: Fisher Island continued as the most premium zip code in Miami and South Florida, reporting the highest Median Sales Price of $6.1 million.
• Winner: South Beach reported the highest percentage growth in year-over-year Median Sales Price at 26%.
• Winner: Surfside and Bal Harbour emerged as the fastest-selling market in Miami Beach, with luxury condos taking an average of only 67 days to sell.
• South Beach plus Surfside and Bal Harbour continued reporting the lowest levels of inventory (18 months) in Miami Beach, as well as the second-lowest in all of Miami, behind the combined neighborhood of Coconut Grove and Coral Gables (9 months).

Miami Beach Luxury Condo Market - Number of Sales Q1 2024 YoY 

Miami Beach Overall Luxury Condo Market - Median Sale Price Q1 2024 YoY

Miami Beach Luxury Condo Market - Median Sales Price/Sq. Ft. Q1 2024 YoY

— Table of Contents

1. Overall Q1 2024 Miami Beach Luxury Condo Market Trends
2. Q1 2024 South Beach Luxury Condo Market Trends
3. Q1 2024 Mid and North Beach Luxury Condo Market Trends
4. Q1 2024 Surfside & Bal Harbour Luxury Condo Market Trends
5. Q1 2024 Sunny Isles Beach Luxury Condo Market Trends
6. Q1 2024 Fisher Island Luxury Condo Market Trends
7. Conclusion - Q1 2024 Miami Beach Luxury Condo Market Report
   
   

— Overall Q1 2024 Miami Beach Luxury Condo Market Trends

Miami Beach: Luxury Condo Sales Down YoY

Consistent with the overall Miami market trend for Q1 2024, Miami Beach also reported a decline in year-over-year sales while surpassing quarterly volumes in 2020 and before. Further, these beachside neighborhoods reported an increase in quarter-over-quarter sales, indicating a surge in activity following a slow winter, which is a typical pattern for Miami's seasonal luxury condo market.

Below are the key Q1 2024 Sales statistics for Miami Beach:

• Q1 2024 vs Q1 2023. Sales decreased 9.1% year-over-year, down from 230 in Q1 2023 to 209 sales in the same quarter this year. (Fig.1.1)
• What's worth noting is that sales in Q1 2024 exceeded those recorded in 2020 and earlier years, even though volumes were shy of reaching the exceptional highs noted in the past three years. This confirms a significant shift in sales benchmarks compared to the pre-pandemic market when quarterly volumes would generally range between 70 and 170, indicating a permanent expansion and establishment of a new normal in this beachside market. (Fig. 2.1)
• Q1 2024 vs Q4 2023. Sales increased 29.8% quarter-over-quarter, up from 161 in the previous quarter to 209 in Q1 2024. (Fig. 1)
• Sunny Isles Beach continued to be the highest volume contributor for the ninth quarter in a row, reporting a total of 80 sales in Q1 2024.
• Surfside and Bal Harbour (combined) led market growth in this beachside grouping by reporting the highest percentage increase in year-over-year sales (4%).

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

• January closed with 56 sales versus 58 sales noted during the same month last year.
• February closed with 67 condo sales compared to 68 for the same period in 2023.
• March closed with 86 sales, significantly lower than the 104 sales noted in the comparable month of 2023.

The Sales Trendline of Fig. 2.3 remained negative between Q4 2023 and Q1 2024, indicating a slowdown for the next quarter. As luxury real estate experts, we recommend reading this as a sign that this year's peak season (historically Q2) will be softer than the supercharged market of the past few years.

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

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

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

Miami Beach: Luxury Condo Prices Up YoY

Echoing the positive mood of the overall market, this beachside grouping also reported an increase in year-over-year Price per Square Foot, with only a slight deviation of reporting a flat Median Sales Price versus an increase noted in the overall Miami market. Below are the Key Price stats for Q1 2024:

• Q1 2024 vs Q1 2023. Price per Square Foot increased 8.1% year-over-year, up from $1,108 in Q1 of the previous year to a peak of $1,197 in the comparable quarter of 2024. (Fig. 1.1)
• Q1 2024 vs Q4 2023. Price per Square Foot increased 6.4% quarter-over-quarter, up from $1,125 in the previous quarter to $1,197 in Q1 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 its highest-ever level in recorded history – indicating that sellers continued receiving top dollar for their properties in these beachside neighborhoods, with most deals affording gains.
• Q1 2024 vs Q1 2023. Median Sales Price stayed mostly flat year-over-year, adjusting only 1.2%, marginally up from $2,050,000 in Q1 last year to $2,075,000 for the same quarter this year. (Fig. 1.1)

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

Miami Beach: Days on Market Up QoQ, Flat YoY

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

• Q1 2024 vs Q1 2023. Luxury condos spent the same number of days on the market as a year ago, reporting no change in year-over-year stats and indicating steady demand for luxury condos in this beachside grouping. (Fig. 1.1)
• Q1 2024 vs Q4 2023. Luxury condos spent 13 more days on the market compared to Q4 2023, reporting an 18.6% increase in quarter-over-quarter DOM. (Fig. 1)
• At 83 days, the statistic indicates a marked improvement in buyer-seller communication compared to the pre-pandemic market, where listings would spend more than 100 days on the market, on average. (Fig. 4)

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

Miami Beach: Luxury Condo Inventory Up YoY

Q1 2024 closed with 20 months of inventory. As expected, inventory reported increases as listings filled the market ahead of high season (a typical pattern for Miami's seasonal luxury condo market). Echoing the overall Miami trend of an increase in year-over-year as well as quarter-over-quarter numbers, luxury condos in Miami Beach reported the following inventory stats for Q1 2024:

• On a quarter-over-quarter basis, inventory increased from 19 months in December 2023 to 20 months in March this year, recording a 5.3% increase. (Fig. 5)
• On a year-over-year basis, inventory was up from 17 months in March 2023 to 20 months in the same period this year, reporting a 17.6% increase.

Considering a balanced market should hold only 9 to 12 months' worth of inventory, at 20 months levels indicate a buyer-friendly mood. However, given that inventory typically increases ahead of peak season as more sellers enter the market and based on our day-to-day interactions with buyers, we suggest viewing this as a balanced market that offers buyers and sellers equal power at the negotiation table.

As luxury real estate experts, we anticipate that inventory will remain above the 9–12-month benchmark throughout 2024, giving buyers extra wiggle room in terms of choices and negotiations, even as the overall market continues to offer equal value to both buyers and sellers.

Those looking to live close to the water or on the beach in Miami can use our exclusive search engine to find Miami Beach condos for sale.

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

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 six months.

— Q1 2024 South Beach Luxury Condo Market Trends

South Beach: Luxury Condo Sales Down YoY

Partly deviating from the overall Miami trend of higher quarter-over-quarter sales and lower year-over-year volume, South Beach reported the following sales statistics for Q1 2024:

• Q1 2024 vs Q1 2023. Sales declined 20.3% year-over-year, down from 64 in Q1 of the previous year to 51 sales in Q1 this year. (Fig. 6.1)
• It's worth noting that sales in this beachside neighborhood mostly exceeded pre-pandemic levels, in line with the paradigm shift noted in the overall Miami market. (Fig. 7.1)
• Q1 2024 vs Q4 2023. Sales decreased 3.8% quarter-over-quarter, slightly down from 53 in the previous quarter to 51 sales in Q1 2024. (Fig. 6)

With the market still rebounding from its slower-paced holiday mood, the 12-month Sales Trendline stayed negative between Q4 2023 and Q1 2024.

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

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

South Beach Luxury Condo Prices: 2nd-Highest % Gains in Miami Overall

Reflecting the overall Miami market 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 Q1 2024:

• Q1 2024 vs Q1 2023. Price per Square Foot increased 14%, up from $1,225 in Q1 2023 to an all-time high of $1,397 in Q1 2024. (Fig. 6.1)
• Q1 2024 vs Q4 2023. Price per Square Foot reported an uptick of 18.1%, up from $1,183 in the previous quarter to $1,397 in Q1 2024. (Fig. 6)
• In addition to reporting its highest-ever price per square foot at $1,397 (Fig. 8), South Beach posted the highest percentage growth in Miami Beach and the second-highest year-over-year price gains (14%) in Miami overall. This demonstrates how sellers in this world-class beach destination received top value for their luxury condos in Q1 2024.
• Q1 2024 vs Q1 2023. Median Sales Price jumped 26%, up from $1,825,000 in Q1 last year to $2,300,000 for the same quarter this year. (Fig. 6)

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

South Beach: Days on Market Up QoQ & YoY

Days on Market was up 8% year-over-year. Following the overall Miami market trend of an increase in quarter-over-quarter and year-over-year numbers, South Beach reported the following Days on Market (DOM) statistics:

• Q1 2024 vs Q1 2023. Luxury condos spent six more days on the market compared to Q1 from the previous year, posting an 8% increase in year-over-year stats. (Fig. 9)
• Q1 2024 vs Q4 2023. Luxury condos spent 14 more days on the market than the previous quarter, recording a 20.3% increase in quarter-over-quarter DOM.
• At 83 days, the statistic indicates that buyer-seller communication softened compared to a year ago. However, this was still an improvement compared to the pre-pandemic market, where it would typically take over 100 days to sell a property.

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

South Beach Luxury Condo Inventory Up YoY – One of Lowest in Miami Beach

Q1 2024 closed with 18 months of inventory. In step with the overall Miami trend, South Beach reported an increase in year-over-year as well as quarter-over-quarter inventory:

• On a quarter-over-quarter basis, inventory was up from 17 months last December to 18 months in March this year, reporting a 5.9% increase. (Fig. 10)
• On a year-over-year basis, inventory increased from 15 months in March last year to 18 months in March this year, reporting an uptick of 20%.
• At 18 months, inventory closed above the 9-12-month range of a balanced market, indicating a shift into a buyer's market. However, a closer look at overall trends and the broader market perspective shows that the market remained balanced, offering equal value and opportunity to both buyers and sellers.
• For the fourth quarter in a row, South Beach tied with Surfside & Bal Harbour to report the lowest inventory levels in Miami Beach. The vacation hotspot also reported the second-lowest levels in all of Miami, behind the combined neighborhood of Coconut Grove and Coral Gables (9 months).

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

— Q1 2024 Mid and North Beach Luxury Condo Market Trends

Mid-North Beach: Luxury Condo Sales Flat YoY

Partly deviating from the overall Miami trend of higher quarter-over-quarter sales and lower year-over-year volumes, Mid-North Beach reported the following key sales statistics:

• Q1 2024 vs Q1 2023. Sales remained flat year-over-year, adjusting only 2.4%, slightly up from 42 in Q1 last year to 43 sales in Q1 this year. (Fig. 11.1)
• Reporting a significant improvement over pre-pandemic sales benchmarks, similar to the overall market, Mid-North Beach continued posting higher sales than in any comparable quarter of 2019 or earlier years.
• Q1 2024 vs Q4 2023. Sales jumped 87% quarter-over-quarter, up from 23 in the previous quarter to 43 in Q1 2024. (Fig. 11)

With the market gaining momentum ahead of peak season, the 12-month Sales Trendline of Fig. 12.2 transitioned from a negative curve in Q4 2023 to a positive trajectory in Q1 2024.

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

Mid-North Beach: Luxury Condo Prices Down YoY

Partly deviating from the overall Miami market trend of a higher year-over-year Price per Square Foot and Median Price, luxury condos in Mid-North Beach reported the following Key Price Statistics for Q1 2024:

• Q1 2024 vs Q1 2023. Price per Square Foot declined 5.8%, down from $1,143 in Q1 2023 to $1,077 in the same quarter of 2024. (Fig. 11.1)
• Q1 2024 vs Q4 2023. Price per Square Foot increased 17.4%, up from $918 in the previous quarter to $1,077 in Q1 2024. (Fig. 11)
• A closer look at the 5-year snapshot of quarterly luxury condo prices below (Fig. 13), shows that luxury condo prices in Mid-North Beach again closed in the higher ranges, indicating that sellers continued receiving great value for their luxury condo investments.
• Q1 2024 vs Q1 2023. Median Sales Price increased 10.3%, up from $1,700,000 in Q1 last year to $1,875,000 for the comparable quarter of this year. (Fig. 11.1)

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

Mid-North Beach: Days on Market Up QoQ & YoY

Days on Market was up 12% year-over-year. Consistent with the overall Miami market trend of an increase in quarter-over-quarter and year-over-year numbers, Mid-North Beach

reported the following Days on Market (DOM) statistics:

• Q1 2024 vs Q1 2023. Luxury condos spent 10 more days on the market compared to a year ago, reporting a 12% increase in year-over-year DOM. (Fig. 14)
• Q1 2024 vs Q4 2023. Luxury condos spent 43 more days on the market than the previous quarter, recording an 81% increase in quarter-over-quarter stats.
• At 96 days, it might seem that buyer-seller communication may have hit a bottleneck in Mid-North Beach. However, it is important to note that even a few re-listings (units previously taken off the market and making a comeback ahead of peak season) could have a volatile effect on statistics in this relatively smaller market.

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

Mid-North Beach: Luxury Condo Inventory Up YoY to Highest in Miami Beach

Q1 2024 closed with 24 months of inventory. Echoing the overall Miami trend of an increase in year-over-year as well as quarter-over-quarter inventory, luxury condos in Mid-North Beach reported the following stats for Q1 2024:

• On a quarter-over-quarter basis, inventory was up from 23 months in December 2023 to 24 months in March this year, recording a 4.3% increase. (Fig. 15)
• On a year-over-year basis, inventory increased from 15 months in March 2023 to 24 months in March this year, posting a 60% uptick.
• At 24 months, Mid-North Beach reported the highest levels of inventory of all the Miami Beach neighborhoods in our quarterly review, offering buyers a wider range of choices in an otherwise balanced market.

Mid-Beach and North-Beach Months of Inventory from Mar. 2019 to Mar. 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.

— Q1 2024 Surfside & Bal Harbour Luxury Condo Market Trends 

Surfside & Bal Harbour: Leads Sales Growth in Miami Beach

Positively deviating from the overall Miami trend of higher quarter-over-quarter sales and lower year-over-year volumes, luxury condos in Surfside & Bal Harbour reported the following key statistics:

• Q1 2024 vs Q1 2023. Sales increased 3.7% year-over-year, up from 27 a year ago to 28 sales in Q1 this year. (Fig. 16.1)
• Along with leading sales trends in Miami Beach by recording the highest percentage growth in year-over-year volumes, Surfside and Bal Harbour reported higher quarterly volumes than those noted in 2020 and previous years, demonstrating a shift into the new normal discussed earlier in this report. (Fig. 17.1)
• Q1 2024 vs Q4 2023. Sales increased 27.3% quarter-over-quarter, up from 22 in the previous quarter to 28 sales in Q1 2024. (Fig. 16)

With the market still building momentum after a slow winter, the 12-month Sales Trendline of Fig. 17.2 maintained its negative trajectory from Q4 2023 to Q1 2024.

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

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

Surfside & Bal Harbour: Luxury Condo Prices Up YoY

Echoing the overall Miami market trend of a higher year-over-year Price per Square Foot and Median Price, luxury condos in Surfside & Bal Harbour reported the following key price statistics for Q1 2024:

• Q1 2024 vs Q1 2023. Price per Square Foot increased 2.8%, up from $1,177 in Q1 2023 to $1,210 for the same quarter in 2024. (Fig. 16.1)
• Q1 2024 vs Q4 2023. Price per Square Foot declined 24%, down from $1,592 in the previous quarter to $1,210 in Q1 2024. (Fig. 16)
• A look at the five-year snapshot of quarterly luxury condo prices below (Fig. 18), shows that prices closed in the mid-ranges, showing that most sellers received good value for their luxury condo properties in this upscale neighborhood pairing.
• Q1 2024 vs Q1 2023. Median Sales Price increased 23%, up from $2,500,000 in Q1 last year to $3,075,000 in Q1 this year. (Fig. 16.1)

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

Surfside & Bal Harbour: Days on Market Down QoQ, Up YoY – Fastest-selling in Miami Beach

Days on Market was up 4% year-over-year. Partly deviating from the overall Miami market trend of an increase in quarter-over-quarter and year-over-year numbers, Surfside & Bal Harbour reported the following Days on Market (DOM) statistics:

• Q1 2024 vs Q1 2023. Luxury condos spent three more days on the market compared to Q1 of the previous year, reporting a 4% increase in year-over-year DOM. (Fig. 19)
• Q1 2024 vs Q4 2023. Luxury condos spent 18 fewer days on the market compared to Q4 2023, recording a 26.9% decline in quarter-over-quarter stats.
• Taking only 67 days to market, Surfside & Bal Harbour emerged as Miami Beach's fastest-selling market in Q1 2024, indicating positive buyer-seller communication and swifter closings.

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

Surfside & Bal Harbour: Luxury Condo Inventory Up YoY – Also Lowest in Miami Beach

Q1 2024 closed with 18 months of inventory. Following the overall Miami trend, Surfside & Bal Harbour reported an increase in year-over-year as well as quarter-over-quarter stats:

• On a quarter-over-quarter basis, inventory was up from 17 months in December 2023 to 18 months in March this year, recording a 5.9% increase. (Fig. 20)
• On a year-over-year basis, inventory increased from 14 months in March last year to 18 months in March this year, reporting a 22.2% uptick.
• At 18 months, although levels hint at a buyer-friendly market as inventory closed above the ideal 9-12-month range, the overall market mood remains balanced, carrying equal value and opportunity for buyers and sellers.
• Surfside & Bal Harbour tied with South Beach to report the lowest inventory levels in Miami Beach for the fourth consecutive quarter. The pair of upscale neighborhoods also reported the second-lowest inventory of all the Miami neighborhoods under our review, only behind Coconut Grove and Coral Gables (9 months).

Surfside & Bal Harbour Months of Inventory from Mar. 2019 to Mar. 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.

— Q1 2024 Sunny Isles Beach Luxury Condo Market Trends

Sunny Isles Beach: Luxury Condo Sales Down YoY – Highest Volume Contributor

Echoing the overall Miami trend of higher quarter-over-quarter sales and lower year-over-year volumes, Sunny Isles Beach reported the following key sales statistics:

• Q1 2024 vs Q1 2023. Sales declined 8% year-over-year, down from 87 in Q1 of the previous year to 80 sales in Q1 2024. (Fig. 21.1)
• Sunny Isles Beach continued reporting the maximum volume out of all the Miami Beach neighborhoods in our quarterly watch.
• First-quarter sales were higher than those in Q4 2020 and all other previous quarters, demonstrating this beachfront market's shift into a new normal with higher sales benchmarks, much like the overall Miami market. (Fig. 22.1)
• Q1 2024 vs Q4 2023. Sales jumped 37.9% quarter-over-quarter, up from 58 in the previous quarter to 80 in Q1 2024. (Fig. 21)

Even with the market picking up pace ahead of peak season in Q2, the 12-month Sales Trendline of Fig. 22.2 stayed negative between Q4 2023 and Q1 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

Sunny Isles Beach: Luxury Condo Prices Up YoY

Partly consistent with the overall Miami trend of a higher year-over-year Price per Square Foot and Median Price, luxury condos in Sunny Isles Beach reported the following key price statistics for Q1 2024:

• Q1 2024 vs Q1 2023. Price per Square Foot increased 6.8%, up from $888 in Q1 2023 to $948 for the same quarter in 2024. (Fig. 21.1)
• Q1 2024 vs Q4 2023. Price per Square Foot stayed flat quarter-over-quarter, adjusting only 0.7%, marginally up from $941 in the previous quarter to $948 in Q1 2024. (Fig. 21)
• Closing at $948/square foot Sunny Isles Beach continued to offer buyers the most affordable entry point into Miami Beach's luxury condo market. However, as mentioned in earlier reports, with several branded projects in the works, such as the Bentley Residences and St. Regis Residences, the price situation in this upscale beach town is poised to upturn.
• A closer look at the five-year snapshot of Quarterly luxury condo prices below (Fig. 17), shows that prices again closed in the higher ranges, offering sellers incredible value for their luxury properties.
• Q1 2024 vs Q1 2023. Median Sales Price decreased by 3.3%, down from $2,000,000 in Q1 2023 to $1,935,000 in Q1 this year. (Fig. 21.1)

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

Sunny Isles Beach: Days on Market Up QoQ, Down YoY

Days on Market was down 17% year-over-year. In contrast to the overall Miami market trend of an increase in quarter-over-quarter and year-over-year numbers, Sunny Isles Beach reported the following Days on Market (DOM) statistics:

• Q1 2024 vs Q1 2023. Luxury condos spent 15 fewer days on the market compared to Q1 last year, reporting a 17% decrease in year-over-year stats. (Fig. 24)
• Q1 2024 vs Q4 2023. Luxury condos spent four more days on the market compared to the previous quarter, recording a 5.9% increase in quarter-over-quarter DOM.
• At 72 days, luxury condos sold at a relatively healthy pace in this branded condo corridor, showing positive buyer-seller communication.

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

Sunny Isles Beach: Inventory Flat YoY

Q1 2024 closed with 20 months of inventory. Moving against the overall Miami trend of an increase in year-over-year as well as quarter-over-quarter numbers, Sunny Isles

Beach reported the following contrasting statistics:

• On a quarter-over-quarter basis, inventory was down from 21 months in December 2023 to 20 months in March this year, recording a 4.8% decline. (Fig. 25)
• On a year-over-year basis, inventory stayed flat at 20 months between March 2023 and this year.
• At 20 months, inventory closed above the 9-12-month range of an ideal market, giving buyers more choices within their desired price range in an otherwise balanced (overall) market.

Sunny Isles Beach Months of Inventory from Mar. 2019 to Mar. 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.

— Q1 2024 Fisher Island Luxury Condo Market Trends

Fisher Island: Luxury Condo Sales Down YoY

Reflecting the overall Miami trend of higher quarter-over-quarter sales and lower year-over-year volumes, luxury condos in Fisher Island reported the following key sales statistics:

• Q1 2024 vs Q1 2023. Sales declined 30% year-over-year, down from 10 in Q1 last year to seven sales in Q1 this year. (Fig. 26.1)
• Q1 2024 vs Q4 2023. Sales increased 40% quarter-over-quarter, up from five in the previous quarter to seven in Q1 2024. (Fig. 26)

The 12-month Sales Trendline of Fig. 27.2 transitioned into a positive trajectory in Q1 2024 from a negative curve in Q4 2023 as momentum picked up in anticipation of peak season.

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

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

Fisher Island: Luxury Condo Price Per Square Foot Down YoY – Still Most Expensive in Miami Overall

Partly deviating 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 Statistics for Q1 2024:

• Q1 2024 vs Q1 2023. Price per Square Foot declined 17.4%, down from $2,226 in Q1 2023 to $1,839 for the comparable quarter this year. (Fig. 26.1)
• Q1 2024 vs Q4 2023. Price per Square Foot stayed flat quarter-over-quarter, adjusting only -0.8%, marginally down from $1,854 in the previous quarter to $1,839 in Q1 2024. (Fig. 26)
• A look at the five-year snapshot of quarterly luxury condo prices below (Fig. 28), reveals that prices again closed in the higher ranges, indicating that sellers consistently receive top value for their luxury condos in this exclusive island community.
• Fisher Island maintained its status as the most expensive neighborhood for luxury condos in Miami and South Florida, recording the highest price per square foot and the median sales price in Q1 2024.
• Q1 2024 vs Q1 2023. Median Sales Price increased 8.4%, up from $5,625,000 in Q1 last year to $6,100,000 in Q1 2024. (Fig. 26.1)

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

Fisher Island: Days on Market Down QoQ, Flat YoY

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

• Q1 2024 vs Q1 2023. Luxury condos spent two more days on the market compared to Q1 last year, reporting almost flat (+2%) year-over-year numbers. (Fig. 29)
• Q1 2024 vs Q4 2023. Luxury condos spent 153 fewer days on the market compared to the previous quarter, recording a 59% drop in quarter-over-quarter DOM.
• At 106 days, the statistic indicates a stable market pace with healthy buyer-seller communication in this island neighborhood.

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

Fisher Island: Luxury Condo Inventory Up YoY

Q1 2024 closed with 22 months of inventory. Consistent with the overall Miami market trend of an increase in year-over-year and quarter-over-quarter numbers, Fisher Island reported the following inventory stats for Q1 2024:

• On a quarter-over-quarter basis, inventory was up from 17 months in December 2023 to 22 months in March this year, posting a 29.4% increase. (Fig. 30)
• On a year-over-year basis, inventory increased from 12 months in March 2023 to 22 months in the same month this year,reporting an 83.3% uptick.
• At 22 months, inventory ranged above the ideal 9-12 months showing signs of a shift towards a buyer-friendly market. However, in the interim, buyers and sellers have equal opportunities in Miami's balanced luxury condo market.
  
  

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Fisher Island Months of Inventory from Mar. 2019 to Mar. 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 - Q1 2024 Miami Beach Luxury Condo Market Report

Based on the data for Q1 2024, Miami Beach's luxury condo market has clearly grown to report new benchmarks with higher sales and prices compared to those observed in 2020 or earlier. Although first-quarter sales were slower than a year ago, most neighborhoods reported an uptick in quarter-over-quarter volumes, demonstrating that this robust market continued operating in sync with historical patterns even as it established a new normal.

Considering most neighborhoods reported a negative 12-month Sales Trendline in Q1 2024—except Mid-North Beach and Fisher Island—as luxury housing experts, we read this as a sign of a softer peak season as opposed to a complete slowdown, given that the second quarter is historically the strongest of the year.

In Q1 2024, Surfside and Bal Harbour (combined) emerged as the most popular neighborhood in Miami Beach, leading year-over-year sales growth trends, while all other neighborhoods in this luxury condo analysis reported a decline.

In terms of pricing, Fisher Island continued as the undisputed winner. The exclusive island—a hotspot among celebrities and ultra-high-net-worth individuals from around the world—continued topping the charts for most expensive zip code in Miami and South Florida by reporting the highest price per square foot ($1,839) as well as median sales price ($6.1 million).

In a closer analysis, properties in South Beach afforded sellers the highest percentage gains in year-over-year price per square foot (14%) as well as median sales price (26%). On the other hand, Sunny Isles Beach continued offering the most affordable entry point into luxury condos in Miami Beach by reporting an attractive price of $948/square foot.

With luxury condos taking only 67 days to sell on average, Surfside and Bal Harbour emerged as the fastest-selling market in this beachside grouping. While most neighborhoods reported an increase in year-over-year Days on Market, echoing the overall Miami market trend, only Sunny Isles Beach reported a decline.

As predicted in our Q4 2023 luxury housing report, inventory was higher across the board. For a fourth consecutive quarter, South Beach plus Surfside and Bal Harbour (combined) reported the lowest levels of inventory in Miami Beach at 18 months. 

Overall, in Miami Beach, with inventory ranging above the ideal 9–12-month benchmark, this beachside grouping is showing signs of a shift toward a buyer-friendly market. However, in our experience the market is still offering equal value to buyers and sellers. We will be closely monitoring how the market reacts to higher inventory levels throughout 2024.

As real estate experts, we expect the following factors to influence market direction going forward in 2024:

• Considering incoming wealthy families seeking larger condos with a minimum of three bedrooms, well-compensated remote workers, all-cash-buying tech workers, and Canadian investors are adding to the buyer demographic in Miami, we expect the demand for luxury condos to keep growing, even if at a more stable pace.
• Considering Knight Frank's latest wealth report states that Miami's annual price growth stabled at 6.5% over 2023 and will continue to grow throughout 2024, paired with our tax-friendly landscape, we expect to attract more of the world's elite and ultra-high-net-worth individuals to our relaxing seaside.
• On the other hand, we expect sticky mortgage rates and the recent association fee hikes to dampen the market mood this year.
• Considering a steady stream of pre-construction deliveries over the next 1-2 years, paired with stable market momentum, we expect inventory to still range above its ideal levels throughout 2024, setting the stage for a buyer-friendly market to make its comeback.
  
  

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If you have any questions or comments about the stats or are interested in buying or selling a Miami Beach condo in one of these neighborhoods, please contact us directly and we'll happily guide you through any of these processes.