Closing Q3 2023 with remarkable growth, Greater Downtown Miami's luxury condo market defied seasonal trends, logging the second-highest third quarter numbers on record. This urban core grouping recorded remarkable momentum in a quarter generally known to pace down after a high-pitched Q2 (as noted from historical trends).

In Q3 2023, sales may have fallen short of setting a new record but were consistently higher compared to pre-pandemic years. Downtown Miami emerged as the strongest market in the Greater Downtown area (which also includes Brickell, Edgewater and the Arts & Entertainment District), reporting the highest percentage increase in year-over-year sales. Edgewater continued to be the most expensive market for luxury condos in Greater Downtown - reporting a median price/sq. ft. of $889.

Downtown Miami also continued offering the most affordable entry point into Miami's luxury condo market, with a price of $711/sq. ft. And this growing and central pocket of the city also maintained its status as the fastest-selling neighborhood for luxury condos in Q3 2023, with properties taking less than 2 months (54 days) to sell, on average.

Read below for our exclusive, in-depth Miami market report and analysis of how Greater Downtown — including Edgewater, Brickell, and Downtown Miami— performed over Q3 2023, 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 - Q3 2023 YoY (Number of Sales)

Overall Greater Downtown Miami Luxury Condo Markets at a Glance - Q3 2023 YoY (Median Sales Price)

Overall Greater Downtown Miami Luxury Condo Markets at a Glance - Q3 2023 YoY (Median SP/SqFt)

A quick summary of Q3 2023 for the Greater Downtown Miami area:

• Brickell had the highest sales volume (67 sales) 
• Downtown Miami had the greatest sales growth YoY (79%)
• Brickell & Edgewater posted the highest median sales price ($1.4 million)
• Edgewater also posted the highest price per square foot ($889)

For this report, we've only included areas with zipcodes 33129, 33130, 33131, 33132, and 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.

Q3 2023 - Greater Downtown Miami Area Luxury Condo Market Highlights

• Sales are up 10.3% year-over-year—the second-highest in a third quarter.
• The 12-month sales trendline stayed positive between Q2 and Q3 2023.
• Price per square foot is up 3.4% year-over-year to $857.
• The median sales price is flat year-over-year & quarter-over-quarter at $1.35M.
• Days on market are up year-over-year.
• Inventory is up to 15 months.
• Greater Downtown Miami closed Q3 2023 as a balanced market, echoing the overall Miami market trend.

Q3 2023 - Greater Downtown Sub-Neighborhood Highlights

• Winner: Downtown Miami led sales growth with the highest percentage (79%) year-over-year increase.
• The 12-month sales trendline is positive across the board, except in Edgewater.
• Winner: Luxury condos in Brickell offered maximum value to sellers with the highest percentage gains (6%) in year-over-year price per sq. ft.
• Winner: Edgewater continued to be the most expensive neighborhood of Greater Downtown, priced at $889/square foot.
• Winner: Edgewater & Brickell reported the highest median sales price in Greater Downtown at $1.4 million.
• Winners: Downtown Miami emerged as the fastest-selling market in Miami overall, taking only 54 days to sell.
• Brickell continued reporting the lowest levels of inventory in Greater Downtown Miami at 13 months.

— Table of Contents

1. Greater Downtown Miami Luxury Condo Market Trends
• Greater Downtown Miami Luxury Condo Sales Trends
• Greater Downtown Miami Luxury Condo Price Trends
• Greater Downtown Miami Luxury Condo Days on Market Trends
• Greater Downtown Miami Luxury Condo Inventory Trends
2. Edgewater Market Trends
• Edgewater Neighborhood Trends - Overall Sales
• Edgewater Neighborhood Trends - Sales Price, Price/Square Foot
• Edgewater Neighborhood Trends - Days on Market
• Edgewater Neighborhood Trends - Inventory
3. Brickell Market Trends
• Brickell Neighborhood Trends - Overall Sales
• Brickell Neighborhood Trends - Sales Price, Price/Square Foot
• Brickell Neighborhood Trends - Days on Market
• Brickell Neighborhood Trends - Inventory
4. Downtown Trends
• Downtown Neighborhood Trends - Overall Sales
• Downtown Neighborhood Trends - Sales Price, Price/Square Foot
• Downtown Neighborhood Trends - Days on Market
• Downtown Neighborhood Trends - Inventory
5. Conclusion
    
   
   

— Greater Downtown Miami Luxury Condo Market Trends

Greater Downtown Miami Luxury Condo Sales Trends: Sales Up YoY

Sales are up 10.3% year-over-year — 2nd highest in a 3rd quarter — 12-month sales trendline positive

With a 10.3% increase in sales volume, Greater Downtown reported one of its strongest third quarters in recent history. Even as momentum was expected to cool down after a high-paced spring (typical for Miami's seasonal luxury housing market), Greater Downtown recorded its second-highest third-quarter sales in recent history – contributing to the pace and mood of the overall Miami market.

Below are the key Q3 2023 sales statistics for Greater Downtown Miami:

• Q3 2023 vs Q3 2022. Sales increased 10.3% year-over-year, up from 107 in Q3 last year to 118 in Q3 this year. (Fig.1.1)
• What's worth noting is that this year's third quarter outperformed all pre-pandemic quarters – only outpaced by the record-setting high of Q3 2021, which was part of the outlier pandemic-year market. This is a major nod to the market's overall strength and desirability. (Fig. 2.1)
• Q3 2023 vs Q2 2023. Sales declined only 11.3% quarter-over-quarter, down from 133 in the previous quarter to 118 sales in Q3 2023. (Fig. 1)
• Brickell remained the highest contributor in terms of volume, reporting 67 sales this third quarter. However, Downtown Miami took over as the highest percentage contributor (79% YoY) to sales growth seen in the Greater Downtown area.

Looking into the monthly sales trends of Fig. 2.2 for Greater Downtown Miami:

• July 2023 closed with 40 sales compared to 30 sales for the same month last year.
• August closed with 45 luxury condo sales versus 44 in the same month of 2022.
• September closed with 33 sales, the same as September 2022.

Driven by steady buyer demand, the 12-month sales trendline of Fig. 2.3 maintained a positive curve between Q2 and Q3 2023. The luxury condo market in Greater Downtown Miami once again surpassed that of the beach neighborhoods, which only reported flat year-over-year momentum. You can read more in our in-depth Miami Beach luxury condo market report for Q3 2023.

As real estate experts, we expect the Greater Downtown luxury condo market to close the year on a high note, even as it is expected to slow down in Q4 (as noted from historical sales statistics). This, paired with a positive trendline, leads us to anticipate a balanced market for Greater Downtown Miami through the end of the year, staying equally favorable for both buyers and sellers.

Greater Downtown Miami Luxury Condo Quarterly Sales 2015 - 2023 - Fig. 2.1

Greater Downtown Miami Luxury Condo Monthly Sales from Jan. 2016 to Sep. 2023 - Fig. 2.2

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

Greater Downtown Miami Luxury Condo Price Trends: Price per Square Foot Up YoY

Q3 2023 price per square foot up 3.4% to $857 — Median price flat year-over-year

Consistent with the price gains and stability noted in the overall Miami market, Greater Downtown Miami also reported similar price statistics for Q3 2023:

• Q3 2023 vs Q3 2022. Price per square foot increased 3.4% year-over-year, up from $828 in Q3 2022 to $857 for the same quarter of 2023 (Fig. 1.1).
• Q3 2023 vs Q2 2023. Price per square foot declined -2.1% quarter-over-quarter, down from $875 in the previous quarter to $857 in Q3 2023 (Fig. 1).
• A closer look at the 5-year snapshot of quarterly luxury condo prices below (Fig. 3) reveals that the price per square foot closed in the higher ranges for Q3 2023 – showing that luxury condo investments in Miami's urban core provided incredible value to sellers.

• Q3 2023 vs Q3 2022. Median sales price stayed mostly flat, recording a slight adjustment of 1.2%, up from $1,330,000 in Q3 last year to $1,345,313 for the comparable quarter this year (Fig. 1.1).
  
  
  

If you own in the Greater Downtown Miami area and are considering selling, get a complimentary assessment of your condo's value. 

Greater Downtown Miami Luxury Condo Quarterly Price per Sq. Ft. 2017-2023 - Fig. 3

Greater Downtown Miami Luxury Condo Days on Market Trends: Down QoQ, Up YoY 

Days on market is up 25% year-over-year. Partly deviating from the overall market trend of an increase in year-over-year values and flat quarter-over-quarter numbers, Greater Downtown Miami reported the following days on market statistics:

• In Q3 2023, luxury condos spent 10 fewer days on the market compared to the previous quarter.
• On a year-over-year basis, luxury condos spent 14 extra days on market (DOM) compared to Q3 2022 – up 25% year-over-year.
• At 70 days, luxury properties sold at a good pace, indicating healthy buyer-seller communication.

Greater Downtown Miami Luxury Condo Quarterly Days on Market 2018 - 2023 – Fig. 4

Greater Downtown Miami Luxury Condo Inventory Trends: Balanced Market Thrives

Q3 2023 closed with 15 months of inventory. Owing to strong market momentum, inventory levels only slightly increased from the previous quarter. Reflecting the overall Miami trend for inventory, the luxury condo market in Greater Downtown also reported an increase in year-over-year as well as quarter-over-quarter stats:

• On a quarter-over-quarter basis, inventory was up from 13 months in June this year to 15 months in September 2023 – posting a 15.4% increase.
• On a year-over-year basis, inventory was up from 10 months in September 2022 – reporting a 50% increase from a year ago (Fig. 5).

Considering a balanced market should hold only 9 to 12 months of inventory, at 15 months the statistic tipped towards a buyer's market on paper. However, anecdotally, the market stands in equilibrium. With a leveled playing field for both, as real estate experts, we recommend that sellers approach the table with a flexible price, while buyers can enjoy having a wider variety of housing options within their expected price range.

Buyers looking to live closer to the bay in Edgewater or work in Brickell can use our search engine to look for the available condos for sale in the Greater Downtown Miami area.

Greater Downtown Miami Luxury Condo Months of Inventory from Mar. 2019 to Sep. 2023 - 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 six months.

— Edgewater Market Trends (33132 and 33137)

Edgewater Overall Sales Up YoY

Sales up 30% year-over-year — Second-highest in a Q3 — 12-month sales trendline negative

Echoing the positive mood of the overall annual market, Edgewater too reported an increase in year-over-year sales with the following key statistics:

• Q3 2023 vs. Q3 2022. Sales jumped 30% year-over-year, up from 20 in Q3 last year to 26 in the comparable quarter of 2023. (Fig. 6.1)
• The bayfront neighborhood reported the second-highest 3rd-quarter sales plus the highest quarterly sales compared to pre-pandemic years – a nod to market strength boosted by steady buyer demand. (Fig. 7.1)
• Q3 2023 vs Q2 2023. Sales volume declined -7.1% quarter-over-quarter, slightly down from 28 sales in the previous quarter to 26 in Q3 2023. (Fig. 6)

Even with good market momentum, the 12-month sales trendline of Fig. 7.2 downshifted into a negative trajectory from a positive curve in Q2 2023.

Edgewater Luxury Condo Quarterly Sales 2015 - 2023 - Fig. 7.1

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

Edgewater Price/Square Foot: Most Expensive in Greater Downtown

Q3 2023 Price per square foot up 2.5% to $889 — Median price flat year-over-year

Partly deviating from the overall Miami market trend of a flat year-over-year price per square foot and higher median price, Edgewater reported the following key price statistics for Q3 2023:

• Q3 2023 vs Q3 2022. Price per square foot increased 2.5% year-over-year, up from $867 in Q3 of the previous year to $889 for the comparable quarter this year (Fig. 6.1).
• Q3 2023 vs Q2 2023. Price per square foot declined -7.2%, down from $958 in the previous quarter to $889 in Q3 2023 (Fig. 6).
• With its price per square foot at $889, Edgewater continued holding onto its title of the most expensive neighborhood in Greater Downtown.
• A look at the 5-year snapshot of quarterly luxury condo prices below (Fig. 8), shows that the price per square foot continued in the higher ranges for Q3 2023 – again showing that sellers received great value for their luxury condo investments in this bayfront neighborhood.
• Q3 2023 vs Q3 2022. Median sales price stayed mostly flat year-over-year, adjusting only by 2.1%, up from $1,355,000 in Q3 2023 to $1,382,813 for the same quarter this year (Fig. 6.1).
  • Edgewater tied with Brickell to report the highest sales price in the Greater Downtown area.

Edgewater Luxury Condo Quarterly Price per Sq. Ft. 2017-2023 - Fig. 8

Edgewater Days on Market Up QoQ & YoY

Days on market are up 57% year-over-year. Partly deviating from the overall Miami trend of an increase in year-over-year numbers and flat quarter-over-quarter values, Edgewater reported the following days on market stats:

• In Q3 2023, luxury condos spent 22 more days on the market compared to the previous quarter. (Fig. 9)
• On a year-over-year basis, luxury condos spent 36 extra days on the market (DOM) compared to Q3 2022 - up by 57% year-over-year.
• At 100 days, luxury condos sold at a softer pace in this bayfront neighborhood – showing buyers and sellers took a while to come to a consensus.

Edgewater Luxury Condo Quarterly Days on Market 2018-2023 – Fig. 9

Edgewater Inventory Up YoY to Highest in Miami

Q3 2023 closed with 19 months of inventory. In step with the overall Miami market trend, Edgewater reported an increase in year-over-year and quarter-over-quarter stats:

• On a quarter-over-quarter basis, inventory was up from 13 months in June this year to 19 months in September 2023 – a 46% increase.
• On a year-over-year basis, inventory was up from 12 months in September 2022 – a 58.3% increase from a year ago (Fig. 10).
• At 19 months, Edgewater carried the highest levels of inventory of all the Miami neighborhoods under our review. Still, with the overall market in equilibrium, buyers and sellers have equal opportunity in terms of choices and negotiations.
  
  
  

— 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 the best offers.
You can call, chat, or e-mail us, and an expert, local real estate agent will help you.

Edgewater Luxury Condo Months of Inventory from Mar. 2019 to Sep. 2023 - 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 six months.

Brickell Market Trends (33129, 33130 and 33131)

Brickell Luxury Condo Sales Down YoY

Sales down -8.2% year-over-year — Higher than pre-pandemic years — 12-month sales trendline positive

Deviating from the positive sales trend noted in the overall market, Brickell reported a decline in year-over-year sales with the following key statistics:

• Q3 2023 vs Q3 2022. Sales decreased -8.2% year-over-year, down from 73 in Q3 2022 to 67 sales in Q3 this year. (Fig. 11.1)
• Still, Brickell continued reporting the highest sales volume of all the Greater Downtown Miami neighborhoods under review.
• Also, third-quarter volume was higher compared to pre-pandemic years (Q1 2021 and earlier) – showing great resilience and sustainable growth. (Fig. 12.1)
• Q3 2023 vs Q2 2023. Sales dropped -19.3% quarter-over-quarter, down from 83 in the previous quarter to 67 in Q3 2023. (Fig. 11)

Owing to steady momentum, the 12-month sales trendline of Fig. 12.2 continued on a positive trajectory from Q2 to Q3 2023.

Brickell Luxury Condo Quarterly Sales 2015 - 2023 - Fig. 12.1

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

Brickell Price per Square Foot Up YoY: Leads Price Growth in Greater Downtown

Q3 2023 Price per square foot up 5.6% to a peak of $876 — Median price flat year-over-year

In contrast to the overall Miami trend of a flat year-over-year price per square foot and higher median price, Brickell reported the following key price statistics for Q3 2023:

• Q3 2023 vs Q3 2022. Price per square foot increased 5.6%, up from $830 in Q3 2022 to $876 for the comparable quarter of 2023 (Fig. 11.1).
• With the price per square foot at an all-time high of $876/sq. ft. (Fig. 13), sellers in Brickell received top dollar for their luxury condo investments this third quarter.
• Brickell also led price growth trends in Greater Downtown, reporting the highest percentage growth (5.6%) in year-over-year price per sq. ft.
• Q3 2023 vs Q2 2023. Price per square foot increased 4.5% quarter-over-quarter, up from $838 in the previous quarter to $876 in Q3 2023 (Fig. 11).
• Q3 2023 vs Q3 2022. Median sales price stayed mostly flat, adjusting only by 1.5%, slightly up from $1,330,000 in Q3 last year to $1,350,000 for the same quarter this year (Fig. 11.1).
• Brickell further shared the top spot with Edgewater to report the highest sales price in Greater Downtown.

Brickell Luxury Condo Quarterly Price per Sq. Ft. 2017-2023 - Fig. 13

Brickell Days on Market Down QoQ, Up YoY

Days on market are up 26% year-over-year. Partly deviating from the overall Miami trend of an increase in year-over-year values and flat quarter-over-quarter numbers, Brickell reported the following days on market (DOM) statistics:

• In Q3 2023, luxury condos spent 21 fewer days on the market compared to the previous quarter.
• On a year-over-year basis, luxury condos spent 13 extra days on the market (DOM) compared to Q3 2022 – up 26% year-over-year.
• At 63 days, luxury properties sold at a swift pace, indicating great buyer-seller communication in the financial district.

Brickell Luxury Condo Quarterly Median Days on Market 2018 – 2023 - Fig. 14

Brickell Inventory Up YoY, But Lowest in Greater Downtown

Q3 2023 closed with 13 months of inventory. Tightly in step with the overall Miami market trend, Brickell also reported an increase in year-over-year and quarter-over-quarter stats:

• On a quarter-over-quarter basis, inventory was up 8.3% from 12 months in June 2023.
• On a year-over-year basis, inventory increased by 44.5% from 9 months in September 2022 – one of its lowest points in our 7-year analysis.
• At 13 months, inventory was closest to the 9-12-month range of an ideal market – indicating that buyers and sellers continued enjoying equal value and opportunity in Brickell's balanced market.

Brickell Luxury Condo Months of Inventory from Mar. 2019 to Sep. 2023 - 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 six months.

—Downtown Miami Market Trends (33128, 33132 and 33136)

Downtown Miami Sales Up YoY: Leads Sales Growth in Greater Downtown

Sales up 78.6% year-over-year — 2nd-highest in a 3rd quarter — 12-month sales trendline positive

Reflecting and contributing to the positive sales trend noted in the overall Miami market, Downtown Miami too reported an increase in year-over-year sales with the following key statistics:

• Q3 2023 vs Q3 2022. Sales soared 78.6% year-over-year, up from 14 in Q3 of the previous year to 25 in the comparable quarter of 2023. (Fig. 15.1)
• Leading sales growth trends in Q3 2023, Downtown Miami reported the highest year-over-year percentage increase in volumes of all Greater Downtown neighborhoods under our review.
• Third-quarter sales outperformed all comparable previous quarters and were only a tad short of breaching the record-high of Q3 2021. This indicates the growing popularity of luxury condos in Miami's Downtown area and overall stable growth in the city's urban core. (Fig. 16.1)
• Q3 2023 vs Q2 2023. Sales volume increased 13.6% quarter-over-quarter, up from 22 in the previous quarter to 25 in Q3 2023. (Fig. 15)

Owing to intense domestic and foreign buyer demand, the 12-month sales trendline of Fig. 16.2 maintained its positive curve from Q2 to Q3 2023.

Downtown Miami Luxury Condo Quarterly Sales 2015 - 2023 - Fig. 16.1

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

Downtown Miami Price per Square Foot Flat YoY - Most Affordable in Miami Overall

Q3 2023 Price per square foot flat at $711 — Median price also flat year-over-year

Partly consistent with the overall Miami market trend of a flat year-over-year price per square foot and higher median price, Downtown Miami reported the following key price statistics for Q3 2023:

• Q3 2023 vs Q3 2022. Price per square foot stayed mostly flat, adjusting marginally by 1% year-over-year, up from $704 in Q3 last year to $711 in the same quarter of 2023 (Fig. 15.1).
• Q3 2023 vs Q2 2023. Price per square foot declined -4.3% quarter-over-quarter, down from $743 in the previous quarter to $711 in Q3 2023 (Fig. 15).
• Again, offering buyers the most affordable entry point into Miami's luxury condo market, Downtown closed the quarter at $711/sq. ft.
• A closer look at the 5-year snapshot of quarterly luxury condo prices below (Fig. 17), shows that Downtown prices stayed in the higher ranges – affording sellers good value for their luxury condo investments.
• Q3 2023 vs Q3 2022. Median sales price stayed mostly flat, adjusting slightly by -0.4% year-over-year, marginally down from $1,250,000 in Q3 of the previous year to $1,245,000 for the same quarter this year (Fig. 15.1).

Downtown Miami Luxury Condo Quarterly Price per Sq. Ft. 2017-2023 - Fig. 17

Downtown Miami Days on Market Down QoQ & YoY: Fastest-selling in Miami Overall

Days on market is down -47% year-over-year. In contrast to the overall Miami trend of an increase in year-over-year numbers and flat quarter-over-quarter values, Downtown Miami reported the following days on market stats:

• In Q3 2023, luxury condos spent 14 fewer days on the market compared to the previous quarter. (Fig. 18)
• On a year-over-year basis, luxury condos spent 49 fewer days on market compared to Q3 2022 – down by 47% year-over-year.
• Taking only 54 days to market, Downtown Miami emerged as the fastest-selling market of Miami overall in Q3 2023 – indicating excellent buyer-seller communication with swift action.

Downtown Miami Luxury Condo Quarterly Median Days on Market 2018 – 2023 - Fig. 18

Downtown Miami Inventory Up YoY

Q3 2023 closed with 16 months of inventory. Partly deviating from the overall Miami trend of an increase in year-over-year and quarter-over-quarter numbers, the luxury condo market in Downtown Miami reported the following stats:

• On a quarter-over-quarter basis, inventory declined 11.1% from 18 months in June 2023.
• On a year-over-year basis, inventory increased 33.3% from 12 months in September 2022.
• At 16 months, inventory closed above the 9-12-month range of a balanced market, giving buyers a little more leverage in terms of choices until levels fall back within the ideal range.

Downtown Miami Luxury Condo Months of Inventory from Mar. 2019 to Sep. 2023 - 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 six months.

— Greater Downtown Miami Market Conclusion

In a quarter expected to pace down (given the seasonality of Miami's luxury housing market), Greater Downtown Miami, much like the overall Miami trend, reported its second-highest third-quarter sales to date. With sales consistently higher than in pre-pandemic years, this urban grouping reported steady growth, bucking weaker national housing trends. As a result, the 12-month sales trendline remained positive across the board (except in Edgewater), showing signs of great market health.

Downtown Miami emerged as the most popular neighborhood in the Greater Downtown area, leading sales growth trends with a 79% increase in year-over-year sales.

Consistent with the price stability noted in the overall Miami market summary for Q3 2023, prices were higher across the board in Greater Downtown – with only Downtown Miami reporting a flat year-over-year price per square foot. Sellers in Brickell received maximum value for their luxury properties, as high-end condos in the area recorded the highest percentage gain in their year-over-year price per square foot. On the other hand, Edgewater continued leading the charts as the most expensive neighborhood of Greater Downtown, closing Q3 2023 at $889/sq. ft.

In step with the overall market trend, the days on market increased year-over-year for luxury condos across Greater Downtown. However, Downtown Miami reported a sharp decline in year-over-year as well as quarter-over-quarter DOM stats owing to heightened buyer interest. Downtown Miami continued to be the fastest-selling market in Greater Downtown Miami and reported the lowest days on the market of all Miami neighborhoods under our review, as luxury properties spent only about 2 months (54 days) on the market from listing to closing.

Inventory stats in Greater Downtown reported an increase, consistent with the overall Miami market trend of higher year-over-year levels. This is expected in a third quarter, since market momentum is predicted to pace down after peaking during the second quarter (typical for Miami's seasonal luxury condo market), leaving a higher amount of inventory available. Still, with 15 months' worth of inventory, levels hovered close to the 9-12-month benchmark of an ideal market. This, paired with anecdotal evidence, shows that this urban core offered equal value and opportunity to buyers and sellers, much in line with the overall Miami market trend for Q3 2023.

With a slower-paced fourth quarter ahead of us, we, as luxury real estate experts, expect the following factors to influence the direction of the market moving into the last quarter of 2023:

• We expect more high-earning young professionals to continue fueling demand for luxury housing in Miami in light of a growing business landscape boosting the job market and further strengthening our economy.
• We expect more high-net-worth and ultra-high-net-worth buyers to be attracted to our tax-friendly shores with a grand variety of branded luxury, following the likes of Lionel Messi and Jeff Bezos setting up homes in Magic City.
• We expect a bigger pool of investors to be drawn out by our newest batch of short-term-rental-friendly, pre-construction luxury condos such as the NoMad Wynwood Residences, ORA by Casa Tua, 501 First, or Vida Residences.
• We expect more wellness-focused individuals and families to arrive at our sunny shores inspired by our year-round warmth, world-class beaches, exceptional boating opportunities, outdoor fitness initiatives, and more activities conducive to a healthy and active lifestyle.
• We expect fewer pre-construction deliveries (in immediate cycles) and healthy buyer demand to keep inventory levels in check and help maintain a balanced market.
  
  

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