Q2 2022 Greater Downtown Miami Luxury Condo Market Report - Downtown Leads Miami Growth

Q2 2022 Greater Downtown Miami Luxury Condo Market Report - Downtown Leads Miami Growth

Aug 19, 2022 August 19, 2022

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In the perfect follow-up to a 
grand first-quarter opening, neighborhoods in the Greater Downtown Miami area reported their highest-ever sales in a quarter – reaching new heights in terms of growth and popularity. In Q2 2022, this mainland district did exceptionally well – again outpacing the Miami Beach markets for the second quarter in a row as well as going against the slowdown noted in the overall market.

Bucking the trend in Q2 2022, Downtown Miami took over as the most popular neighborhood in Miami – outpacing Edgewater and Brickell. Downtown not only posted the highest percentage sales growth out of all Greater Downtown Miami sub-markets but also Miami overall.

Sellers in Greater Downtown received great value for their luxury condos in Q2 2022, as price per square foot maintained its upward trek across neighborhoods. Keeping volumes and prices high, Greater Downtown Miami continued to be the market to watch for buyers and investors alike. This, coupled with inventory keeping to its lowest levels showed how sellers ruled the luxury condo market in Miami's urban core.

Quick summary of Q2 2022 for the Greater Downtown Miami area includes:

  • Brickell had the most sales volume (133 sales)
  • Downtown Miami had the greatest sales growth YoY (63.6%)
  • Downtown & Edgewater posted the highest median sales price ($1.5 million)
  • Edgewater posted the highest price per square foot ($883)

Read below for our exclusive and in-depth analysis on how Greater Downtown, Edgewater, Brickell, and Downtown Miami performed over Q2 2022, along with a detailed comparison to the overall Miami luxury condo market trends in terms of sales, prices, days on market, and inventory.

Overall Greater Downtown Miami Luxury Condo Markets at a Glance - Q2 2022 YoY (Number of Sales)

Overall Greater Downtown Miami Luxury Condo Markets at a Glance - Q2 2022 YoY (Number of Sales)

Overall Greater Downtown Miami Luxury Condo Markets at a Glance - Q2 2022 YoY (Median Sales Price)

Overall Greater Downtown Miami Luxury Condo Markets at a Glance - Q2 2022 YoY (Median Sales Price)

Overall Greater Downtown Miami Luxury Condo Markets at a Glance - Q2 2022 YoY (Median SP/SqFt)

Overall Greater Downtown Miami Luxury Condo Markets at a Glance - Q2 2022 YoY (Median SP/SqFt)

For this report, we've only included areas with zipcodes 33129, 33130, 33131, 33132, 33137 – Brickell Hammock, Brickell, Brickell Key, Downtown Miami, Arts & Entertainment District, Edgewater, Wynwood, Midtown and the Design District. This luxury condo market report only features properties priced $1 million and above, and generally does not include pre-construction condo sales.


Q2 2022 - Greater Downtown Miami Area Luxury Condo Market Highlights

  • Sales at all-time high with 38.3% year-over-year growth – Downtown was the highest percentage contributor
  • 12-month Sales Trendline stayed positive for a 7th consecutive quarter -- Q4 2020 through to Q2 2022 – indicating robust momentum
  • Price per Square Foot up 15% year-over-year to a new peak of $832 -- highest in more than 6 years
  • Median Sales Price down -5.4% year-over-year
  • Days on Market down year-over-year to new low
  • Inventory down 42.9% year-over-year to 8 months
  • Greater Downtown Miami thrives as a seller's market


Q2 2022 - Greater Downtown Sub-neighborhood Highlights

  • Winner: Downtown leads 2Q sales growth in Greater Downtown and Miami overall with highest percentage (64%) year-over-year increase
  • 12-Month Sales Trendline positive across the board
  • Winner: Edgewater luxury condos offered maximum value to sellers in Greater Downtown Miami with highest percentage growth (21%) in year-over-year Price per Sq. Ft.
  • Winner: Downtown & Edgewater reported the highest Median Sales Price of $1.5 million
  • Winner: Edgewater continued as the most expensive neighborhood in Greater Downtown, priced at $883/Sq. Ft.
  • Winner: Edgewater posted the highest percentage decline in year-over-year Days on Market (-60%), emerging as the quickest market to sell luxury condos
  • Inventory was at its lowest across the board (8 months)


Table of Contents

  1. Greater Downtown Miami Luxury Condo Sales Trends
  2. Greater Downtown Miami Luxury Condo Price Trends
  3. Greater Downtown Miami Luxury Condo Days on Market Trends
  4. Greater Downtown Miami Luxury Condo Inventory Trends
  5. Edgewater Neighborhood Trends - Overall Sales
  6. Edgewater Neighborhood Trends - Sales Price, Price/Square Foot
  7. Edgewater Neighborhood Trends - Days on Market
  8. Edgewater Neighborhood Trends - Inventory
  9. Brickell Neighborhood Trends - Overall Sales
  10. Brickell Neighborhood Trends - Sales Price, Price/Square Foot
  11. Brickell Neighborhood Trends - Days on Market
  12. Brickell Neighborhood Trends - Inventory
  13. Downtown Neighborhood Trends - Overall Sales
  14. Downtown Neighborhood Trends - Sales Price, Price/Square Foot
  15. Downtown Neighborhood Trends - Days on Market
  16. Downtown Neighborhood Trends - Inventory
  17. Conclusion 

Q2-2022 Greater Downtown Miami Luxury Condo Market Summary - Fig. 1

Quarters

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

Q2-2022

224

38.3%

$1,360,000

-5.4%

$832

15.0%

57

Q2-2021

162

$1,437,500

$724

98



Q2-2022 Greater Downtown Miami Luxury Condo Market Summary - Fig. 1.1

Quarters

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

Q2-2022

224

6.7%

$1,360,000

-6.2%

$832

4.1%

57

Q1-2022

210

$1,450,000

$799

76


Greater Downtown Miami Luxury Condo Market Trends: Sales Peak to Highest-ever

Q2 2022 Sales up 38.3% YOY - Highest-ever in a Quarter - Positive Trendline

Continuing its winning streak from Q1, even as the Miami Beach neighborhoods and overall Miami market lost steam, the mainland (collectively) posted a new sales high in Q2 2022. With 224 sales, the Greater Downtown Miami area reported its highest sales volume in a quarter yet:

  • Q2 2022 vs Q2 2021. Sales increased 38.3% year-over-year, up from 162 in Q2 2021 to an incredible 224 sales in the same quarter of 2022. (Fig. 1)
  • Q2 2022 vs Q1 2021. Sales increased 6.7% quarter-over-quarter, up from 210 in Q1 to 224 sales in Q2 this year. (Fig. 1.1)
  • Fig. 2.1 shows how sales peaked to their highest volume in Q2 2022, outperforming all the previous quarters under review (and before from market observation).
  • Brickell continued as the highest contributor in terms of volume (133 sales). However, Downtown Miami took over as the highest percentage contributor (64% YoY) to sales growth seen in the Greater Downtown area.
  • Looking into the Monthly Sales trends of Fig. 2.2, April reported 79 sales, May posted 94 sales, while numbers dipped in June to 52.
  • As predicted in our Greater Downtown Miami market report for Q1 2022, this mainland grouping continued growing at a feverish pace, setting a new quarterly record for sales. However, considering numbers did drop by the tail-end of the second quarter and the overall market trend of cooling momentum, we, as luxury condo experts, expect the third quarter to close on a softer note.

Owing to consistent buyer demand for luxury condos in Greater Downtown Miami (outpacing even that of Miami Beach neighborhoods for the second quarter in a row), the 12-month Sales Trendline of Fig. 2.3 stayed positive for a 7th consecutive quarter - continuing its upward trajectory from Q4 2020 through to Q2 2022.

Greater Downtown Miami Luxury Condo Quarterly Sales 2015 - 2022 - Fig. 2.1

Greater Downtown Miami Luxury Condo Monthly Sales from Jan. 2016 to Jun. 2022 - Fig. 2.2

Greater Downtown Miami Luxury Condo Monthly Sales from Jan. 2016 to Jun. 2022 - Fig. 2.2

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

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


Greater Downtown Miami Luxury Condo Price per Square Foot
Peaks to Highest-ever

Q2 2022 Price/Square Foot up 15% to a new peak of $832, Median Price down -5.4% year-over-year 

Consistent with the overall market trend of higher year-over-year price per square foot and a lower median price, Greater Downtown Miami also reported the same trends: 

  • Price per Square Foot increased by 15%, up from $724 in Q2 2021 to a new peak of $832 in Q2 this year. (Fig. 1.1)
  • Sellers continued receiving the best value for their luxury condos in this mainland district as Q2 closed with the highest Price per Square Foot yet. (Fig. 3)
  • Median Sales Price decreased by -5.4%, down from $1,437,500 in Q2 last year to $1,360,000 for the same quarter in 2022. (Fig. 1.1)
  • This inconsistency in year-over-year Price per Square Foot and Sales Price trends could be due to sales of smaller (in size) condos leading the quarter. Smaller condos with better amenity packages tend to fetch a higher price per square foot.

Greater Downtown Miami Luxury Condo Quarterly Price per Sq. Ft. 2017-2022 - Fig. 3

Greater Downtown Miami Luxury Condo Quarterly Price per Sq. Ft. 2017-2022 - Fig. 3


Days on Market Down QoQ & YoY in Greater Downtown Miami 

41.8% decline in year-over-year Days on Market (DOM)

In line with the overall Miami luxury condo market trend of reducing Days on Market, the Greater Downtown Miami DOM dropped to a new low.

In Q2 2022, luxury condos spent 41 fewer days on the market compared to Q2 last year and 19 fewer days compared to the previous quarter (Fig. 4) – showing a growing consistency between buyer-seller expectations.

Greater Downtown Miami Luxury Condo Quarterly Days on Market 2018 - 2022 – Fig. 4

Greater Downtown Miami Luxury Condo Quarterly Days on Market 2018 - 2022 – Fig. 4


Condo Inventory Down YoY in Greater Downtown Miami - Sellers' Market Thrives

Q2 2022 closed with 8 months of Inventory

Following the overall market trend in Miami, inventory in Greater Downtown Miami stayed at a minimum. At 8 months, inventory fell below the 9-12 months benchmark of an ideal, balanced market, keeping sellers firmly in control of the market with a tight grip over negotiations.

  • On a quarter-over-quarter basis, inventory stayed flat at 8 months between March and June 2022. 
  • On a year-over-year basis, inventory was down 42.9% from 14 months in June 2021.

Buyers looking to live closer to work in Brickell or the urban core of Miami can search the Greater Downtown Miami area for available condos for sale, here.

Greater Downtown Miami Luxury Condo Months of Inventory from Mar. 2019 to Jun. 2022 - Fig. 5

Greater Downtown Miami Luxury Condo Months of Inventory from Mar. 2019 to Jun. 2022 - Fig. 5

A balanced market has only 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 6 months.


Greater Downtown Miami Neighborhoods: Edgewater Market Trends (33132 and 33137)

Q2 2022 Edgewater Luxury Condo Market Summary – Fig. 6

Quarters

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

Q2-2022

55

34.1%

$1,450,000

7.4%

$883

20.6%

64

Q2-2021

41

$1,350,000

$732

160



Q2 2022 Edgewater Luxury Condo Market Summary – Fig. 6.1

Quarters

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

Q2-2022

55

5.8%

$1,450,000

-10.1%

$883

4.5%

64

Q1-2022

52

$1,612,500

$844

72


Edgewater Luxury Condo Sales Up YoY – Second-highest Sales Growth in Miami Overall

Q2 Sales up 34.1% year-over-year - Second-highest percentage growth in Miami

Tied with Brickell in terms of sales progression and popularity, Edgewater reported the second-highest year-over-year percentage growth of all Miami neighborhoods under our review in Q2 2022:

  • Q2 2022 vs Q2 2021. Sales increased 34.1% year-over-year, up from 41 in Q2 2021 to 55 in the same quarter of 2022. (Fig. 6)
  • Positive year-over-year sales stood against the overall market trend noted in Miami.
  • Sales peak to an all-time high in a quarter. (Fig. 7.1)

Edgewater Luxury Condo Quarterly Sales 2015 - 2022 - Fig. 7.1

Edgewater Luxury Condo Quarterly Sales 2015 - 2022 - Fig. 7.1

Owing to intense domestic and foreign buyer demand, the 12-month Sales Trendline of Fig. 7.2 kept its positive curve for the seventh quarter in a row - from Q4 2020 through to Q2 2022.

Edgewater Luxury Condo 12-Month Sales Trendline - Fig. 7.2

Edgewater Luxury Condo 12-Month Sales Trendline - Fig. 7.2


Edgewater Price/Square Foot Up to Highest in Greater Downtown

Q2 Price/Square Foot up 20.6% to a new peak of $883, Median Price also up 7.4% year-over-year

Deviating partially from the overall market trend of higher year-over-year price per square foot and a lower year-over-year median price, Edgewater reported an increase in both values:

  • Price per Square Foot increased by 20.6% year-over-year, up from $732 in Q2 2021 to a new peak of $883 in Q2 this year. (Fig. 6)
  • With Price per Square Foot at its highest in over 7 years of our reporting, sellers continued receiving an excellent return on investment for their luxury condos in this bayfront neighborhood (Fig. 8).
  • Median Sales Price increased 7.4%, up from $1,350,000 in Q2 2021 to $1,450,000 in the same quarter 2022. (Fig. 6)

Edgewater Luxury Condo Quarterly Price per Sq. Ft. 2017-2022 - Fig. 8

Edgewater Luxury Condo Quarterly Price per Sq. Ft. 2017-2022 - Fig. 8


Edgewater Days on Market Down QoQ & YoY

60% decline in year-over-year Days on Market 

Consistent with the overall Miami luxury condo market trend of declining Days on Market, Edgewater also reported a drop in numbers – indicating excellent seller-buyer communication.

In Q2 2022, luxury condos spent 64 days on the market on average, 96 fewer days on the market compared to Q2 2021 in Edgewater. (Fig. 9).

Edgewater Luxury Condo Quarterly Days on Market 2018-2022 – Fig. 9

Edgewater Luxury Condo Quarterly Days on Market 2018-2022 – Fig. 9


Edgewater Inventory Down to New Low

Q2 2022 closed with 8 months of Inventory 

Following the consistent decline in inventory seen in the overall market, Edgewater also reported its lowest inventory to date in all our years of reporting. At 8 months, inventory closed below the 9-12-month mark of a balanced market, giving sellers complete control of negotiations with multiple, immensely profitable offers to choose from.

  • On a quarter-over-quarter basis, inventory was down 11.1% from 9 months in March 2022.
  • On a year-over-year basis, inventory was down an incredible 63.6% from 22 months in June 2021.

Edgewater Luxury Condo Months of Inventory from Mar. 2019 to Jun. 2022 - Fig. 10

Edgewater Luxury Condo Months of Inventory from Mar. 2019 to Jun. 2022 - Fig. 10

A balanced market has only 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 6 months.

As a top seller's brokerage and agent in Edgewater, we can provide a free evaluation of your luxury condo and position it to attract competitive offers. You can call, chat, or e-mail us and an expert, local real estate agent will help you.


Greater Downtown Miami Neighborhoods: Brickell Market Trends (33129, 33130 and 33131)

Q2 2022 Brickell Luxury Condo Market Summary - Fig. 11

Quarters

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

Q2-2022

133

34.3%

$1,280,000

-14.7%

$830

12.8%

48

Q2-2021

99

$1,500,000

$736

103



Q2 2022 Brickell Luxury Condo Market Summary - Fig. 11.1

Quarters

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

Q2-2022

133

5.6%

$1,280,000

-11.7%

$830

3.8%

48

Q1-2022

126

$1,450,000

$799

74


Brickell Luxury Condo Sales Up YoY – Second-highest Sales Growth in Miami Overall

Q2 Sales up 34.3% year-over-year – Second-highest percentage growth in Miami - Positive trendline 

Sharing the spot with Edgewater in terms of sales progression and popularity, Brickell reported the second-highest year-over-year percentage growth of all Miami neighborhoods under our review in Q2 2022:

  • Q2 2022 vs Q2 2021. Sales increased 34.3% year-over-year, up from 99 in Q2 last year to an incredible 133 sales in Q2 2022. (Fig. 11)
  • Positive year-over-year sales trend stood in contrast to the negative growth noted in Miami overall.
  • Quarterly volume peaked to a record-high – posting the highest numbers of all quarters under review. (Fig. 12.1)
  • Brickell also reported the maximum sales volume of all the Greater Downtown Miami neighborhoods under review.

Brickell Luxury Condo Quarterly Sales 2015 - 2022 - Fig. 12.1

Brickell Luxury Condo Quarterly Sales 2015 - 2022 - Fig. 12.1

Owing to unwavering demand, the 12-month Sales Trendline of Fig. 12.2 expectedly kept its positive curve for the seventh quarter in a row - straight from Q4 2020 through to Q2 2022.

Brickell Luxury Condo 12-Month Sales with Trendline - Fig. 12.2

Brickell Luxury Condo 12-Month Sales with Trendline - Fig. 12.2


Brickell Price/Square Foot Up to New Peak
 

Q2 2022 Price/Square Foot up 12.8% to a new peak of $830, Median Price down -14.7% year-over-year

Price trends in Brickell followed the overall market trend of higher year-over-year price per square foot and a lower median price:

  • Price per Square Foot increased by 12.8%, up from $736 in Q2 2021 to a new peak of $830 in Q2 this year. (Fig. 11)
  • Sellers continued receiving the best value-to-date for their luxury condos in this financial district, as Q2 closed with the highest Price per Square Foot yet. (Fig. 13)
  • Median Sales Price decreased by -14.7%, down from $1,500,000 in Q2 last year to $1,280,000 for Q2 this year. (Fig. 11)
  • This inconsistency in year-over-year Price per Square Foot and Sales Price trends could possibly be explained by sales of smaller (in size) condos dominating the quarter. Amenity-packed, smaller condos tend to fetch a higher price per square foot.

Brickell Luxury Condo Quarterly Price per Sq. Ft. 2017-2022 - Fig. 13

Brickell Luxury Condo Quarterly Price per Sq. Ft. 2017-2022 - Fig. 13


Brickell Days on Market Down QoQ & YoY

53.4% decline in year-over-year Days on Market (DOM) 

In sync with the overall Miami luxury condo market trend of declining Days on Market, Brickell posted a drop in Q2 2022 – showing swifter closings.

In Q2 2022, luxury condos spent 55 fewer days on the market compared to Q2 2021 in Brickell and 26 fewer days compared to Q1 2022 (Fig. 14).

Brickell Luxury Condo Quarterly Median Days on Market 2018 – 2022 - Fig. 14

Brickell Luxury Condo Quarterly Median Days on Market 2018 – 2022 - Fig. 14


Brickell Inventory Down YoY

Q2 2022 closed with 8 months of Inventory 

Consistent with declining inventory noticed in the overall market, Brickell reported one of its lowest levels of inventory. At 8 months, inventory closed below the 9-12-month range of an ideal market, giving sellers the upper hand in pricing decisions, with the added bonus of multiple offers to choose from.

  • On a quarter-over-quarter basis, inventory was slightly up by 14.3% from 7 months in March 2022.
  • On a year-over-year basis, inventory declined an impressive 42.9% from 14 months in June 2021.

Brickell Luxury Condo Months of Inventory from Mar. 2019 to Jun. 2021 - Fig. 15

Brickell Luxury Condo Months of Inventory from Mar. 2019 to Jun. 2021 - Fig. 15

A balanced market has only 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 6 months.

Greater Downtown Miami Neighborhoods: Downtown Miami Market Trends (33128, 33132 and 33136)

Q2 2022 Downtown Miami Luxury Condo Market Summary - Fig. 15

Quarters

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

Q2-2022

36

63.6%

$1,450,000

7.0%

$743

18.1%

65

Q2-2021

22

$1,355,000

$629

47



Q2 2022 Downtown Miami Luxury Condo Market Summary - Fig. 15.1

Quarters

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

Q2-2022

36

12.5%

$1,450,000

9.0%

$743

3.8%

65

Q1-2022

32

$1,330,000

$716

90


Downtown Miami Luxury Condo Sales Up YoY - Lead Sales Growth in Miami Overall

Q2 Sales up 63.6% year-over-year - Highest percentage growth in Miami - Positive trendline 

Leading sales growth trends in overall Miami, Downtown reported the highest year-over-year percentage increase of all Miami neighborhoods under our review in Q2 2022:

  • Q2 2022 vs Q2 2021. Sales increased 63.6%, up from 22 sales in Q2 2021 to 36 for the same quarter of 2022. (Fig. 15)
  • Positive sales growth stood in contrast to the negative sales trend noted in overall Miami for Q2 2022.
  • Highest sales reported in a quarter yet. (Fig. 16.1)

Owing to the intense demand for luxury condos in Downtown Miami, the 12-month Sales Trendline of Fig. 16.2 maintained its positive curve from Q1 this year to Q2 2022.

Downtown Miami Luxury Condo Quarterly Sales 2015 - 2022 - Fig. 16.1

Downtown Miami Luxury Condo Quarterly Sales 2015 - 2022 - Fig. 16.1d

Downtown Miami Luxury Condo 12-Month Sales with Trendline - Fig. 16.2

Downtown Miami Luxury Condo 12-Month Sales with Trendline - Fig. 16.2


Downtown Miami Prices Up YoY

Q2 Price/Square Foot up 18.1% to $743, Median Price also up 7% year-over-year

Deviating from the overall Miami trend of higher year-over-year price per square foot and a lower year-over-year median price, Downtown posted an increase in both:

  • Price per Square Foot increased by 18.1% year-over-year, up from $629 in Q2 2021 to $743 for the same quarter 2022. (Fig. 15)
  • Looking at the 5-year snapshot of quarterly prices per square foot below (Fig. 17), we found that Downtown prices closed in the higher ranges - offering sellers great quarter-over-quarter and year-over-year value.
  • Median Sales Price increased by 7%, up from $1,355,000 in Q2 2021 to $1,450,000 in Q2 this year. (Fig. 15)

Downtown Miami Luxury Condo Quarterly Price per Sq. Ft. 2017-2022 - Fig. 17

Downtown Miami Luxury Condo Quarterly Price per Sq. Ft. 2017-2022 - Fig. 17


Downtown Miami Days on Market Down QoQ, Up YoY

38.3% increase in year-over-year Days on Market

Deviating from the overall market trend of declining Days on Market, Downtown Miami posted a decrease in quarter-over-quarter numbers, but an increase in year-over-year values. This could possibly be due to older (paused) listings making their way back onto the market as luxury condo owners found the confidence to sell in this booming market.

In Q2 2022, luxury condos spent 18 extra days on the market compared to Q2 a year ago and 25 fewer days compared to Q1 2021 (Fig. 18).

Downtown Miami Luxury Condo Quarterly Median Days on Market 2018 – 2022 - Fig. 18

Downtown Miami Luxury Condo Quarterly Median Days on Market 2018 – 2022 - Fig. 18


Downtown Miami Inventory Down to All-time Low

Q2 2022 closed with 8 months of Inventory 

Tightly in step with the overall market trend of consistently declining inventory, Downtown Miami too reported a decrease. At 8 months, inventory closed below the ideal 9-12-month range of a balanced market, keeping the market (and prices) seller-friendly.

  • On a quarter-over-quarter basis, inventory dropped 42.9% from 14 months in March 2022.
  • On a year-over-year basis too, inventory decreased 42.9% from 14 months in June 2021.

Downtown Miami Luxury Condo Months of Inventory from Mar. 2019 to Jun. 2022 - Fig. 19

Downtown Miami Luxury Condo Months of Inventory from Mar. 2019 to Jun. 2022 - Fig. 19

A balanced market has only 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 6 months.

Q2 2022 Greater Downtown Miami Market Conclusion

As predicted in our Q1 2022 luxury condo market report for Greater Downtown Miami, this urban core posted a new record for quarterly sales across the board. Each of the three sub-markets reported their highest sales in a quarter yet, with Downtown leading sales growth not only in Greater Downtown, but also in Miami overall. While Downtown topped the leaderboard with a 64% year-over-year increase in sales, Brickell continued as the highest contributor in terms of volume with 133 sales.

Expectedly, this intense buyer demand kept the 12-Month Sales Trendline positive across the board in Greater Downtown Miami – much like the overall market, even though it posted a 7.3% decline in year-over-year sales.

Fueling the positive price trends noted in the overall market in Q2 2022, the Price per Square Foot in Greater Downtown Miami and its sub-neighborhoods was higher across the board. Sellers in Edgewater continued receiving maximum value for their investments, as luxury condos in the area fetched top-dollar, closing Q2 with a new peak price of $883/square foot as well as the highest year-over-year price gains by reporting a 21% increase.

Echoing the overall market trend, the Days on Market declined for luxury condos across Greater Downtown – except in Downtown. Brickell emerged as the fastest-selling market, with properties spending only 48 days on the market (on median) before being sold.

Considering the feverish pitch of the market in this urban core, inventory dropped (year-over-year) across the board. At 8 months, all three sub-markets confirmed that the market remained seller-friendly in Q2 2022.

Considering the third quarter of the year is generally the slowest (as per historical data), we expect to see some signs of a cool-off in this urban core as well. However, we will be watching how the following drivers of growth influence the direction of the luxury condos market in Miami through the second half of the year:

  • Valuable tax savings and pro-business policies will continue drawing out more wealthy individuals and well-paid employees.
  • As people continue choosing to work from home, we expect more migrants to set up a home office next to the beach, water, or a lush tropical expanse in Miami.
  • With fewer travel restrictions, we expect more South American and other foreign buyers to offset any setbacks in demand from a weakening Euro.
  • As Miami's luxury housing market continues to be dominated by cash transactions, we expect an increasing interest rate to have minimal impact on demand.
  • With brands like NoMadThe Standard, and Diesel building luxury condos in the urban core with more rental freedom, we expect Greater Downtown to stay in the spotlight for buyers and investors alike.
  • Even as developers continue buying out older condo buildings to build newer, more luxurious condos, we expect the market to operate with low levels of inventory until such product is built (2-3 years) – keeping the market seller-friendly for the next few cycles at least.


Q2 2022 Greater Downtown Miami Luxury Condo Market Summary Table 

Metric

Overall Miami

GDM

Edgewater

Brickell

Downtown

Sales

Down

Up

Up

Up

Up

Sales Trendline

Positive

Positive

Positive

Positive

Positive

Price/Sq. Ft.

Up

Up

Up

Up

Up

Days on Market

Down

Down

Down

Down

Up

Inventory

Down

Down

Down

Down

Down


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Questions or comments about the stats? Interested in browsing the market? Contact Sep at sniakan (at) blackbookproperties.com or call 305-725-0566.

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Best Pre-Construction Miami Condos with Private Marinas
Preconstruction Best Pre-Construction Miami Condos with Private Marinas
Miami stands out as an internationally acclaimed haven for boat owners. It offers vast stretches of pristine turquoise waters, ideal for unforgettable days of sailing, cruising, sport fishing, and nautical adventure. And one of the most coveted treasures of living in Miami is the opportunity to dock your vessel at your own private marina or boat slip, just steps from your residence.  However, many existing Miami condos with a boat slip for sale are often in older buildings, making them not as desirable as a brand-new, pre-construction condo, where you would be the first to live in a new, luxurious waterfront condo building. So we’ve done your homework for you, and in this guide, we’ve created a list of the best pre-construction Miami condos with private marinas.  — What to Know About Mooring Your Boat in Miami Although boating in Miami is a highly popular activity, securing a spot for your boat can be challenging, inconvenient, and lack exclusivity. Depending on your vessel’s...
The Most Luxurious Condo Buildings in Coconut Grove
Real Estate News The Most Luxurious Condo Buildings in Coconut Grove
Coconut Grove is not just about rich foliage, Florida bungalows, and old Spanish or Mediterranean estates. It’s also home to a growing number of thoughtfully designed luxury residences crafted by world-renowned architects.  For a taste of this historic neighborhood and its plush properties, we’ve listed the five most luxurious (and most expensive) projects that perfectly fit your Coconut Grove condo for sale search goals, plus exciting pre-construction condo projects around the area that set the bar high for phenomenal living in this elegant and highly desirable bayfront part of Miami. — Why Choose Coconut Grove? The partly coastal neighborhood of Coconut Grove sits along Biscayne Bay and is characterized by lush, tropical foliage and a relaxed yet sophisticated bohemian vibe. Its collection of boutiques, unique shops, colorful cafés, diverse restaurants, historical venues and estates, nationally ranked schools, lush parks, and cultural events like the Coconut Grove Arts...
March 2024: Miami New Development and Pre-Construction Condo Update
Preconstruction March 2024: Miami New Development and Pre-Construction Condo Update
Four iconic condo projects launched sales this March. From Miami’s first rock and roll-themed Rider at Wynwood to Coconut Grove’s exclusive Four Seasons Residences, every condo project has been curated to offer a unique lifestyle in Miami’s evolving residential landscape. This March, hypercar maker Pagani announced its first-ever residential venture in partnership with Riviera Horizons. Four highly anticipated projects broke ground, including 600 Miami Worldcenter, JEM Private Residences, and Origin by Artefacto. And a key ruling that could impact condo bulk buyouts across South Florida was also revealed. Read on below for details on these and more exciting updates in our Miami pre-construction market roundup for March 2024: Sales Launched Four Seasons Private Residences – Coconut Grove The Rider at Wynwood – Wynwood La Maré Bay Collection – Bay Harbor Islands Solina Bay Harbor – Bay Harbor Islands To Be Launched Pagani Residences – North Bay Village One Twenty...
Save on Your Miami & Florida Property Taxes with This Video!
Real Estate News Save on Your Miami & Florida Property Taxes with This Video!
Did you know that property taxes can’t ever increase more than 10% for investors in Florida? Information nuggets like this can easily shave thousands of dollars off your property tax bill in South Florida! In our latest video, Sep Niakan, founder and lead broker of Blackbook Properties, talks to CPA and Miami tax expert, Christian Daulong about the simplest ways to save money on your real estate taxes in Miami, Florida. There’s a lot to take away from this, so permanent residents, second homeowners, and investors, take note!     As a Miami homeowner, we want what’s best for YOU! That's why we’re sharing our top Florida property tax tips (try saying that fast!) for primary homeowners, second homeowners, and even investors. With these recommendations, you’ll make the most out of your South Florida property, so you can fully immerse in Miami’s vibrant culture and beautiful beaches smartly and with financial peace of mind. Learn how to maximize your benefits from the Homestead...
Where to Find the Lowest Property Taxes in Miami
Opinions and Advice Where to Find the Lowest Property Taxes in Miami
Miami’s growth has skyrocketed over the years as more people choose to live here for its incredible weather and low taxes. But many people considering buying Miami real estate wonder what the property tax rates in Miami are. Moreover, most people don’t love talking about property taxes. When looking for a home, buyers focus more on living aspects, like the square footage, layout, amenities, outdoor space, or kitchen upgrades. Still, buyers must pay attention to property tax rates as part of their purchase and, once they become owners, as part of their budget. If you’re considering buying a condo or house in Miami or Miami Beach, this guide will help you compare property tax rates in the most popular neighborhoods around the cities, and show you where to find the lowest property taxes in Miami-Dade County in 2024.  — Know Your Miami and Miami Beach Property Tax Rates In Miami-Dade County, property tax notices are sent out each year on October 30th. Below are the updated property...
Pagani Residences Miami: Live in the Lap of Hypercar Luxury
Preconstruction Pagani Residences Miami: Live in the Lap of Hypercar Luxury
Miami, it’s time to get hyped about hypercar luxury residences with the groundbreaking fusion of the hyper-automotive industry and architecture through the creation of Pagani Residences. Nestled in the picturesque North Bay Village, this exclusive development marks the world's first collaboration between Italian hypercar icon Pagani Automobili and Miami-based real estate developer Riviera Horizons. And it continues the trend of luxury car branded-residences, which has brought Miami the likes of Aston Martin Residences in Downtown Miami, Bentley Residences in Sunny Isles Beach, and of course, Porsche Design Tower, where residents drive up to their condo homes with its patented Dezervator elevator system.For Pagani’s first venture into the real estate world, Miami’s iconic skyline and global appeal make the perfect backdrop, and in this blog, you’ll find out why Pagani Residences Miami promises a living experience that is engineered to live up to its hypercar luxury name. —...