Q2 2023 Miami Beach Luxury Condo Market Report: Housing Market Stable

Q2 2023 Miami Beach Luxury Condo Market Report: Housing Market Stable

Aug 16, 2023 August 16, 2023

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As predicted, energy from the high season (typically Spring) carried Miami Beach's luxury condo market into balance – contributing to the stability noted in our 
Q2 2023 overall Miami luxury condo market statistics.

In Q2 2023, South Beach plus Surfside & Bal Harbour emerged as the best-performing neighborhoods by reporting the least negative impact on year-over-year sales of these coastal neighborhoods. As always, Fisher Island stayed in the lead – reporting the most expensive Price per Square Foot in Miami. However, even as Sunny Isles Beach remained the most affordable entry point into the luxury condo market on the beach, it joined Fisher Island to offer maximum year-over-year value to sellers in Q2 2023.

South Beach as well as Surfside and Bal Harbour reported the lowest levels of inventory in Miami Beach (11 months) this second quarter. 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 Q2 2023.

For the purposes of this report, we've included in "Miami Beach" 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.


— Q2 2023 - Miami Beach Overall Luxury Condo Market Highlights:

  • Sales down -45.5% compared to exceptional, record-setting Q2 2022 — Sunny Isles Beach remained the highest volume contributor.
  • 12-month Sales Trendline corrected into a positive trajectory after staying negative from Q3 2022 through Q1 2023.
  • Price per Square Foot down -6.5% year-over-year to $1,040/SF.
  • Median Sales Price down -8.1% year-over-year.
  • Days on Market up 3% year-over-year.
  • Inventory up 116.7% year-over-year to 13 months.
  • Miami Beach corrected to a balanced market in Q2 2023, from a strong seller's market the year prior.


— Q2 2023 - Miami Beach Sub-Neighborhood Highlights:

  • Winners: South Beach plus Surfside & Bal Harbour emerged as the most resilient markets of Q2 with lowest percentage (-40%) impact on year-over-year sales.
  • 12-Month Sales Trendline positive across the board.
  • Winner: Fisher Island and Sunny Isles Beach offered maximum value to sellers in Miami Beach — reporting no loss in value and a flat year-over-year Price per Sq. Ft.
  • Winner: Fisher Island continued reigning supreme as the most expensive neighborhood in all of Miami - priced at $1,803/Square Foot.
  • Winner: Fisher Island again reported the highest Median Sales Price of $7.5 million — maintaining its status as the most premium zip code in all of Miami.
  • Winner: Fisher Island reported the highest percentage growth in year-over-year Median Sales Price at 20%.
  • Winner: Surfside & Bal Harbour remained the fastest-selling markets in Miami Beach and also emerged as the fastest-selling in Miami, as luxury condos took only 40 days to sell – from listing to closing.
  • South Beach plus Surfside and Bal Harbour reported the lowest levels of inventory (11 months) in Miami Beach — and the second-lowest in all of Miami, just behind the combined neighborhood of Coconut Grove and Coral Gables (8 months).


Miami Beach Luxury Condo Markets at a Glance - Q2 2023 YoY (Number of sales)

Miami Beach Luxury Condo Markets at a Glance - Q2 2023 YoY (Number of sales)


Miami Beach Overall Luxury Condo Markets at a Glance - Q2 2023 YoY (Median Sale Price)

Miami Beach Overall Luxury Condo Markets at a Glance - Q2 2023 YoY (Median Sale Price)


Miami Beach Luxury Condo Markets at a Glance - Q2 2023 YoY (Median Sales Price / SqFt)

Miami Beach Luxury Condo Markets at a Glance - Q2 2023 YoY (Median Sales Price / SqFt)

— Table of Contents

  1. Overall Q2 2023 Miami Beach Luxury Condo Market Trends
  2. Q2 2023 South Beach Luxury Condo Market Trends
  3. Q2 2023 Mid and North Beach Luxury Condo Market Trends
  4. Q2 2023 Surfside & Bal Harbour Luxury Condo Market Trends
  5. Q2 2023 Sunny Isles Beach Luxury Condo Market Trends
  6. Q2 2023 Fisher Island Luxury Condo Market Trends
  7. Conclusion - Q2 2023 Miami Beach Luxury Condo Market Report

Q2 2023 QoQ Miami Beach 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 2023

243

6.1%

$1,700,000

-17.1%

$1,040

-6.1%

71

Q1 2023

229

$2,050,000

$1,108

83



Q2 2023 YoY Miami Beach 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 2023

243

-45.5%

$1,700,000

-8.1%

$1,040

-6.5%

71

Q2 2022

446

$1,850,000

$1,112

69


Miami Beach: Luxury Condo Sales Down YoY

Q2 2023 Sales volumes down 45.5% year-over-year. But highest in any 2nd quarter (2020 and earlier) — 12-month sales trendline positive.

As detailed in our Q1 2023 Luxury Housing Market Report for Miami Beach, Spring (typically high season in Miami's cyclical market) ushered in the perfect progression to the healthy pace noted in the previous quarter. Echoing the overall Miami market trend for Q2 2023, these beachside neighborhoods also reported a decline in year-over-year sales compared to an outlying 2022, and indicated stable growth in a quarter-over-quarter comparison.


Miami Beach (collectively) reported these Sales Statistics for Q2 2023:

  • Q2 2023 vs Q2 2022. Sales declined 45.5% year-over-year, down from 446 in Q2 of the previous year to 243 sales for the comparable quarter of this year. (Fig.1.1)
    • What's worth noting is that Q2 2022 was an above-average quarter, reporting exceptionally high volumes. So, even as sales declined compared to a year ago, the market remained stable, considering Q2 2023 sales were significantly higher than those from any comparable quarter noted in the year 2020 or before.
  • Q2 2023 vs Q1 2023. Sales increased 6.1% quarter-over-quarter, up from 229 in the previous quarter to 243 sales in Q2 2023. (Fig. 1)
  • Sunny Isles Beach continued as the highest volume contributor for the sixth quarter in a row – reporting a total of 92 sales in Q2 2023.
  • Sunny Isles Beach also emerged as the most resilient market in this beachside grouping, reporting the least negative impact on year-over-year sales growth (-47%).


Miami Beach Luxury Condo Quarterly Sales 2015-2023 - Fig. 2.1

Miami Beach Luxury Condo Quarterly Sales 2015-2023 - Fig. 2.1


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

  • April 2023 closed with 69 sales, down from 159 sales in the same month of 2022.
  • May closed with 95 sales, down from 155 in the same month of 2022.
  • June closed with 79 sales, down from the previous year's 132 sales for the same month.

Boosted by peak season momentum, the 12-month Sales Trendline of Fig. 2.3 returned to a positive trajectory – breaking it negative streak recorded over the past three quarters from Q3 2022 through Q1 2023.

Even as the market is expected to hit a seasonal speedbump next quarter (the third quarter is one of the slowest for Miami's cyclical market as per historical trends); we, as real estate experts, expect the luxury condo market to maintain its momentum and adhere to the growth thresholds garnered over the past two years of booming sales, with a positive sales trendline reinforcing our expectations.


Miami Beach Luxury Condo Monthly Sales from Jan. 2016 to Jun. 2023 - Fig. 2.2

Miami Beach Luxury Condo Monthly Sales from Jan. 2016 to Jun. 2023 - Fig. 2.2


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

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


— Miami Beach: Luxury Condo Prices Down YoY

Q2 2023 Price per Square Foot down 6.5% to $1,040 — Median Price also down year-over-year

Moving against the overall Miami trend of an increase in year-over-year price per square foot and a flat median price, the luxury condo market in Miami Beach reported the following Key Price Statistics for Q2 2023:

  • Q2 2023 vs Q2 2022. Price per Square Foot declined 6.5% year-over-year, down from $1,112 in Q2 2022 to $1,040 for the same quarter of 2023, (Fig. 1.1). But still higher than any other pre pandemic year. 
  • Q2 2023 vs Q1 2023. Price per Square Foot decreased 6.1% quarter-over-quarter, down from $1,108 in Q1 2023 to $1,040 this second quarter. (Fig. 1)
    • A look at the 5-year snapshot of Quarterly luxury condo prices below (Fig. 3), shows that the Price per Square Foot closed in the higher ranges in Q2 2023 – indicating that sellers continued receiving great value for their luxury condo investments in this beachside grouping.
  • Q2 2023 vs Q2 2022. Median Sales Price declined 8.1% year-over-year, down from $1,850,000 in Q2 last year to $1,700,000 in the comparable quarter of 2023. (Fig. 1.1)


Miami Beach Quarterly Sales Price per Sq. Ft. 2017-2023 - Fig. 3

Miami Beach Quarterly Sales Price per Sq. Ft. 2017-2023 - Fig. 3


— Miami Beach: Days on Market Down QoQ, Slightly Up YoY

Days on Market up 3% year-over-year. Consistent with the overall market trend of a decline in quarter-over-quarter days but increase in year-over-year numbers, Miami Beach too reported the following Days on Market statistics:

  • In Q2 2023, luxury condos spent 12 fewer days on the market compared to the previous quarter – showing an improvement in buyer-seller communication and current market momentum.
  • On a year-over-year basis, luxury condos spent 2 extra days on market (DOM) compared to Q2 2022 – up 3% year-over-year, but in reality, flat. 
  • At 71 days, luxury properties sold at a robust pace this second quarter, indicating that buyers and sellers were rather quick to come to a conclusion compared to pre-pandemic years, where luxury condos would generally sit for more than 100 days on the market before finding a suitable buyer. (Fig. 4)


Miami Beach Quarterly Days on Market 2018-2023 – Fig. 4

Miami Beach Quarterly Days on Market 2018-2023 – Fig. 4


— Miami Beach: Luxury Condo Inventory Up YoY - Market Balanced

Q2 2023 closed with 13 months of inventory. With high season (Spring) delivering an expected sales boost, inventory declined expectedly during this second quarter. Moving in line with the overall Miami trend for inventory, Miami Beach reported an increase in year-over-year values but decline in quarter-over-quarter stats:

  • On a quarter-over-quarter basis, inventory was down 23.5% from 17 months in March 2023.
  • On a year-over-year basis, inventory increased 116% from 6 months in June 2022 - its lowest point in our 7-year study of the luxury condo market.

With inventory normalizing closer to its ideal range of 9 to 12 months – at 13 months, the Miami Beach market stands in equilibrium. This means, buyers and sellers have equal opportunity at the negotiations table and the market is expected to remain stable.

In this balanced market, we, as real estate experts, recommend sellers to list with price flexibility in mind, whereas buyers can look forward to gaining access to a wholesome variety of housing options within their decided price range.

Buyers looking to live on the water or closer to the beach in Miami can search the Miami Beach area for available condos for sale.


Miami Beach Months of Inventory from Mar. 2019 to Jun. 2023 - Fig. 5

Miami Beach Months of Inventory from Mar. 2019 to Jun. 2023 - Fig. 5


A balanced market has 9-12 months of inventory. 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 6 months.

Looking for a market valuation on your Miami Beach condo? Call, chat, or email us for a FREE market evaluation of your property to make the most of this strong seller's market.

— Miami Beach Neighborhoods: Q2 2023 South Beach (ZIP 33139)

Q2 2023 QoQ South Beach 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 2023

74

15.6%

$1,512,500

-17.1%

$1,115

-9.0%

78

Q1 2023

64

$1,825,000

$1,225

77

Q2 2023 YoY South Beach 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 2023

74

-40.8%

$1,512,500

-12.6%

$1,115

-13.7%

78

Q2 2022

125

$1,730,000

$1,292

60



— South Beach: Luxury Condo Sales Down YoY - One of Strongest Markets in Miami Beach

Q2 2023 Sales down 40.8% year-over-year — Higher than any pre-pandemic 2nd quarter (2020 and before) — 12-month sales trendline positive

Following the overall Miami market trend, South Beach reported a decline in year-over-year sales volume, but with the following positive statistics:

  • Q2 2023 vs Q2 2022. Sales declined 40.8% year-over-year, down from 125 in Q2 in the previous year to 74 sales in Q2 2023. (Fig. 6.1).
    • With second-quarter sales higher than any comparable quarter from 2020 or before, South Beach's luxury condo market stayed in positive territory even as it reported a year-over-year drop in volumes. (Fig. 7.1)
    • Reporting only a 40.8% decrease in year-over-year volumes, South Beach emerged as the strongest market in Miami Beach, alongside Surfside & Bal Harbour.
  • Q2 2023 vs Q1 2023. Sales improved 15.6% quarter-over-quarter, up from 64 in the previous quarter to 74 sales in Q2 2023 (Fig. 6) – indicating good market health and stable growth.

Owing to high season momentum, the 12-month Sales Trendline of Fig. 7.2 corrected into a positive trajectory for the first time in three quarters since Q3 2022. As real estate experts, we read this as a sign of market stability, even as the third and fourth quarter of the year are expected to close softer (a seasonal pattern noted from historical data).


South Beach Luxury Condo Quarterly Sales 2015-2023 - Fig. 7.1

South Beach Luxury Condo Quarterly Sales 2015-2023 - Fig. 7.1


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

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


— South Beach: Luxury Condo Prices Down YoY

Q2 2023 Price per Square Foot down 13.7% to $1,115 — Median Price also down year-over-year

In contrast to the overall Miami trend of higher year-over-year price per square foot and a flat median price, the luxury condo market in South Beach reported the following Key Price Statistics for Q2 2023:

  • Q2 2023 vs Q1 2023. Price per Square Foot decreased 9% quarter-over-quarter, down from $1,225 in Q1 2023 to $1,115 this second quarter. (Fig. 6)
    • A look at the 5-year snapshot of Quarterly luxury condo prices below (Fig. 8), reveals that the Price per Square Foot closed in the higher ranges giving sellers good value for their luxury condo investments in this top vacation destination.
  • Q2 2023 vs Q2 2022. Price per Square Foot declined 13.7% year-over-year, down from $1,292 in Q2 last year to $1,115 for the same quarter of 2023. (Fig. 6.1)
  • Q2 2023 vs Q2 2022. Median Sales Price declined 12.6% year-over-year, down from $1,730,000 in Q2 last year to $1,512,500 in the comparable quarter of 2023. (Fig. 6.1)


South Beach Luxury Condo Quarterly Price per Square Foot 2017-2023 - Fig. 8

South Beach Luxury Condo Quarterly Price per Square Foot 2017-2023 - Fig. 8


— South Beach: Days on Market Flat QoQ, Up YoY

Days on Market up 30% year-over-year. Partly deviating from the overall market trend of a decline in quarter-over-quarter numbers but increase in year-over-year days, South Beach reported the following Days on Market statistics:

  • In Q2 2023, luxury condos spent just 1 extra day on the market compared to the previous quarter – showing stable buyer-seller communication.
  • On a year-over-year basis, luxury condos spent 18 days longer on market (DOM) compared to Q2 2022 – up 30% year-over-year.
  • At 78 days, luxury properties sold at a healthy pace this second quarter, indicating buyer-seller communication stayed in positive territory in South Beach.


South Beach Luxury Condo Quarterly Days on Market 2018-2023 - Fig. 9

South Beach Luxury Condo Quarterly Days on Market 2018-2023 - Fig. 9


— South Beach: Luxury Condo Inventory Up YoY - One of Lowest in Miami Beach

Q2 2023 closed with 11 months of inventory. In line with the overall market trend, inventory in South Beach increased year-over-year but declined quarter-over-quarter as below:

  • On a quarter-over-quarter basis, inventory was down 35% from 17 months in March 2023.
  • On a year-over-year basis, inventory increased 120% from 5 months in June 2022 - its lowest point for South Beach in our 7-year analysis.
  • At 11 months, inventory fell within the 9-12-month range of an ideal market, giving buyers and sellers equal opportunity at the table.
  • With 11 months of inventory, South Beach tied with Surfside & Bal Harbour to report the lowest inventory in Miami Beach as well as the second-lowest levels in all of Miami.


South Beach Months of Inventory from Mar. 2019 to Jun. 2023 - Fig. 10

South Beach Months of Inventory from Mar. 2019 to Jun. 2023 - Fig. 10


— Miami Beach Neighborhoods: Q2 2023 Mid and North Beach (ZIP 33140 & 33141)

Q2 2023 QoQ Mid-Beach and North-Beach 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 2023

37

-11.9%

$1,500,000

-11.8%

$1,007

-11.9%

71

Q1 2023

42

$1,700,000

$1,143

86

Q2 2023 YoY Mid-Beach and North-Beach 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 2023

37

-55.4%

$1,500,000

-8.3%

$1,007

-5.0%

71

Q2 2022

83

$1,635,000

$1,060

72



— Mid-North Beach: Luxury Condo Sales Down QoQ, YoY

Q2 2023 Sales down -55.4% year-over-year — 12-month sales trendline positive

Deviating from the overall Miami market trend of lower year-over-year sales but higher quarter-over-quarter volumes, Mid-North Beach reported the following statistics:

  • Q2 2023 vs Q1 2023. Sales volume decreased 11.9% quarter-over-quarter, down from 42 in the previous quarter to 37 in Q2 2023. (Fig. 11)
  • Q2 2023 vs Q2 2022. Sales declined 55.4% year-over-year, down from 83 in Q2 last year to 37 sales for the same quarter of 2023. (Fig. 11.1)

However, healthy buyer demand corrected the 12-month Sales Trendline of Fig. 12.2 into a positive trajectory, breaking its 3-quarter streak of posting negative curves between Q3 2022 and Q1 2023.


Mid-Beach and North-Beach Quarterly Sales 2015-2023 - Fig. 12.1

Mid-Beach and North-Beach Quarterly Sales 2015-2023 - Fig. 12.1


Mid-Beach and North-Beach 12-Month Sales with Trendline - Fig. 12.2

Mid-Beach and North-Beach 12-Month Sales with Trendline - Fig. 12.2


— Mid-North Beach: Luxury Condo Prices Down 

Q2 2023 Price per Square Foot down 5% to $1,007 — Median Price also down year-over-year

In contrast to the overall market trend of a higher year-over-year price per square foot and a flat median price, luxury condos in Mid-North Beach reported the following Key Price Statistics in Q2 2023:

  • Q2 2023 vs Q1 2023. Price per Square Foot decreased 11.9% quarter-over-quarter, down from $1,143 in the previous quarter to $1,007 this second quarter. (Fig. 11).
    • A closer look at the 5-year snapshot of Quarterly luxury condo prices below (Fig. 13), shows that prices closed in the higher ranges in this combined neighborhood - providing sellers good gains on their luxury condo investments.
  • Q2 2023 vs Q2 2022. Price per Square Foot declined 5% year-over-year, down from $1,060 a year ago to $1,007 in Q2 2023. (Fig. 11.1)
  • Q2 2023 vs Q2 2022. Median Sales Price declined 8.3% year-over-year, down from $1,635,000 in Q2 of the previous year to $1,500,000 in the comparable quarter of 2023. (Fig. 11.1)


Mid-Beach and North-Beach Quarterly Price per Sq. Ft. 2017-2023 - Fig. 13

Mid-Beach and North-Beach Quarterly Price per Sq. Ft. 2017-2023 - Fig. 13


— Mid-North Beach: Days on Market Down QoQ, Flat YoY

Days on Market flat year-over-year. Deviating in part from the overall market trend of a decline in quarter-over-quarter days but increase in year-over-year numbers, Mid-North Beach (collectively) reported the following Days on Market statistics:

  • In Q2 2023, luxury condos spent 15 fewer days on market compared to the previous quarter – indicating an improvement in buyer-seller communication.
  • On a year-over-year basis, luxury condos spent just 1 fewer day on the market (DOM) compared to Q2 2022, showing up as almost flat year-over-year.
  • At 71 days, luxury properties sold at an overall swifter pace during Q2 2023 in this pairing of family-friendly neighborhoods.


Mid-Beach and North-Beach Luxury Condo Quarterly Days on Market 2018-2023 – Fig. 14

Mid-Beach and North-Beach Luxury Condo Quarterly Days on Market 2018-2023 – Fig. 14


— Mid-North Beach: Luxury Condo Inventory Mixed

Q2 2023 closed with 14 months of inventory. Consistent with the overall Miami market trend, inventory increased year-over-year but declined quarter-over-quarter, laying the foundation for a level playing field in Mid-North Beach:

  • On a quarter-over-quarter basis, inventory was down 6.7% from 15 months in March 2023.
  • On a year-over-year basis, inventory increased 180% from 5 months in June 2022 - its lowest point for this combined neighborhood in our 7-year analysis.


Mid-Beach and North-Beach Months of Inventory from Mar. 2019 to Jun. 2023 - Fig. 15

Mid-Beach and North-Beach Months of Inventory from Mar. 2019 to Jun. 2023 - 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 6 months.

— Miami Beach Neighborhoods: Q2 2023 Surfside & Bal Harbour

Q2 2023 QoQ Surfside & Bal Harbour Luxury Condo Market Summary - Fig. 16

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 2023

35

29.6%

$2,850,000

14.0%

$1,343

14.1%

40

Q1 2023

27

$2,500,000

$1,177

64

Q2 2023 YoY Surfside & Bal Harbour Luxury Condo Market Summary - Fig. 16.1

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 2023

35

-40.7%

$2,850,000

-15.6%

$1,343

-22.4%

40

Q2 2022

59

$3,375,000

$1,731

139



— Surfside & Bal Harbour: Luxury Condo Sales Down YoY
- One of Strongest Markets in Miami Beach

Q2 2023 Sales down 40.7% year-over-year — Higher than any 2nd quarter (Q2 2020 and before) — 12-month sales trendline positive

Echoing the overall Miami market trend, luxury condos in Surfside & Bal Harbour also posted a decline in year-over-year sales volume, but along with the following positive statistics:

  • Q2 2023 vs Q1 2023. Sales jumped 29.6% quarter-over-quarter, up from 27 in the previous quarter to 35 sales in Q2 2023 (Fig. 16) – showing signs of a healthy market with stable growth.
  • Q2 2023 vs Q2 2022. Sales declined 40.7% year-over-year, down from 59 in Q2 last year to 35 sales in Q2 2023. (Fig. 16.1).
    • Considering Q2 2022 was an exceptional quarter as well as volumes remained higher than any second quarter noted in 2020 or earlier, Mid-North Beach's luxury condo market stayed in the positive for stable growth during Q2 2023. (Fig. 17.1)
    • Posting only a 40.7% decline in year-over-year sales volume, Surfside & Bal Harbour emerged as the strongest market in Miami Beach, sharing the spot with South Beach (as mentioned above in this report).

With high season delivering its expected sales boost, the 12-month Sales Trendline of Fig. 17.2 corrected into a positive trajectory for the first time in three quarters since Q3 2022.


Surfside & Bal Harbour Quarterly Sales 2015-2023 - Fig. 17.1

Surfside & Bal Harbour Quarterly Sales 2015-2023 - Fig. 17.1


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

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


— Surfside & Bal Harbour: Luxury Condo Prices Down YoY

Q2 2023 Price per Square Foot down 22.4% to $1,343 — Median Price down year-over-year

Moving against the overall market trend of an increase in year-over-year price per square foot with a flat median price, luxury condos in Surfside & Bal Harbour reported the following Key Price Statistics in Q2 2023:

  • Q2 2023 vs Q1 2023. Price per Square Foot increased by 14.1% quarter-over-quarter, up from $1,177 in the previous quarter to $1,343 this second quarter. (Fig. 16)
    • A look at the 5-year snapshot of Quarterly luxury condo prices below (Fig. 18), shows that prices closed in the higher ranges - giving sellers good gains on their luxury condo properties in this upscale pairing.
  • Q2 2023 vs Q2 2022. Price per Square Foot declined 22.4% year-over-year, down from $1,731 in Q2 of the previous year to $1,343 in Q2 2023. (Fig. 16.1)
  • Q2 2023 vs Q2 2022. Median Sales Price declined 15.6% year-over-year, down from $3,375,000 in Q2 last year to $2,850,000 in the comparable quarter of 2023. (Fig. 16.1)


Surfside & Bal Harbour Quarterly Price per Sq. Ft. 2017-2023 - Fig. 18

Surfside & Bal Harbour Quarterly Price per Sq. Ft. 2017-2023 - Fig. 18


— Surfside & Bal Harbour: Days on Market Down QoQ & YoY, Fastest-selling Market in Miami Overall

Days on Market down 72% year-over-year. Moving in contrast to the overall market trend of an increase in year-over-year days but decline in quarter-over-quarter values, Surfside & Bal Harbour reported the following Days on Market statistics:

  • In Q2 2023, luxury condos spent 24 fewer days on market compared to the previous quarter.
  • On a year-over-year basis, luxury condos spent 99 extra days on market (DOM) compared to Q2 2022 – up 72% year-over-year.
  • With only 40 days, Surfside & Bal Harbour remained the fastest-selling market of Miami Beach in Q2 2023. The combined neighborhood also established itself as the fastest-selling market in all of Miami for the quarter.


Surfside & Bal Harbour Quarterly Days on Market 2018-2023 – Fig. 19

Surfside & Bal Harbour Quarterly Days on Market 2018-2023 – Fig. 19


— Surfside & Bal Harbour: Luxury Condo Inventory Up YoY, Still
One of Lowest in Miami Beach

Q2 2023 closed with 11 months of inventory. Consistent with the overall market trend, inventory in Surfside & Bal Harbour increased year-over-year but declined quarter-over-quarter as below:

  • On a quarter-over-quarter basis, inventory was down 21.4% from 14 months in March 2023.
  • On a year-over-year basis, inventory increased 120% from 5 months in June 2022 – one of its lowest points ever in our 7-year study of this pairing of upscale neighborhoods.
  • With 11 months of inventory, Surfside & Bal Harbour tied with South Beach to report the lowest inventory in Miami Beach as well as the second-lowest levels in all of Miami.


Surfside & Bal Harbour Months of Inventory from Mar. 2019 to Jun. 2023 - Fig. 20

Surfside & Bal Harbour Months of Inventory from Mar. 2019 to Jun. 2023 - 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 6 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 or call (786) 655 - 4576.



— Miami Beach Neighborhoods: Q2 2023 Sunny Isles Beach

Q2 2023 QoQ Sunny Isles Beach Luxury Condo Market Summary - Fig. 21

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 2023

92

5.7%

$1,745,000

-12.8%

$890

0.3%

71

Q1 2023

87

$2,000,000

$888

87

Q2 2023 YoY Sunny Isles Beach Luxury Condo Market Summary - Fig. 21.1

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 2023

92

-44.9%

$1,745,000

-0.3%

$890

-1.1%

71

Q2 2022

167

$1,750,000

$900

72


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

Q2 2023 Sales down -44.9% year-over-year — Higher than any pre-pandemic quarter (Q4 2020 and earlier) — 12-month sales trendline positive

Following the overall Miami market trend, Sunny Isles Beach too reported a decline in year-over-year sales stats but with the following positives:

  • Q2 2023 vs Q1 2023. Sales improved 5.7% quarter-over-quarter, up from 87 in the previous quarter to 92 sales in Q2 2023. (Fig. 21)
  • Q2 2023 vs Q2 2022. Sales declined 44.9% year-over-year, down from 167 in Q2 of the previous year to 92 sales in the comparable quarter of 2023. (Fig. 21.1)
    • Sales outperformed every previous quarter recorded in 2020 or before – a nod to robust market health even as volumes fell short of touching the previous year's record-high. (Fig. 22.1)
  • Sunny Isles Beach again reported the maximum sales volume out of all Miami Beach neighborhoods under our review.

Owing to steady buyer demand and a high season boost, the 12-month Sales Trendline of Fig. 22.2 corrected into a positive trajectory – breaking its negative streak noted from Q3 2022 through to Q1 2023.


Sunny Isles Beach Luxury Condo Quarterly Sales 2015-2023 - Fig. 22.1

Sunny Isles Beach Luxury Condo Quarterly Sales 2015-2023 - Fig. 22.1


Sunny Isles Beach Luxury Condo 12-Month Sales with Trendline - Fig. 22.2

Sunny Isles Beach Luxury Condo 12-Month Sales with Trendline - Fig. 22.2


— Sunny Isles Beach: Luxury Condo Prices Flat YoY – Lowest Entry Point in Miami Beach

Q2 2023 Price per Square Foot flat at $890 — Median Price also flat year-over-year

Partly deviating from the overall Miami trend of higher year-over-year price per square foot and a flat median price, the luxury condo market in Sunny Isles Beach reported the following Key Price Statistics for Q2 2023:

  • Q2 2023 vs Q1 2023. Price per Square Foot again stayed flat, adjusting marginally by 0.3% quarter-over-quarter, up from $888 in Q1 2023 to $890 in Q2 2023. (Fig. 21)
    • Sunny Isles Beach offered maximum value to sellers in Miami Beach by holding its ground in terms of percentage price gains with a flat year-over-year price per square foot – the same as Fisher Island below.
    • Closing the quarter at $890/square foot Sunny Isles Beach continued offering buyers the most affordable entry point into Miami Beach's luxury condo market in Q2 2023. However, with several branded projects in the pipeline, such as a Bentley and St. Regis, the price situation in this beach town is expected to upturn.
    • A look at the 5-year snapshot of Quarterly luxury condo prices below (Fig. 17), shows that prices closed in the higher ranges – confirming good value for sellers in this beachfront neighborhood.
  • Q2 2023 vs Q2 2022. Price per Square Foot stayed flat, adjusting only -1.1% year-over-year, down from $900 in Q2 last year to $890 for the same quarter of 2023. (Fig. 21.1)
  • Q2 2023 vs Q2 2022. Median Sales Price also stayed flat, adjusting marginally by -0.3% year-over-year, down from $1,750,000 in Q2 last year to $1,745,000 for the same quarter of 2023. (Fig. 21.1)


Sunny Isles Beach Quarterly Price per Sq. Ft. 2017-2023 - Fig. 23

Sunny Isles Beach Quarterly Price per Sq. Ft. 2017-2023 - Fig. 23


— Sunny Isles Beach: Days on Market Down QoQ, Flat YoY

Days on Market flat year-over-year. Partially deviating from the overall market trend of a decline in quarter-over-quarter numbers but increase in year-over-year values, Sunny Isles Beach reported the following Days on Market statistics:

  • In Q2 2023, luxury condos spent 16 fewer days on market compared to the previous quarter – indicating smoother buyer-seller communication.
  • On a year-over-year basis, luxury condos spent just 1 less day on the market (DOM) compared to Q2 2022, showing up flat year-over-year.
  • At 71 days, luxury properties sold at a healthier pace during Q2 2023 in this branded condo corridor.


Sunny Isles Beach Quarterly Days on Market 2018-2023 – Fig. 24

Sunny Isles Beach Quarterly Days on Market 2018-2023 – Fig. 24


— Sunny Isles Beach: Inventory Up YoY

Q2 2023 closed with 14 months of inventory. In line with the overall Miami market trend, inventory increased year-over-year but declined quarter-over-quarter in Sunny Isles Beach:

  • On a quarter-over-quarter basis, inventory was down 43% from 20 months in March 2023.
  • On a year-over-year basis, inventory increased 75% from 8 months in June 2022 - its lowest point for Sunny Isles Beach in our 7-year study.


Sunny Isles Beach Months of Inventory from Mar. 2019 to Jun. 2023 - Fig. 25

Sunny Isles Beach Months of Inventory from Mar. 2019 to Jun. 2023 - 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 6 months.

— Miami Beach Neighborhoods: Q2 2023 Fisher Island

Q2 2023 QoQ Fisher Island Luxury Condo Market Summary - Fig. 26

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 2023

5

-44.4%

$7,500,000

30.4%

$1,803

-20.7%

153

Q1 2023

9

$5,750,000

$2,273

104

Q2 2023 YoY Fisher Island Luxury Condo Market Summary - Fig. 26.1

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 2023

5

-58.3%

$7,500,000

20.0%

$1,803

-0.7%

153

Q2 2022

12

$6,249,500

$1,816

32



Fisher Island: Luxury Condo Sales Down YoY

Q2 2023 Sales down 58.3 year-over-year — 12-month sales trendline positive

Partly deviating from the overall Miami market trend of lower year-over-year sales but higher quarter-over-quarter volumes, Fisher Island reported the following sales statistics:

  • Q2 2023 vs Q1 2023. Sales volume decreased 44.4% quarter-over-quarter, down from 9 in the previous quarter to 5 in Q2 2023. (Fig. 26)
  • Q2 2023 vs Q2 2022. Sales declined 58.3% year-over-year, down from 12 in Q2 of the previous year to 5 sales in the comparable quarter of 2023. (Fig. 26.1)

As seen in the rest of the Miami Beach neighborhoods above, the 12-month Sales Trendline of Fig. 27.2 corrected into a positive trajectory, breaking its 3-quarter streak of posting negative curves from Q3 2022 through Q1 2023.


Fisher Island Luxury Condo Quarterly Sales 2015-2023 - Fig. 27.1

Fisher Island Luxury Condo Quarterly Sales 2015-2023 - Fig. 27.1


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

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


— Fisher Island: Luxury Condo Price Per Square Foot Flat YoY, Most Expensive in Miami Overall

Q2 2023 Price per Square Foot flat at $1,803 — Median Price up year-over-year

Moving against the overall Miami trend of higher year-over-year price per square foot and a flat median price, Fisher Island reported the following Key Price Statistics for Q2 2023:

  • Q2 2023 vs Q1 2023. Price per Square Foot declined 20.7% quarter-over-quarter, down from $2,273 in the previous quarter to $1,803 in Q2 2023. (Fig. 26)
    • Fisher Island again held onto its title as the most expensive neighborhood in Miami Beach and overall Miami – reporting the highest price per square foot as well as median sales price in Q2 2023.
    • Fisher Island offered maximum value to sellers in Miami Beach, along with Surfside & Bal Harbour above, by holding its ground in terms of percentage price gains with a flat year-over-year price per square foot this second quarter.
    • A look at the 5-year snapshot of Quarterly luxury condo prices below (Fig. 28), shows that prices stayed in the higher ranges – showing sellers continued receiving great value for their luxury condos in this exclusive island community.
  • Q2 2023 vs Q2 2022. Price per Square Foot stayed mostly flat, posting a slight adjustment of -0.7%, down from $1,816 in Q2 last year to $1,803 in the comparable quarter of 2023. (Fig. 26.1)
  • Q2 2023 vs Q2 2022. Median Sales Price increased by 20%, up from $6,249,500 in Q2 2022 to $7,500,000 for the same quarter this year. (Fig. 26.1)
    • The inconsistency in year-over-year Price per Square Foot and Sales Price trends could be due to sales of bigger-sized condos leading the quarter – dividing the price per square foot thinly over a larger area.


Fisher Island Quarterly Price per Sq. Ft. 2017-2023 - Fig. 28

Fisher Island Quarterly Price per Sq. Ft. 2017-2023 - Fig. 28


— Fisher Island: Days on Market Up QoQ & YoY

Days on Market up 378% year-over-year. Deviating from the overall Miami market trend of an increase in year-over-year values and declining quarter-over-quarter numbers, Fisher Island reported the following Days on Market (DOM) statistics:

  • In Q2 2023, luxury condos spent 49 extra days on the market compared to the previous quarter.
  • On a year-over-year basis, luxury condos spent 121 extra days on market (DOM) compared to Q2 2022 – up 378% year-over-year.
  • At 153 days, the DOM statistic still indicates stable market pace with positive buyer-seller communication, as a failure to register the days on market for a sale closed in Q3 2022 continues to affect the data. Fisher Island usually has a micro-market that can post longer DOM due to its highly exclusive area. 


Fisher Island Quarterly Days on Market 2018-2023 – Fig. 29

#Fisher Island Quarterly Days on Market 2018-2023 – Fig. 29


— Fisher Island: Luxury Condo Inventory Up YoY

Q2 2023 closed with 13 months of inventory. Almost in line the overall Miami market trend of an increase in year-over-year inventory but decline in quarter-over-quarter numbers, Fisher Island offered buyers and sellers equal opportunity as levels looked to normalized:

  • On a quarter-over-quarter basis, inventory was marginally up by 8% from 12 months in March 2023. However, a closer look at Fig. 30 reveals that inventory declined consistently from April to June 2023 – confirming that levels were on their way down during Q2 in this exclusive island.
  • On a year-over-year basis, inventory increased 225% from 4 months in June 2022 – one of its lowest points in our 7-year data analysis.

Looking to sell your luxury home in Fisher Island? Call, chat, or email for a FREE market evaluation of your property to make the most of this seller's market.


Fisher Island Months of Inventory from Mar. 2019 to Jun. 2023 - Fig. 30

Fisher Island Months of Inventory from Mar. 2019 to Jun. 2023 - 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 6 months.


— Q2 2023 Miami Beach Luxury Condo Market Conclusion

Following through on a robust opening to 2023, high season delivered its expected boost to bring the market to balance in Q2 2023. Even though sales dropped year-over-year, what needs to be kept in perspective is that Q2 2022 was an outlier quarter with record-setting sales. Also, a closer look reveals that Q2 2023 sales were significantly higher compared to any pre-pandemic second quarter, confirming that the market had crossed an important growth threshold and was moving ahead with stability.

Much like the overall market, neighborhoods across the board reported negative year-over-year sales, but an improvement in quarter-over-quarter volumes. The 12-month Sales Trendline corrected to a positive curve across the board, energized by high season momentum, just as in our Q2 2023 luxury housing market report for Miami.

In terms of prices, Fisher Island continued as the undisputed winner. The exclusive island – a favorite among celebrities and high-net-worth individuals from across the globe – again topped the charts for being the most expensive zip code in Miami with the highest price per square foot ($1,803) as well as median sales price ($7.5 million). Fisher Island as well as Sunny Isles Beach offered maximum value to sellers in Miami Beach, posting a flat year-over-year Price per Sq. Ft., where all other neighborhoods reported a decline.

Sunny Isles Beach remained the most affordable entry point into luxury condos on the beach, posting an attractive price of $890/square foot.

In terms of Days on Market, the Miami Beach area (overall) reported an uptick in year-over-year Days on Market, much like the overall market trend. Surfside and Bal Harbour again reported the lowest Days on Market of all Miami Beach neighborhoods under review – making this pairing the fastest-selling market of Q2 2023, with condos taking only 40 days to sell.

As predicted, inventory was lower quarter-over-quarter across the board, as high season removed a chunk off the market. South Beach plus Surfside and Bal Harbour reported the lowest levels of inventory in Miami Beach and second-lowest in Miami at 11 months.

As real estate experts, we expect the third quarter to come in softer (as noted from historical data) with the following factors deciding the overall direction of the market:

  • Considering our pro-business, low corporate tax environment, we expect steady demand to fuel market momentum as employment rates and wages continue to grow.
  • Considering two-thirds of foreign buyers in Miami choose to pay in cash, we do not expect high interest rates to deter interested buyers.
  • Considering more branded projects, short-term-rental-approved towers, and newer luxury options are in the works, we anticipate such exceptional housing options to attract more well-heeled buyers and ultra-high-net-worth individuals to our evolving market.
  • Considering Miami was just named the #2 Happiest and Healthiest City in the U.S., we anticipate to attract more wellness-focused individuals to our nature-dominated landscape with fitness-oriented lifestyle options.
  • Considering a limited number of pre-construction deliveries are scheduled for the next 1-2 years and supported by steady momentum, we expect the market to stay balanced for the remainder of 2023. That's another reason why Miami is taking over New York when it comes to real estate investments.

Q2-23 Trends

Overall Miami

Miami Beach

South Beach

Mid-North Beach 

Surfside & Bal Harbour

Sunny Isles Beach

Fisher Island

Sales

Down

Down

Down

Down

Down

Down

Down

Trendline

Positive

Positive

Positive

Positive

Positive

Positive

Positive

Price per Sq. Ft

Up

Down

Down

Down

Down

Flat

Flat

Days on Market

Up

Up

Up

Flat

Down

Flat

Up

Inventory

Up

Up

Up

Up

Up

Up

Up

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