Q3 2023 Miami Beach Luxury Condo Market Report: Housing Market Stable

Q3 2023 Miami Beach Luxury Condo Market Report: Housing Market Stable

Oct 24, 2023 October 24, 2023

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The luxury condo market in Miami Beach closed Q3 2023 with stable growth, as it matched the previous year's levels and posted its second-highest sales in a third quarter. Bucking seasonal trends yet again, this grouping of beachfront neighborhoods recorded incredible momentum in a quarter otherwise poised to pace down after a high-pitched Q2 (as noted from historical trends).

In Q3 2023, Fisher Island emerged as the best-performing neighborhood by reporting the highest percentage growth in year-over-year sales. Cementing its status as the most expensive zip code in Miami Beach and overall Miami, Fisher Island reported the highest price per square foot. 

On the other hand, even as Sunny Isles Beach remained the most affordable entry point into the luxury condo market on the beach, this beachfront corridor known for branded towers offered maximum year-over-year value to sellers in Q3 2023.

South Beach, as well as Surfside and Bal Harbour, again reported the lowest levels of inventory in the collective Miami Beach area (12 months). Read on for more year-over-year insights in our exclusive and detailed analysis on how each Miami Beach neighborhood fared against each other, as well as against the overall Miami luxury condo trends and other real estate market statistics in Q3 2023.

For this report, we've included the neighborhoods of South Beach, Mid-Beach, North Beach, Sunny Isles Beach, Surfside, Bal Harbour, and Fisher Island. Also, this luxury condo submarket report only features properties priced at $1 million and above.


Q3 2023 - Miami Beach Overall Luxury Condo Market Highlights:

  • Sales are flat year-over-year — still the second-highest number in a 3rd quarter.
  • Sunny Isles Beach remained the highest volume contributor.
  • 12-month sales trendline remained positive between Q2 and Q3 2023.
  • Price per square foot is up 3.2% year-over-year to $1,116.
  • Median sales price up 11.1% year-over-year.
  • Days on market is up 22% year-over-year.
  • Inventory is up 55.5% year-over-year to 14 months.
  • Miami Beach continued as a balanced market in Q3 2023.


Q3 2023 - Miami Beach Sub-neighborhood Highlights:

  • Winners: Fisher Island led sales growth with the highest year-over-year increase percentage at 167%.
  • 12-Month sales trendline was positive across the board.
  • Winner: Sunny Isles Beach luxury condos offered maximum value to sellers in Miami Beach reporting a 9% increase in year-over-year price per sq. ft.
  • Winner: Fisher Island continued to be the most expensive neighborhood in all of Miami priced at $1,988/sq. ft.
  • Winner: Fisher Island maintained its status as the most luxurious zip code in all of Miami reporting the highest median sales price at $5.2 million.
  • Winner: Surfside & Bal Harbour reported the highest percentage growth in year-over-year median sales price at 21%.
  • Winner: Mid-North Beach emerged as the fastest-selling market in Miami Beach, as luxury condos took only 63 days to sell, from listing to closing.
  • South Beach plus Surfside and Bal Harbour reported the lowest levels of inventory (12 months) in Miami Beach and the second-lowest in all of Miami, just behind the combined neighborhood of Coconut Grove and Coral Gables (9 months).


Miami Beach Luxury Condo Markets at a Glance - Q3 2023 YoY (Number of Sales)

Miami Beach Luxury Condo Markets at a Glance - Q3 2023 YoY (Number of Sales)


Miami Beach Overall Luxury Condo Markets at a Glance - Q3 2023 YoY (Median Sale Price)

Miami Beach Overall Luxury Condo Markets at a Glance - Q3 2023 YoY (Median Sale Price)


Miami Beach Luxury Condo Markets at a Glance - Q3 2023 YoY (Median Sales Price / Sq. Ft.)

Miami Beach Luxury Condo Markets at a Glance - Q3 2023 YoY (Median Sales Price / Sq. Ft.)


Table of Contents

  1. Overall Q3 2023 Miami Beach Luxury Condo Market Trends
  2. Q3 2023 South Beach Luxury Condo Market Trends
  3. Q3 2023 Mid and North Beach Luxury Condo Market Trends
  4. Q3 2023 Surfside & Bal Harbour Luxury Condo Market Trends
  5. Q3 2023 Sunny Isles Beach Luxury Condo Market Trends
  6. Q3 2023 Fisher Island Luxury Condo Market Trends
  7. Conclusion - Q3 2023 Miami Beach Luxury Condo Market Report


Q3 2023 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

Q3-2023

192

-22.0%

$2,000,000

17.6%

$1,107

6.7%

83

Q2-2023

246

$1,700,000

$1,037

71



Q3-2023 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

Q3-2023

189

0.0%

$2,000,000

11.1%

$1,116

3.2%

83

Q3-2022

189

$1,800,000

$1,081

68

 

1. Overall Q3 2023 Miami Beach Luxury Condo Market Trends


1.1 Miami Beach: Luxury Condo Sales Flat YoY

Sales flat year-over-year — second-highest in a 3rd quarter — 12-month sales trendline positive

Echoing the overall Miami market trend for Q3 2023, these beachside neighborhoods reported one of their strongest third quarters on record. Although momentum was expected to pace down after a busy Q2 (as it does every year in Miami's cyclical market), Miami Beach recorded its second-highest third-quarter sales in recent history.


Miami Beach (collectively) reported the following Sales Statistics for Q3 2023:

  • Q3 2023 vs Q3 2022: Sales remained flat year-over-year, matching volumes (189 sales) from Q3 2022. (Fig.1.1)
    • What's worth noting is that this year's third quarter outpaced all pre-pandemic quarters – second only to the record-setting high of Q3 2021, which was part of the frenzied pandemic-year market. With sales at their second-highest in a third quarter, the beaches closed the quarter on an above-average note. (Fig. 2.1).
  • Q3 2023 vs Q2 2023: Sales declined -23.2% quarter-over-quarter, down from 246 in the previous quarter to 189 sales in Q3 2023. (Fig. 1)
  • Sunny Isles Beach continued as the highest volume contributor for the seventh quarter in a row reporting a total of 61 sales in Q3 2023.
  • Fisher Island emerged as the strongest market in this beachside grouping, reporting the highest percentage growth in year-over-year sales (167%).


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

  • July 2023 closed with 52 sales compared to 54 sales for the same month last year.
  • August closed with 76 luxury condo sales versus 72 in the same month of 2022.
  • September closed with 62 sales versus 63 in September 2022.

Owing to steady demand by national and international buyers, the 12-month sales trendline of Fig. 2.3 maintained its positive curve between Q2 and Q3 2023.

As real estate experts, we expect the Miami Beach luxury condo market to enjoy a steady demand, even as we are headed towards a seasonal plateau (as noted from historical sales statistics). Reading into anecdotal evidence along with a positive curving trendline, we further expect this coastal market to close the year on a strong, balanced note – giving buyers and sellers equal footing at the table.


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

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


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

Miami Beach Luxury Condo Monthly Sales from Jan. 2016 to Sep. 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


1.2 Miami Beach: Luxury Condo Prices Up YoY

Q3 2023 Price per square foot is up 3.2% to $1,116 — Median price also up year-over-year

Positively deviating from the overall Miami market trend of a flat year-over-year price per square foot and increase in median price, the luxury condo market in Miami Beach reported the following key price statistics for Q3 2023:

  • Q3 2023 vs Q3 2022. Price per square foot increased 3.2% year-over-year, up from $1,081 in Q3 last year to $1,116 for the comparable quarter of 2023. (Fig. 1.1)
  • Q3 2023 vs Q2 2023. Price per square foot posted a 7.6% uptick quarter-over-quarter, up from $1,037 in the previous quarter to $1,116 in Q3 2023. (Fig. 1)
    • A look at the 5-year snapshot of quarterly luxury condo prices below (Fig. 3), shows that the price per square foot again closed in the higher ranges – showing that sellers have consistently been receiving top value for their luxury condo investments in this beachside grouping.
  • Q3 2023 vs Q3 2022. Median sales price jumped 11.1%, from $1,800,000 in Q3 2022 to $2,000,000 for the same quarter this year. (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


1.3 Miami Beach: Days on Market Up QoQ & YoY

Days on market is up 22% year-over-year. Partially deviating from the overall Miami trend of an increase in year-over-year numbers but flat quarter-over-quarter values, Miami Beach reported the following days on market statistics:

  • In Q3 2023, luxury condos spent 12 extra days on the market compared to the previous quarter.
  • In a year-over-year analysis, luxury condos spent 15 extra days on market (DOM) compared to Q3 2022, up 22% from a year ago.
  • At 83 days, luxury condos sold at a steady pace this third quarter, indicating that buyers and sellers were still quicker to come to a consensus compared to pre-pandemic years, where luxury condos would typically sit for more than 100 days on the market in Miami Beach. (Fig. 4)


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

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


1.4 Miami Beach: Luxury Condo Inventory Up YoY Shows Balanced Market

Q3 2023 closed with 14 months of inventory. Owing to a robust post-spring market, inventory increased slightly compared to the previous quarter. Consistent with the overall Miami trend for inventory, Miami Beach also reported an increase in year-over-year as well as quarter-over-quarter statistics:

  • On a quarter-over-quarter basis, inventory was up from 13 months in June this year to 14 months in September 2023 reporting a 7.7% increase.
  • On a year-over-year basis, inventory was up from 9 months in September 2022 reporting a 55.5% increase from a year ago. (Fig. 5)

Considering an ideal market should hold only 9 to 12 months of inventory, at 14 months levels were still close to a balanced range. Pairing this with anecdotal observations, buyers and sellers have a leveled playing field in Miami Beach, much like the overall Miami trend.

As real estate experts, we recommend sellers to list with price flexibility in mind in this balanced market, whereas buyers can look forward to a greater variety of housing options within their decided price range. If you are looking to live on the water or closer to the beach, you can use our browser for available Miami Beach condos for sale.


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

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

A balanced market has 9-12 months of inventory. The months of inventory are calculated as the number of active listings + the number of pending listings, divided by the average number of deals in the last six months.


Looking for a market valuation on your Miami Beach condo? Call, chat, or email us for a FREE market evaluation of your property.



2. Q3 2023 South Beach Luxury Condo Market Trends

Q3 2023 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

Q3-2023

51

-32.0%

$1,670,000

9.5%

$1,212

8.9%

84

Q2-2023

75

$1,525,000

$1,113

84



Q3 2023 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

Q3-2023

51

15.9%

$1,670,000

-12.6%

$1,212

-8.0%

84

Q3-2022

44

$1,910,000

$1,317

68



2.1 South Beach: Luxury Condo Sales Up YoY

Sales are up 15.9% year-over-year — 2nd-highest in a Q3 — 12-month sales trendline positive

Reflecting the positive mood of the overall market, South Beach too reported an increase in year-over-year sales with the following key statistics:

  • Q3 2023 vs. Q3 2022. Sales increased 15.9% year-over-year, up from 44 in Q3 a year ago to 51 in the comparable quarter of 2023. (Fig. 7.1)
    • With third-quarter sales higher than any comparable quarter, outpaced only by the record-setting high of Q3 2021, South Beach's luxury condo market closed on a high note.
  • Q3 2023 vs Q2-2023. Sales volume declined -32% quarter-over-quarter, down from 75 sales in the previous quarter to 51 in Q3 2023 (Fig. 6).

Owing to steady buyer demand, the 12-month sales trendline of Fig. 7.2 kept its positive streak (read trajectory) from Q2 to Q3 2023, showing great market strength and desirability.


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


2.2 South Beach: Luxury Condo Prices Down YoY

Q3 2023 Price per square foot down -8% to $1,212 — Median price also down year-over-year

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

  • Q3 2023 vs Q3 2022. Price per square foot declined -8% year-over-year, down from $1,317 in Q3 of the previous year to $1,212 for the same quarter of 2023 (Fig. 6.1)
  • Q3 2023 vs Q2 2023. Price per square foot increased 8.9% quarter-over-quarter, up from $1,113 in the previous quarter to $1,212 this third quarter. (Fig. 6)
    • A closer look at the 5-year snapshot of quarterly luxury condo prices below (Fig. 8), reveals that the price per square foot again closed in the higher ranges affording sellers incredible value for their luxury condo investments in this world-class beach destination.
  • Q3 2023 vs Q3 2022. Median sales price declined -12.6% year-over-year, down from $1,910,000 in Q3 of the previous year to $1,670,000 for the same 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


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

Days on market are up 24% year-over-year. Consistent with the overall Miami trend of an increase in year-over-year values and flat quarter-over-quarter numbers, South Beach reported the following days on market (DOM) statistics:

  • In Q3 2023, luxury condos spent the same number of (84) days on the market as the previous quarter.
  • In a year-over-year analysis, luxury condos spent 16 days longer on the market (DOM) compared to Q3 2022 – up 24% year-over-year.
  • At 84 days, luxury properties sold at a stable pace in Q3 2023, indicating buyer-seller communication stayed positive 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


2.4 South Beach: Luxury Condo Inventory Up YoY – 2nd-lowest in Miami Overall

Q3 2023 closed with 12 months of inventory. Tightly in step with the overall Miami market trend, inventory in South Beach reported an increase in year-over-year as well as quarter-over-quarter stats as below:

  • On a quarter-over-quarter basis, inventory was up 20% from 10 months in June 2023.
  • On a year-over-year basis, inventory increased by 50% from 8 months in September 2022.
  • At 12 months, inventory fell within the 9-12-month range of an ideal market, indicating that buyers and sellers continued enjoying equal value and opportunity in this balanced beachside market.
  • With 12 months of inventory, South Beach again tied with Surfside & Bal Harbour to report the lowest inventory in Miami Beach as well as the second-lowest levels in all of Miami, as it did in Q2-2023.


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

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


3. Q3 2023 Mid and North Beach Luxury Condo Market Trends

Q3 2023 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

Q3-2023

38

-2.6%

$1,748,000

12.1%

$1,030

2.3%

63

Q2-2023

39

$1,560,000

$1,007

72



Q3 2023 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

Q3-2023

38

0.0%

$1,748,000

16.5%

$1,030

-11.3%

63

Q3-2022

38

$1,500,000

$1,162

40



3.1 Mid-North Beach: Luxury Condo Sales Flat YoY

Sales flat year-over-year — Second-highest in a Third-quarter – 12-month sales trendline positive

Partly deviating from the positive sales trend noted in the overall Miami market, Mid-North Beach reported the following key statistics:

  • Q3 2023 vs Q3 2022. Sales stayed flat year-over-year, the same as in Q3 last year (38 sales) (Fig. 11.1).
    • Reporting great resilience and growth, third-quarter sales were higher than any comparable quarter noted in previous years, only behind the all-time high recorded in Q3 2021.
  • Q3 2023 vs Q2 2023. Sales stayed mostly flat quarter-over-quarter, adjusting only slightly by -2.6%, marginally down from 39 in the previous quarter to 38 in Q3 2023 (Fig. 11).

Owing to healthy buyer demand, the 12-month sales trendline of Fig. 12.2 maintained a positive trajectory between Q2 and Q3 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


3.2 Mid-North Beach: Luxury Condos Post Mixed Prices

Q3 2023 Price per square foot down -11.3% to $1,030 — Median price up 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, luxury condos in Mid-North Beach reported the following key price statistics for Q3 2023:

  • Q3 2023 vs Q3 2022. Price per square foot declined -11.3% year-over-year, down from $1,162 in the year-ago Q3 to $1,030 in Q3 2023 (Fig. 11.1).
  • Q3 2023 vs Q2-2023. Price per square foot stayed mostly flat quarter-over-quarter, adjusting slightly by 2.3%, up from $1,007 in the previous quarter to $1,030 in Q3 2023 (Fig. 11).
    • A closer look at the 5-year snapshot of quarterly luxury condo prices below (Fig. 13), shows that luxury condo prices in Mid-North Beach closed in the higher ranges, affording sellers good gains on their luxury condo investments.
  • Q3 2023 vs Q3 2022. Median sales price increased 16.5% year-over-year, up from $1,500,000 in Q3 of the previous year to $1,748,000 in the same 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


3.3 Mid-North Beach: Days on Market Down QoQ, Up YoY – Fastest-selling Market in Miami Beach

Days on market are up 58% year-over-year. Deviating in part from the overall Miami trend of an increase in year-over-year numbers and flat quarter-over-quarter values, Mid-North Beach (collectively) reported the following days on market statistics:

  • In Q3 2023, luxury condos spent 9 fewer days on the market compared to the previous quarter. (Fig. 14)
  • In a year-over-year analysis, luxury condos spent 23 days longer on the market (DOM) compared to Q3 2022 – up 58% year-over-year.
  • At 63 days, luxury properties sold relatively quickly in this pairing of family-friendly neighborhoods. This made the neighborhood the fastest-selling market of Miami Beach in Q3 2023 – indicating excellent buyer-seller communication.


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


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

Q3 2023 closed with 17 months of inventory. Following the overall Miami market trend of an increase in year-over-year and quarter-over-quarter numbers, the luxury condo market in Mid-North Beach reported the following statistics:

  • On a quarter-over-quarter basis, inventory went up 21.4% from 14 months in June 2023.
  • On a year-over-year basis, inventory increased 143% from 7 months in September 2022, one of its lowest points in our 7-year analysis of this combined neighborhood.
  • At 17 months, inventory closed above the 9-12-month range of an ideal market – indicating that buyers hold the advantage in terms of choices until levels fall back within the balanced range in this grouping, which would be very soon considering the overall market remained balanced this third quarter.


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

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

4. Q3 2023 Surfside & Bal Harbour Luxury Condo Market Trends 

Q3 2023 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

Q3-2023

30

-14.3%

$3,012,500

5.7%

$1,254

-6.6%

100

Q2-2023

35

$2,850,000

$1,343

40



Q3 2023 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

Q3-2023

30

42.9%

$3,012,500

20.7%

$1,254

3.9%

100

Q3-2022

21

$2,495,000

$1,207

32



4.1 Surfside & Bal Harbour: Luxury Condo Sales Up YoY

Sales are up 42.9% year-over-year — Second-highest of any 3rd quarter on record — 12-month sales trendline positive

Echoing the positive mood of the overall Miami market, luxury condos in Surfside & Bal Harbour too reported an increase in year-over-year sales with the following key statistics:

  • Q3 2023 vs. Q3 2022. Sales jumped 42.9% year-over-year, up from 21 in Q3 last year to 30 sales in the comparable quarter of 2023. (Fig. 16.1).
    • In step with the overall market mood, this combined neighborhood also reported its second-highest sales in the third quarter, along with the highest quarterly sales compared to pre-pandemic years. (Fig. 17.1)
  • Q3 2023 vs Q2 2023. Sales declined -14.3% quarter-over-quarter, down from 35 in the previous quarter to 30 sales in Q3 2023 (Fig. 16).

Owing to heightened buyer interest, the 12-month sales trendline of Fig. 17.2 remained positive from Q2 to Q3 2023.


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


4.2 Surfside & Bal Harbour: Luxury Condo Prices Up YoY

Q3 2023 Price per square foot up 3.9% to $1,254 — Median price too increased year-over-year

Only partly consistent with the overall Miami trend of a flat year-over-year price per square foot and higher median price, luxury condos in Surfside & Bal Harbour reported the following key price statistics for Q3 2023:

  • Q3 2023 vs Q3 2022. Price per square foot increased 3.9% year-over-year, up from $1,207 in Q3 of the previous year to $1,254 in Q3 2023. (Fig. 16.1)
  • Q3 2023 vs Q2 2023. Price per square foot declined by -6.6% quarter-over-quarter, down from $1,343 in the previous quarter to $1,254 this third quarter. (Fig. 16)
    • A look at the 5-year snapshot of quarterly luxury condo prices below (Fig. 18), shows that prices again closed in the higher ranges – indicating that sellers received good gains on their luxury condo properties in this upscale neighborhood pairing.
  • Q3 2023 vs Q3 2022. Median sales price increased 20.7% year-over-year, up from $2,495,000 in Q3 last year to $3,012,500 in the same quarter of 2023. (Fig. 16.1)
    • Surfside & Bal Harbour also reported the highest percentage gains in its year-over-year median sales price in all of Miami Beach.


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

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


4.3 Surfside & Bal Harbour: Days on Market Up QoQ & YoY

Days on market is up 217% year-over-year. In line with the overall Miami trend of an increase in year-over-year days and flat quarter-over-quarter values, Surfside & Bal Harbour reported the following days on market statistics:

  • In Q3 2023, luxury condos spent 60 days longer on the market compared to the previous quarter.
  • In a year-over-year analysis, luxury condos spent 68 extra days on market (DOM) compared to Q3 2022 – up 217% year-over-year.
  • At 100 days, luxury condos sold at a softer pace in this pairing of upscale neighborhoods showing buyers and sellers took their time reaching an agreement.


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

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


4.4 Surfside & Bal Harbour: Luxury Condo Inventory Is Up YoY – 2nd-Lowest in Miami Overall

Q3 2023 closed with 12 months of inventory. Echoing the overall Miami market trend, Surfside & Bal Harbour inventory reported an increased year-over-year and quarter-over-quarter stats as shown below:

  • On a quarter-over-quarter basis, inventory was up 9% from 11 months in June 2023.
  • On a year-over-year basis, inventory increased by 50% from 8 months in September 2022.
  • At 12 months, inventory fell within the 9-12-month range of an ideal market indicating that this balanced market continued offering buyers and sellers equal value and opportunity.
  • With 12 months of inventory, Surfside & Bal Harbour again tied with South Beach to report the lowest levels of inventory of all the Miami Beach neighborhoods under our review as well as the second-lowest levels in all of Miami, similar to Q2 2023.


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

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


If you are interested in buying or selling a condo in any of these Miami Beach neighborhoods or would like more information about the data in our reports, please email us or call us anytime.



5. Q3 2023 Sunny Isles Beach Luxury Condo Market Trends

Q3 2023 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

Q3-2023

61

-33.7%

$2,100,000

20.3%

$972

9.1%

98

Q2-2023

92

$1,745,000

$890

71



Q3 2023 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

Q3-2023

61

-26.5%

$2,100,000

18.3%

$972

9.2%

98

Q3-2022

83

$1,775,000

$890

91


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

Sales down -26.5% year-over-year — Higher than pre-pandemic years — 12-month sales trendline positive

Moving against the positive sales trend noted in the overall Miami market, Sunny Isles Beach reported a decline in year-over-year sales with the following key statistics:

  • Q3 2023 vs Q3 2022. Sales declined -26.5% year-over-year, down from 83 in Q3 of the previous year to 61 sales in the same quarter for 2023. (Fig. 21.1)
    • Still, Sunny Isles Beach continued reporting the maximum sales volume of all the Miami Beach neighborhoods under our review.
    • Third-quarter sales were higher than those recorded in Q3 2020 and pre-pandemic years, indicating sustainable growth despite a year-over-year slowdown. (Fig. 22.1)
  • Q3 2023 vs Q2 2023. Sales dipped -33.7% quarter-over-quarter, down from 92 in the previous quarter to 61 sales in Q3 2023. (Fig. 21)

Owing to stable momentum, the 12-month sales trendline of Fig. 22.2 kept positive between Q2 and Q3 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


5.2 Sunny Isles Beach: Luxury Condo Prices Up YoY – Leads Percentage Gains in Miami Beach

Q3 2023 Price per square foot is up 9.2% to $972 — Median price also increased year-over-year

Partly consistent with the overall Miami trend of a flat year-over-year price per square foot and increase in median price, luxury condos in Sunny Isles Beach reported the following key price statistics for Q3 2023:

  • Q3 2023 vs Q3 2022. Price per square foot increased 9.2% year-over-year, up from $890 in Q3 last year to $972 for the same quarter of 2023. (Fig. 21.1)
  • Q3 2023 vs Q2 2023. Price per square foot also increased 9.1% quarter-over-quarter, up from $890 in the previous quarter to $972 in Q3 2023. (Fig. 21)
    • Sunny Isles Beach also led price gain trends in Miami Beach, reporting the highest percentage growth (5.6%) in year-over-year price per sq. ft.
    • Closing the quarter at $972/square foot Sunny Isles Beach again offered buyers the most affordable entry point into Miami Beach's luxury condo market in Q3 2023. However, as mentioned in earlier reports, with several branded projects under construction, such as St. Regis and Bentley, the price situation in this beach town is poised to upturn.
    • A closer look at the 5-year snapshot of quarterly luxury condo prices below (Fig. 17), shows that prices again closed in the higher ranges, confirming great value for sellers in this beachfront neighborhood.
  • Q3 2023 vs Q3 2022. Median sales price increased 18.3% year-over-year, up from $1,775,000 in Q3 last year to $2,100,000 in 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


5.3 Sunny Isles Beach: Days on Market Is Up QoQ & YoY

Days on market is up 8% year-over-year. Keeping somewhat on track with the overall market trend of an increase in year-over-year days and flat quarter-over-quarter numbers, Sunny Isles Beach reported the following days on market statistics:

  • In Q3 2023, luxury condos spent 27 more days on the market compared to the previous quarter.
  • In a year-over-year analysis, luxury condos spent 7 more days on the market (DOM) compared to Q3 2022 – up 8% year-over-year.
  • At 98 days, luxury properties sold at a slower pace in this branded condo corridor, showing a lag in buyer-seller communication.


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

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


5.4 Sunny Isles Beach: Inventory Up YoY

Q3 2023 closed with 16 months of inventory. Following the overall Miami market trend of an increase in year-over-year and quarter-over-quarter numbers, the luxury condo market in Sunny Isles Beach reported the following statistics:

  • On a quarter-over-quarter basis, inventory went up 14.3% from 14 months in June 2023.
  • On a year-over-year basis, inventory increased 45.5% from 11 months in September 2022.
  • At 16 months, inventory closed above the 9-12-month range of an ideal market, showing that buyers have the leverage of choices until levels fall back within the ideal range in an otherwise balanced (overall) market.


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

Sunny Isles Beach Months of Inventory from Mar. 2019 to Sep. 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 six months.

6. Q3 2023 Fisher Island Luxury Condo Market Trends

Q3-2023 vs Q2-2023 Fisher Island Luxury Condo Quarterly Market Summary

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

Q3-2023

8

60.0%

$5,225,000

-30.3%

$1,988

10.3%

165

Q2-2023

5

$7,500,000

$1,803

153



Q3-2023 vs Q3-2022 Fisher Island Luxury Condo Quarterly Market Summary

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

Q3-2023

8

166.7%

$5,225,000

-3.2%

$1,988

8.3%

165

Q3-2022

3

$5,400,000

$1,835

330


6.1 Fisher Island: Luxury Condo Sales Up YoY – Leads Sales Growth in Miami Overall

Sales up 166.7% year-over-year — 2nd-highest in a 3rd quarter — 12-month sales trendline positive

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

  • Q3 2023 vs Q3 2022. Sales soared 166.7% year-over-year, up from 3 in Q3 last year to 8 for the same quarter of 2023. (Fig. 26.1)
    • Leading sales growth trends in Q3 2023, Fisher Island reported the highest year-over-year percentage increase in sales of all the Miami neighborhoods under our review.
  • Q3 2023 vs Q2 2023. Sales volume increased 60% quarter-over-quarter, up from 5 in the previous quarter to 8 in Q3 2023. (Fig. 26)

Owing to intense momentum, the 12-month sales trendline of Fig. 16.2 maintained its positive curve from Q2 to Q3 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


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

Q3 2023 Price per square foot up 8.3% to $1,988 — Median price down year-over-year

Moving against the overall Miami market trend of a flat year-over-year price per square foot and increase in median price, Fisher Island reported the following key price statistics for Q3 2023:

  • Q3 2023 vs Q3 2022. Price per square foot increased 8.3% year-over-year, up from $1,835 in Q3 last year to $1,988 for the comparable quarter this year. (Fig. 26.1)
  • Q3 2023 vs Q2 2023. Price per square foot increased 10.3%, up from $1,803 in the previous quarter to $1,988 in Q3 2023. (Fig. 26)
    • Fisher Island continued holding onto its status as the most expensive neighborhood in Miami Beach and overall Miami – reporting the highest price per square foot and the highest median sales price in Q3 2023.
    • A look at the 5-year snapshot of quarterly luxury condo prices below (Fig. 28), shows that prices again closed in the higher ranges – showing sellers continued receiving top value for their luxury condos in this highly coveted island community.
  • Q3 2023 vs Q3 2022. Median sales price declined -3.2% year-over-year, down from $5,400,000 in Q3 last year to $5,225,000 for the same quarter this year. (Fig. 26.1)


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

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


6.3 Fisher Island: Days on Market Up QoQ, Down YoY

Days on market is down -50% year-over-year. Partly deviating from the overall market trend of an increase in year-over-year days and flat quarter-over-quarter numbers, Fisher Island reported the following days on market (DOM) statistics:

  • In Q3 2023, luxury condos spent 12 more days on the market compared to the previous quarter.
  • In a year-over-year analysis, luxury condos spent 165 fewer days on the market (DOM) compared to Q3 2022 – down 50% year-over-year.
  • At 165 days, the days on market statistic for Fisher Island still indicates a stable market pace with positive buyer-seller communication when compared to pre-pandemic data.


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

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


6.4 Fisher Island: Luxury Condo Inventory Up YoY

Q3 2023 closed with 16 months of inventory. Consistent with the overall Miami market trend of an increase in year-over-year and quarter-over-quarter numbers, the luxury condo market in Fisher Island reported the following statistics:

  • On a quarter-over-quarter basis, inventory went up 23% from 13 months in June 2023. (Fig. 30)
  • On a year-over-year basis, inventory increased 60% from 10 months in September 2022.
  • At 16 months, inventory closed above the 9-12-month range of an ideal market – giving buyers the advantage in terms of choices. However, with the overall market in equilibrium, levels are expected to fall back within the balanced range soon in this exclusive island market.


Looking to sell your luxury home in Fisher Island? Call, chat, or email for a FREE market evaluation of your property.



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

Fisher Island Months of Inventory from Mar. 2019 to Sep. 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 six months.


7. Q3 2023 Miami Beach Luxury Condo Market Conclusion

Like the overall market in Q3 2023, Miami Beach too reported its second-best third-quarter sales to date in a period that's otherwise expected to cool down after a high-pitched spring (typical of Miami's seasonal market). Owing to such intense momentum, the 12-month sales trendline kept its positive curve, just like in our Q3 2023 luxury housing market report for Miami.

In terms of pricing, Fisher Island remained the undisputed winner. The exclusive island – a hotspot among celebrities and ultra-high-net-worth individuals from around the world – continued topping the charts for being the most expensive zip code in Miami with the highest price per square foot ($1,988) as well as median sales price ($5.2 million).

Luxury condos in Sunny Isles Beach offered maximum value to sellers in Miami Beach, posting a 9% increase in year-over-year price per square foot. On the other hand, Sunny Isles Beach continued to be the most affordable entry point into luxury condos on the beach, posting an attractive price of $972/square foot.

In terms of days on the market, all Miami Beach neighborhoods reported an uptick year-over-year, like the overall market trend. Fisher Island was the only neighborhood to report a decline in year-over-year days on the market. Mid-North Beach emerged as the fastest-selling market of Q3 2023, with luxury condos taking only 63 days to sell.

As expected of a relatively softer third quarter (in comparison to a high-pitched Q2), inventory reported an uptick in quarter-over-quarter and year-over-year levels across the board. South Beach plus Surfside and Bal Harbour continued reporting the lowest levels of inventory in Miami Beach and the second-lowest in Miami at 12 months.

As real estate experts, we expect the following factors to influence the market in the softer fourth quarter (as noted from historical data):

  • Considering our growing business landscape and expanding job market, we expect more high-earning young professionals to fuel market momentum as employment rates and wages continue to grow.
  • Considering the likes of Lionel Messi and Jeff Bezos recently picked up high-end homes in Miami, we expect more high-net-worth and ultra-high-net-worth buyers to follow suit, given our tax-friendly policies.
  • Considering our ever-growing repertoire of short-term-rental-friendly, pre-construction luxury condos such as Nexo Residences, we anticipate more investors to be drawn to our evolving market.
  • Considering our year-round warmth, world-class beaches, exciting natural trails, outdoor fitness initiatives, and recent status of being the Second Healthiest City in the U.S., we expect to attract more wellness-focused individuals and families from across the globe.
  • Considering only a limited number of pre-construction deliveries are scheduled for the next 1-2 years, paired with stable market momentum, we expect the market to stay balanced for the remainder of 2023.

Q3-23 Trends

Overall Miami

Miami Beach

South Beach

Mid-North Beach 

Surfside & Bal Harbour

Sunny Isles Beach

Fisher Island

Sales

Up

Flat

Up

Flat

Up

Down

Up

Trendline

Positive

Positive

Positive

Positive

Positive

Positive

Positive

Price per Sq. Ft

Flat

Up

Down

Down

Up

Up

Up

Days on Market

Up

Up

Up

Up

Up

Up

Down

Inventory

Up

Up

Up

Up

Up

Up

Up


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Questions or comments with the stats? Interested in buying a Miami Beach condo in one of these neighborhoods? Please contact Sep at sep@blackbookproperties.com or call 305-725-0566.


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