Q4 2021 Miami Beach Luxury Condo Market Report - Triple Digit Sales Growth

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South Beach remained the most popular neighborhood in Miami Beach for Q4 2021 as well as the year 2021. Maintaining a record-setting pace throughout the year, luxury condos in Miami Beach closed 2021 with triple-digit sales growth (annual basis) owing to intense demand by domestic and international buyers in this coastal district.

In terms of prices, Miami Beach as a whole gained in year-over-year value - offering sellers great returns on their luxury condos. Fisher Island reigned supreme throughout 2021, keeping its status as the most expensive zip code in this coastal district.

Overall, the Days on Market declined and Months of Inventory stayed low, showing how a seller's market has now established its stronghold in these waterfront neighborhoods. This, coupled with real-time observations into buyer behavior at the beginning of 2022, it's quite obvious that the luxury condo market in Miami has crossed a major maturity threshold in terms of sales volume and prices, with minimal chances of tracing back to 2020 or even pre-pandemic levels.

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 in Q4 2021 and on an annual basis in 2021.

For the purposes of this report, the "Miami Beach" neighborhoods include 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.

2021 Annual Miami Beach + Sub-neighborhood Luxury Condo Market Highlights:

  • Annual Sales up 218.9% against 2020, also highest since 2015
  • Annual Price per Square Foot up to $997 in 2021-over-2020 analysis
  • Annual Days on Market dropped 26% in 2021-over-2020 analysis
  • Winners: South Beach (305%) and Sunny Isles Beach (227%) top popularity charts, lead annual sales growth in Miami Beach
  • Winner: Fisher Island leads price growth in Miami overall with highest percentage increase in Price per Square Foot – offering maximum value to sellers
  • Winner: Fisher Island is also the most expensive neighborhood of 2021 with a median price of $1,481/sq. ft., closely followed by South Beach at $1,235/sq. Ft.
  • Most Opportunity: Mid-North Beach neighborhood showed the highest inventory and lowest increase in sales growth with a drop in Median Sales Price
  • 2021 closed as a strong seller's market

Q4 2021 - Miami Beach Luxury Condo Market Highlights:

  • Sales up 89.9% year-over-year, post highest sales in a 4th-quarter in over 6 years
  • 12-month sales trendline down from positive in Q3 to negative in Q4 2021
  • At $1,029, Price per Square Foot up 29% in 2021-over-2020 analysis
  • Days on Market down 25.9% year-over-year
  • Inventory down 71.9% year-over-year to 9 months

Q4 2021 - Miami Beach Sub-neighborhood Highlights:

  • Winner Sales Growth: South Beach (192%) tops popularity charts, leads quarterly sales growth in Miami Beach
  • 12-month sales trendline negative across the board - except Sunny Isles Beach
  • Winner Price/SF: Surfside & Bal Harbour post highest percentage growth in year-over-year price per sq. ft. (88%) in Miami Beach, replacing Fisher Island from top spot in Q3 2021
  • Winner Median Price: Fisher Island continues as the most expensive neighborhood in Q4 2021 with a median price of $1,477/sq. ft.
  • Sunny Isles Beach posts biggest percentage decline (44%) in Days on Market in Miami Beach
  • Fisher Island reports the lowest year-end Inventory (6 months) in Miami Beach and second-lowest of all Miami neighborhoods
  • Mid-North Beach posts highest year-end Inventory (12 months) in Miami Beach

Miami Beach Luxury Condo Markets at a Glance - Q4 2021 YoY (Number of Sales)

Miami Beach Luxury Condo Markets at a Glance - Q4 2021 YoY (Number of Sales)

Miami Beach Overall Luxury Condo Markets at a Glance - Q4 2021 YoY (Median Sale Price)

Miami Beach Overall Luxury Condo Markets at a Glance - Q4 2021 YoY (Median Sale Price)

Miami Beach Luxury Condo Markets at a Glance - Q4 2021 YoY (Median Sales Price / SqFt)

Miami Beach Luxury Condo Markets at a Glance - Q4 2021 YoY (Median Sales Price / SqFt)

Table of Contents

  1. Overall Q4 2021 Miami Beach Luxury Condo Market Trends
  2. Q4 2021 South Beach Luxury Condo Market Trends
  3. Q4 2021 Mid and North Beach Luxury Condo Market Trends
  4. Q4 2021 Surfside & Bal Harbour Luxury Condo Market Trends
  5. Q4 2021 Sunny Isles Beach Luxury Condo Market Trends
  6. Q4 2021 Fisher Island Luxury Condo Market Trends
  7. Conclusion - Q4 2021 Miami Beach Luxury Condo Market Report

Q4 2021 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

Q4-2021

357

89.9%

$2,000,000

23.1%

$1,029

29.0%

83

Q4-2020

188

$1,625,000

$797

112

2021-over-2020 Miami Beach Luxury Condo Annual Market Summary - Fig. 1.1

Year

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

2021

1588

218.9%

$2,000,000

15.9%

$997

18.0%

94

2020

498

$1,725,000

$845

127


Miami Beach: Highest Luxury Condo Sales Volume – Annual + Q4 Sales

Q4 Sales up 89.9% year-over-year - highest sales in a 4th quarter.

Reporting phenomenal progress compared to all previous years under review (Fig. 2.1), luxury condos in the Miami Beach area reported their highest sales volume in a fourth-quarter. Contributing to the skyrocketing sales trend seen in the overall Miami report for Q4 2021, sales were almost twice those in the same quarter of 2020 or even the pre-pandemic market of 2019.

  • Q4 2021 vs Q4 2020. Sales increased 89.9% year-over-year, up from 181 in Q4 2020 to 357 for the same quarter 2021. (Fig. 1)
  • Sunny Isles Beach was the highest contributor in terms of volume (122 sales), while South Beach was the highest percentage contributor (192% YoY) to the sales growth reported in Miami Beach.
  • Even with luxury condo sales cooling off after peaking in Q2 (as they usually do in Miami), Q4 sales closed 12.3% higher than those in Q3 2021 – picking up pace after steadily declining from April to September. With travel bans being lifted and Art Basel pulling in international crowds, Miami Beach (much like overall Miami) reported its best December yet, closing the year on a record-setting note.

Annual Sales up 218.9% - highest in over 6 years - negative trendline.

As expected of a year reporting record-breaking sales for each passing quarter, Miami Beach posted its highest annual sales seen in over 6 years of our reporting. The total sales volume in 2021 (1588 annual sales) was an impressive 218.9% higher than that in 2020 (498 annual sales). Annual sales were also significantly higher than any other previous year on our record (Fig. 2.1).

However, due to declining sales from April through September, the 12-month Sales Trendline of Fig. 2.2 closed with a downward trend for the first time in five quarters. The sales trendline had maintained an upward trajectory from Q4 2020 through to Q3 2021. As luxury condo experts, we will be keeping a close watch on sales performance in the Miami Beach area compared to Greater Downtown in Q1 2022 to report on the popularity trends of luxury home buyers.

Miami Beach Luxury Condo Quarterly Sales 2015-2021 - Fig. 2.1

Miami Beach Luxury Condo Quarterly Sales 2015-2021 - Fig. 2.1

Miami Beach Luxury Condo Monthly Sales from Jan. 2016 to Dec. 2021 - Fig. 2.2

Miami Beach Luxury Condo Monthly Sales from Jan. 2016 to Dec. 2021 - 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 Up

Annual Price/Square Foot up to $997, Median Sales Price also up

Tightly in line with the overall market trend of higher year-over-year prices, luxury condos in Miami Beach also reported increases – showing a great uptick in value for sellers in the area (Fig. 1.1):

  • Price per Square Foot increased 18%, up from $845 in 2020 to $997 in 2021.
  • Median Sales Price also increased 15.9%, up from $1,725,000 in 2020 to $2,000,000 in 2021.

Q4 2021 Price/Square Foot up 29% to $1,029, Median Sales Price also up year-over-year

Again in line with the overall market trend of higher year-over-year prices for Q4 2021, sellers received great value for their luxury condos in Miami Beach (Fig. 1):

  • Price per Square Foot increased by 29%, up from $797 in Q4 2020 to $1,029 for the same quarter 2021 – closing in the higher ranges compared to 2017-2020 (Fig. 3).
  • Median Sales Price also increased 23.1%, up from $1,625,000 in the last quarter 2020 to $2,000,000 in Q4 2021.

Miami Beach Quarterly Sales Price per Sq. Ft. 2017-2021 - Fig. 3

Miami Beach Quarterly Sales Price per Sq. Ft. 2017-2021 - Fig. 3

Miami Beach: Days on Market Down Annually & YoY

Days on Market down -26% on annual basis and -25.9% 4Q21-over-4Q20

Owing to intense buyer demand, the Days on Market (DOM) in Miami Beach declined in line with the overall Miami luxury condo market trend:

  • 2021 vs 2020. Days on Market dropped 26%, revealing luxury condos spent 33 fewer days on market compared to 2020 (Fig. 1.1).
  • Q4 2021 vs Q4 2020. Days on Market declined 25.9%, showing luxury condos spent 29 fewer days getting sold compared to Q4 2020 – also closing Q4 2021 with the lowest DOM in 4 years (Fig. 4).

Miami Beach Quarterly Days on Market 2018-2021 – Fig. 4

Miami Beach Quarterly Days on Market 2018-2021 – Fig. 4

Miami Beach: Inventory Down – Seller's Market Strengthens

Q4 2021 closes with 9 months of Inventory

With the beaches still holding their appeal for both domestic and international buyers, luxury condo inventory in the area closed with the lowest year-end values seen in over 6 years. At 9 months, inventory stayed within the 9-12 month range of a balanced market, putting sellers in control of negotiations and the market (as opposed to the buyer-friendly climate we've reported for more than 6 years).

On an annual basis, inventory dropped from 32 months in December 2020 to 9 months at year-end 2021 – a decline of 71.9%. Compared to pre-pandemic levels, inventory was down 79% from 62 months in December 2019 (Fig. 5).

On a quarter-over-quarter basis, inventory was slightly up from 8 months in September 2021 to 9 months in December – an uptick of 12.5%. Considering Miami Beach inventory is very tight, as luxury condo experts we recommend buyers to put in strong offers (preferably above the asking price to be able to close on their desired home in this highly competitive market). 

Miami Beach Months of Inventory from Mar. 2019 to Dec. 2021 - Fig. 5

Miami Beach Months of Inventory from Mar. 2019 to Dec. 2021 - 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.



Q4 2021 Miami Beach Neighborhoods: South Beach (ZIP 33139)

Q4 2021 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

Q4-2021

114

192.3%

$1,850,000

15.6%

$1,207

27.4%

63

Q4-2020

39

$1,600,000

$947

70

2021-over-2020 South Beach Luxury Condo Annual Market Summary - Fig. 6.1

Year

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

2021

478

305.1%

$2,100,000

23.5%

$1,235

20.4%

86

2020

118

$1,700,000

$1,026

99


South Beach: Luxury Condo Sales Up - Lead Annual & 4Q Sales Growth in Miami Beach

Q4 Sales up 192.3% year-over-year - highest percentage growth in Miami Beach

Leading sales growth in Miami Beach, South Beach reported the highest percentage year-over-year increase of all neighborhoods under review.

  • Q4 2021 vs Q4 2020. Sales jumped 192.3% year-over-year, up from 39 in Q4 2020 to 114 for the same quarter 2021. (Fig. 6)
  • Even with sales taking a breather during the winter months (as they usually do in Miami), South Beach reported its highest fourth quarter sales in more than 6 years (Fig. 7.1) – 37.3% higher quarter-over-quarter against Q3 2021, 192.3% higher year-over-year, and 225.7% higher than those in Q4 2019 (pre-pandemic).
  • Compared to all other neighborhoods under review in our overall Miami report, South Beach posted the third-highest growth percentage, just behind Edgewater (350%) and Brickell (395%).


Annual Sales up 305.1% - highest percentage growth in Miami Beach - negative trendline

Leading sales growth in Miami Beach and reporting the third-highest percentage growth in Miami overall – behind Edgewater (545%) and Brickell (345%) – South Beach maintained its status as a leading market for luxury condos in Miami Beach.

  • 2021 vs 2020. Sales increased 305.1%, up from a total of 118 sales in 2020 to an impressive 478 sales in 2021. (Fig. 6.1)
  • These are also the highest recorded annual sales in South Beach in the 6+ years of our reporting.

Even with buyer demand staying strong throughout the year, the 12-month Sales Trendline of Fig. 7.2 dipped to a negative trajectory, due to declining sales from April through August. The trendline had remained positive from Q4 2020 to Q3 2021.

South Beach Luxury Condo Quarterly Sales 2015-2021 - Fig. 7.1 

South Beach Luxury Condo Quarterly Sales 2015-2021 - 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 Price per Square Foot Up YoY

Annual Price/Square Foot up to $1,235, Median Sales Price also up

Consistent with the overall Miami market trend of year-over-year gains, luxury condos in South Beach also reported price increases (Fig. 6.1):

  • Price per Square Foot increased 20.4%, up from $1,026 in 2020 to $1,235 in 2021.
  • At $1,235, this popular beach destination closed with the second-highest price/square foot in Miami Beach, behind Fisher Island.
  • Median Sales Price also increased 23.5%, up from $1,700,000 in 2020 to $2,100,000 in 2021.


Q4 2021 Price/Square Foot up 27.4% to $1,207, Median Sales Price also up year-over-year

In line with the overall market trend of higher year-over-year prices, sellers in South Beach received great value for their luxury condos (Fig. 6):

  • Price per Square Foot increased by 27.4%, up from $947 in Q4 2020 to $1,207 for the same quarter 2021 – closing in the higher ranges compared to 2017-2020 (Fig. 8).
  • Median Sales Price also increased 15.6%, up from $1,600,000 in the last quarter of 2020 to $1,850,000 in Q4 2021.

South Beach Luxury Condo Quarterly Price per Square Foot 2017-2021 - Fig. 8

South Beach Luxury Condo Quarterly Price per Square Foot 2017-2021 - Fig. 8

South Beach: Days on Market Down Annually & YoY

Days on Market down -13% on annual basis and -10% 4Q21-over-4Q20

Owing to great buyer-seller communication, the Days on Market (DOM) in South Beach decreased just like in the overall Miami luxury condo market trend:

  • 2021 vs 2020. Days on Market declined 13%, showing luxury condos spent 13 fewer days on market compared to 2020. (Fig. 6.1)
  • Q4 2021 vs Q4 2020. Days on Market decreased 10%, showing luxury condos spent 7 fewer days on the market against Q4 2020 – also closing Q4 2021 with the lowest DOM since 2018 (Fig. 9).

South Beach Luxury Condo Quarterly Days on Market 2018-2021 - Fig. 9

South Beach Luxury Condo Quarterly Days on Market 2018-2021 - Fig. 9

South Beach: Inventory Down YoY

Q4 2021 closes with 8 months of Inventory

Consistent with the overall Miami trend, luxury condo inventory in South Beach decreased year-over-year but increased quarter-over-quarter. At 8 months, inventory was below the 9-12-month benchmark of a balanced market, further strengthening the seller-friendly climate in South Beach. 

On an annual basis, inventory dropped from 39 months in December 2020 to 8 months year-end 2021 – a 79.5% dip. Compared to pre-pandemic levels, inventory was down 77.8% from 36 months in December 2019 (Fig. 10). On a quarter-over-quarter basis, inventory was marginally up from 7 months in September to 8 months in December 2021.

South Beach Months of Inventory from Mar. 2019 to Dec. 2021 - Fig. 10

South Beach Months of Inventory from Mar. 2019 to Dec. 2021 - Fig. 10

Q4 2021 Miami Beach Neighborhoods: Mid and North Beach (ZIP 33140 & 33141)

Q4 2021 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

Q4-2021

49

36.1%

$1,550,000

-5.3%

$982

14.1%

78

Q4-2020

36

$1,637,500

$861

79

2021-over-2020 Mid-Beach and North-Beach Luxury Condo Annual Market Summary - Fig. 11.1

Year

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

2021

270

193.5%

$1,525,000

8.9%

$944

11.1%

87

2020

92

$1,400,000

$850

123


Mid-North Beach: Luxury Condo Sales Up – Annually + YoY

Q4 Sales up 36.1% year-over-year – highest 4th-quarter sales in 6 years

Luxury condos in Mid-North Beach posted their highest sales volume in a fourth-quarter, in sync with the overall market trend in Miami.

  • Q4 2021 vs Q4 2020. Sales increased 36.1% year-over-year, up from 36 in Q4 2020 to 49 in Q4 2021. (Fig. 11)
  • Even with sales cooling off after a summertime peak (a standard pattern for the cyclical market in Miami), Q4 sales closed 4.2% higher than those in Q3 2021 – picking up pace by year-end after steadily declining from June through September.
  • This segment of Miami Beach represents the best entry to the market. 


Annual Sales up 193.5% - highest in over 6 years - negative trendline.

Reporting unprecedented sales throughout the year, much like the overall market trend in Miami, this Mid-North Beach grouping reported its highest annual sales in over 6 years. The total sales volume in 2021 (270 annual sales) was 66% higher than that of 2020 (92 annual sales). Total annual sales were also significantly higher than any other previous year on our record (Fig. 12.1).

However, due to declining sales from June through September, the 12-month Sales Trendline of Fig. 12.2 closed 2021 with a downward trajectory. Previously, the sales trendline had kept positive from Q4 2020 to Q3 2021.

Mid-Beach and North-Beach Quarterly Sales 2015-2021 - Fig. 12.1

Mid-Beach and North-Beach Quarterly Sales 2015-2021 - 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 Price Trends: Up Annually + Mixed YoY in 4Q 2021

Annual Price/Square Foot up to $944, Median Sales Price also up

Consistent with the overall market trend of higher year-over-year prices, luxury condos in Mid-North Beach increased, offering sellers good value for their luxury condos (Fig. 11.1):

  • Price per Square Foot increased 11.1%, up from $850 in 2020 to $944 in 2021.
  • Median Sales Price too posted an uptick of 8.9%, up from $1,400,000 in 2020 to $1,525,000 in 2021.

Q4 2021 Price/Square Foot up 14.1% to $982, Median Sales Price down year-over-year

Deviating from the overall Miami market trend of higher year-over-year prices, Mid-North Beach posted an increase in its year-over-year Price per Square Foot but declined in Median Price:

  • Price per Square Foot increased 14.1%, up from $861 in Q4 2020 to $982 in Q4 2021 – closing the year in the mid range compared to 2017-2020 (Fig. 13)
  • Median Sales Price declined by -5.3%, down from $1,627,500 in Q4 2020 to $1,550,000 for same quarter 2021.

This variance in Price per Square Foot and Sales Price trends could be due to higher sales volume of smaller (in size), amenity-dense condos in the area that inherently command a higher price per square foot.

Mid-Beach and North-Beach Quarterly Price per Sq. Ft. 2017-2021 - Fig. 13

Mid-Beach and North-Beach Quarterly Price per Sq. Ft. 2017-2021 - Fig. 13

Mid-North Beach: Days on Market Down Annually & YoY

Days on Market down -29% on annual basis and flat 4Q21-over-4Q20

Mostly in line with the overall Miami market trend of lower days on market, buyers and sellers closed deals sooner in Mid-North Beach:

  • 2021 vs 2020. Days on Market declined 29%, showing luxury condos spent 36 fewer days on market compared to 2020. (Fig. 11.1)
  • Q4 2021 vs Q4 2020. Days on Market stayed flat year-over-year, as luxury condos spent only 1 less day on the market compared to Q4 2020.
  • However, the DOM closed Q4 2021 at a new low in more than 4 years (Fig. 14).

Mid-Beach and North-Beach Luxury Condo Quarterly Days on Market 2018-2021 – Fig. 14

Mid-Beach and North-Beach Luxury Condo Quarterly Days on Market 2018-2021 – Fig. 14

Mid-North Beach: Inventory Down YoY – But Highest in Miami Beach

Q4 2021 closes with 12 months of Inventory.

Just as the overall Miami market trend, luxury condo inventory in Mid-North Beach declined year-over-year but increased quarter-over-year. At 12 months, inventory was within the 9-12-month benchmark of a balanced market, keeping the market seller-friendly in the neighborhood.

On an annual basis, inventory dropped by half from 24 months in December 2020 to 12 months in December 2021. Compared to the pre-pandemic market, inventory was down 70% from 40 months in December 2019 (Fig. 15). On a quarter-over-quarter basis, inventory was 71.4% up from 7 months in September.

Mid-North Beach also recorded the highest luxury condo inventory in Miami Beach and the third-highest in overall Miami, just behind Downtown Miami (15) and Edgewater (12) – giving buyers a brief advantage, with more choices, in this quieter part of the beach.

Mid-Beach and North-Beach Months of Inventory from Mar. 2019 to Dec. 2021 - Fig. 15

Mid-Beach and North-Beach Months of Inventory from Mar. 2019 to Dec. 2021 - 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

Q4 2021 Miami Beach Neighborhoods: Surfside & Bal Harbour

Q4 2021 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

Q4-2021

49

81.5%

$2,200,000

33.3%

$1,222

87.9%

140

Q4-2020

27

$1,650,000

$651

102

2021-over-2020 Surfside & Bal Harbour Luxury Condo Annual Market Summary - Fig. 16.1

Year

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

2021

213

156.6%

$2,350,000

-3.7%

$1,013

20.3%

102

2020

83

$2,441,000

$842

130


Surfside & Bal Harbour: Luxury Condo Sales Up – Annually & YoY

Q4 Sales up 81.5% year-over-year – highest 4th-quarter sales since 2015

Luxury condos in Surfside & Bal Harbour reported the highest sales volume in a fourth-quarter, consistent with the overall market trend in Miami.

  • Q4 2021 vs Q4 2020. Sales increased 81.5% year-over-year, up from 27 in Q4 2020 to 49 in Q4 2021. (Fig. 16)
  • Even as sales took a seasonal break, declining from May through September, Q4 sales closed 36.1% higher than those in Q3 2021, closing the year on a strong note.


Annual Sales up 156.6% - highest in over 6 years - negative trendline.

Supported by unprecedented sales momentum throughout the year, like the overall market trend in Miami, this Surfside & Bal Harbour grouping posted its highest annual sales in over 6 years of our reporting. The total sales volume in 2021 (213 annual sales) was 156.6% higher than that of 2020 (83 annual sales). Sales (annual) were also significantly higher than any other previous year on our record (Fig. 17.1).

Even with good momentum through the year, the 12-month Sales Trendline of Fig. 17.2 closed on a downward trend as volumes declined consistently from May through September. Previously, the trendline had stayed positive from Q4 2020 to Q3 2021.

Surfside & Bal Harbour Quarterly Sales 2015-2021 - Fig. 17.1

Surfside & Bal Harbour Quarterly Sales 2015-2021 - 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 Mixed Annually + Up YoY in 4Q 2021

Annual Price/Square Foot up to $1,013, Median Sales Price down

Partly deviating from the overall Miami market trend of higher year-over-year prices, luxury condos in Surfside & Bal Harbour reported an increase in Price/Square Foot but declined in Median Price (Fig. 16.1):

  • Price per Square Foot increased 20.3%, up from $842 in 2020 to $1,013 in 2021.
  • Median Sales Price dropped by -3.7%, down from $2,441,000 in 2020 to $2,350,000 in 2021.

This contradiction in Price per Square Foot and Sales Price trends could be due to more sales of smaller (in size), amenity-rich condos in the combined neighborhood that tend to command a higher price per square foot.


Q4 2021 Price/Square Foot up 87.9% to $1,222, Median Sales Price up year-over-year

Consistent with the overall Miami market trend of higher year-over-year prices, Surfside & Bal Harbour also reported increases:

  • Price per Square Foot increased 87.9%, up from $651 in Q4 2020 to $1,222 in Q4 2021. With an 88% increase, this combined neighborhood offered the best year-over-year value to sellers in Miami Beach (Fig. 18).
  • Median Sales Price increased by 33.3%, up from $1,650,000 in Q4 2020 to $2,200,000 for the same quarter 2021.

Surfside & Bal Harbour Quarterly Price per Sq. Ft. 2017-2021 - Fig. 18

Surfside & Bal Harbour Quarterly Price per Sq. Ft. 2017-2021 - Fig. 18

Surfside & Bal Harbour: Days on Market Down Annually, Up YoY in 4Q-21

Days on Market down -22% on annual basis, but up 37% 4Q21-over-4Q20

Partly deviating from the overall Miami market trend of lower days on market, Surfside & Bal Harbour reported an increase in year-over-year numbers in Q4 2021:

  • 2021 vs 2020. Days on Market declined -22%, showing luxury condos spent 28 fewer days on market compared to 2020 (Fig. 16.1).
  • Q4 2021 vs Q4 2020. Days on Market increased 37%, showing luxury condos spent 38 extra days on the market compared to Q4 2020 (Fig. 16).

Surfside & Bal Harbour Quarterly Days on Market 2018-2021 – Fig. 19

Surfside & Bal Harbour Quarterly Days on Market 2018-2021 – Fig. 19

Surfside & Bal Harbour: Luxury Condo Inventory Down YoY

Q4 2021 closes with 7 months of inventory

Mostly in tune with the overall Miami market trend, luxury condo inventory in Surfside & Bal Harbour declined year-over-year but stayed flat quarter-over-year. At 7 months, inventory was below the 9-12-month benchmark of a balanced market, showing that a seller's market has found its footing in this combined neighborhood.

On an annual basis, inventory dropped by 75% from 28 months in December 2020 to 7 months in December 2021. Compared to pre-pandemic levels, inventory was down an impressive 78.8% from 33 months in December 2019 (Fig. 20). On a quarter-over-quarter basis, inventory stayed put at 7 months.

Surfside & Bal Harbour Months of Inventory from Mar. 2019 to Dec. 2021 - Fig. 20

Surfside & Bal Harbour Months of Inventory from Mar. 2019 to Dec. 2021 - 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 a valuation of your condo property, please email us anytime or call (786) 655-4576.

Q4 2021 Miami Beach Neighborhoods: Sunny Isles Beach

Q4 2021 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

Q4-2021

122

76.8%

$2,000,000

42.9%

$831

24.8%

87

Q4-2020

69

$1,400,000

$666

154

2021-over-2020 Sunny Isles Beach Luxury Condo Annual Market Summary - Fig. 21.1

Year

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

2021

529

226.5%

$1,760,000

14.7%

$795

12.2%

100

2020

162

$1,535,000

$709

153


Sunny Isles: Luxury Condo Sales Up - Highest Volume in Miami Beach

Q4 Sales up 76.8% year-over-year - highest fourth-quarter sales in over 6 years

Establishing itself as a leading market for luxury condos in Miami Beach, Sunny Isles Beach reported the highest sales volume of all neighborhoods under review (see Markets at a Glance - Q4 2021 YoY chart up top).

  • Q4 2021 vs Q4 2020. Sales increased 76.8% year-over-year, up from 69 in Q4 2020 to 122 in Q4 2021 (Fig. 21).
  • Even as sales took a seasonal break (declining over Q3 and Q4), Sunny Isles Beach reported its highest fourth quarter sales volume in over 6 years (Fig. 22.1) – more than 4 times those in Q4 2019 (pre-pandemic).

Annual Sales up 226.5% - highest growth in 6 years - positive trendline

This popular beach town, loaded with branded luxury condos, reported its highest annual sales in the 6+ years of our reporting. Sales soared 226.5%, up from a total of 162 sales in 2020 to an unprecedented 529 sales in 2021 (Fig. 21.1).

Owing to fewer dips and bigger highs, Sunny Isles Beach was the only neighborhood in Miami Beach to report a positive 12-month Sales Trendline in Q4 2021 (Fig. 22.2). Sales in this beach town maintained their upward trajectory for five straight quarters – from Q4 2020 through to Q4 2021.

Sunny Isles Beach Luxury Condo Quarterly Sales 2015-2021 - Fig. 22.1

Sunny Isles Beach Luxury Condo Quarterly Sales 2015-2021 - 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: Luxury Condo Prices Up

Annual Price/Square Foot up to $795, Median Sales Price also up

Consistent with the overall Miami market trend of year-over-year gains, luxury condos in Sunny Isles Beach reported price increases (Fig. 21.1):

  • Price per Square Foot increased 12.2%, up from $709 in 2020 to $795 in 2021.
  • Median Sales Price too increased 14.7%, up from $1,535,000 in 2020 to $1,760,000 in 2021.


Q4 2021 Price/Square Foot up 24.8% to a peak of $831, Median Sales Price also up year-over-year

Again consistent with the overall market trend of higher year-over-year prices, sellers in Sunny Isles Beach received excellent value for their luxury condos (Fig. 21):

  • Price per Square Foot increased by 24.8%, up from $666 in Q4 2020 to $831 for the same quarter 2021 – closing at its highest in over 5 years (Fig. 23).
  • Median Sales Price also increased an incredible 42.9%, up from $1,400,000 in the last quarter of 2020 to $2,000,000 in Q4 2021.

Sunny Isles Beach Quarterly Price per Sq. Ft. 2017-2021 - Fig. 23

Sunny Isles Beach Quarterly Price per Sq. Ft. 2017-2021 - Fig. 23

Sunny Isles: Days on Market Down 

Days on Market down -35% on annual basis and down -44% 4Q21-over-4Q20

Echoing the overall Miami market trend of lower days on market, buyers and sellers in Sunny Isles Beach reached an understanding sooner on deals:

  • 2021 vs 2020. Days on Market declined 35%, showing luxury condos spent 53 fewer days on market compared to 2020 (Fig. 21.1).
  • Q4 2021 vs Q4 2020. Days on Market dropped 44% year-over-year, showing luxury condos spent 67 fewer days getting sold compared to Q4 2020.

Sunny Isles Beach Quarterly Days on Market 2018-2021 – Fig. 24

Sunny Isles Beach Quarterly Days on Market 2018-2021 – Fig. 24

Sunny Isles: Luxury Condo Inventory Down YoY

Q4 2021 closes with 10 months of inventory

Mostly consistent with the overall Miami market trend, luxury condo inventory in Sunny Isles Beach decreased year-over-year but stayed flat quarter-over-year. At 10 months, inventory was within the 9-12 months range of a balanced market, showing that a seller's market sustained in this branded luxury corridor.

On an annual basis, inventory dropped by 71.4% from 35 months in December 2020 to 10 months in December 2021. Compared to pre-pandemic levels, inventory was down an incredible 84.6% from 65 months in December 2019 (Fig. 20). On a quarter-over-quarter basis, inventory stayed flat at 10 months.

Sunny Isles Beach Months of Inventory from Mar. 2019 to Dec. 2021 - Fig. 25

Sunny Isles Beach Months of Inventory from Mar. 2019 to Dec. 2021 - 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.

Q4 2021 Miami Beach Neighborhoods: Fisher Island

Q4 2021 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

Q4-2021

22

29.4%

$4,600,000

-9.4%

$1,477

30.9%

137

Q4-2020

17

$5,075,000

$1,128

94

2021-over-2020 Fisher Island Luxury Condo Annual Market Summary - Fig. 26.1

Year

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

2021

96

123.3%

$5,915,000

30.0%

$1,481

40.6%

121

2020

43

$4,550,000

$1,054

108


Fisher Island: Luxury Condo Sales Up Annually & YoY

Q4 Sales up 29.4% year-over-year – highest 4th-quarter sales

Consistent with the overall market trend in Miami, luxury condos in Surfside & Bal Harbour reported the highest sales volume in a fourth-quarter:

  • Q4 2021 vs Q4 2020. Sales increased 29.4% year-over-year, up from 17 in Q4 2020 to 22 in Q4 2021. (Fig. 26)
  • Even as sales took a cyclical break (as they do in Miami), declining from April through September, Q4 sales closed 46.7% higher than those in Q3 2021, closing the year on a strong note.


Annual Sales up 123.3% - highest in over 6 years - negative trendline.

Like the overall market trend in Miami, Fisher Island posted its highest annual sales in over 6 years of our reporting. The total sales volume in 2021 (96 annual sales) was 123.3% higher than that of 2020 (43 annual sales). Sales (annual) were also significantly higher than any other previous year under review (Fig. 27.1).

Owing to sales declining from April to September, the 12-month Sales Trendline of Fig. 27.2 went from a flat-to-positive in Q3 2021 to close with a negative trajectory in Q4 2021.

Fisher Island Luxury Condo Quarterly Sales 2015-2021 - Fig. 27.1

Fisher Island Luxury Condo Quarterly Sales 2015-2021 - 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 Prices Up YoY to Most Expensive in Miami – Lead Price Growth in Overall Miami 

Annual Price/Square Foot up to $1,481, Median Sales Price also up

Consistent with the overall Miami market trend of higher year-over-year prices, luxury condos in Fisher Island also reported an increase (Fig. 26.1):

  • Price per Square Foot increased 40.6%, up from $1,054 in 2020 to $1,481 in 2021 – also reporting the highest percentage increase in year-over-year value of all the Miami neighborhoods under review.
  • Median Sales Price also increased 30%, up from $4,550,000 in 2020 to $5,915,000 in 2021.

Q4 2021 Price/Square Foot up 30.9% to $1,477, Median Sales Price down year-over-year

Deviating from the overall Miami market trend of higher year-over-year prices, Fisher Island reported an increase in Price per Square Foot but decline in Median Prices (Fig. 26):

  • Price per Square Foot increased 30.9%, up from $1,128 in Q4 2020 to $1,477 in Q4 2021 – again closing as the most expensive neighborhood in Miami.
  • Median Sales Price decreased by -9.4%, down from $5,075,000 in Q4 2020 to $4,600,000 in Q4 2021.

This variance in Price per Square Foot and Sales Price trends could be due to sales of smaller, amenity-rich condos dominated trends that tend to command a higher price per square foot.

Fisher Island Quarterly Price per Sq. Ft. 2017-2021 - Fig. 28

Fisher Island Quarterly Price per Sq. Ft. 2017-2021 - Fig. 28

Fisher Island: Days on Market Up Annually & YoY 

Days on Market up 12% on annual basis and up 46% 4Q21-over-4Q20

Contrary to the overall Miami market trend of declining days on market, luxury condos perhaps reported delays in getting sold in Fisher Island:

  • 2021 vs 2020. Days on Market increased 12%, indicating luxury condos spent 13 extra days on market compared to 2020. (Fig. 26.1)
  • Q4 2021 vs Q4 2020. Days on Market increased 46% year-over-year, as luxury condos reportedly spent 43 extra on the market compared to Q4 2020.

Fisher Island Quarterly Days on Market 2018-2021 – Fig. 29

Fisher Island Quarterly Days on Market 2018-2021 – Fig. 29

Fisher Island: Luxury Condo Inventory at Second-Lowest in Miami

Q4 2021 closes with 6 months of Inventory.

Consistent with the overall Miami market trend, luxury condo inventory in Fisher Island declined year-over-year but increased marginally quarter-over-year. At 6 months, inventory fell below the 9-12-month benchmark of a balanced market, giving sellers a stronghold over negotiations and the market.

On an annual basis, inventory dropped by more than half from 15 months in December 2020 to 6 months in December 2021. Compared to the pre-pandemic market, inventory was down 79.3% from 29 months in December 2019 (Fig. 30). On a quarter-over-quarter basis, inventory was slightly up from 5 months in September 2021.

With inventory tight and a seller-friendly cycle in full swing, buyers are advised to put in competitive offers (preferably above asking price) as soon as possible, if they would like to own a condo of their choice on this exclusive island.

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 Dec. 2021 - Fig. 30

Fisher Island Months of Inventory from Mar. 2019 to Dec. 2021 - 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.

Q4 2021 Miami Beach Luxury Condo Market Conclusion

Closing a phenomenal year on an equally phenomenal note, sales were up across the board in Miami Beach and its sub-markets – contributing to the soaring sales trends seen in the overall Miami luxury condo market report for year-end 2021. South Beach remained the neighborhood of choice for buyers in Miami Beach – posting record-high sales growth in a 4Q21-over-4Q20 and 2021-over-2020 analysis.

Even with Miami Beach and its sub-markets reporting exceptional sales volume throughout 2021, the 12-month sales trendline closed Q4 2021 with a negative curve across the board owing to a slower Q3. Sunny Isles Beach was the only neighborhood to report a positive trendline at year-end.

Echoing the overall market trend for Q4 2021, the Price per Square Foot posted year-over-year gains across the board in Miami Beach and its sub-neighborhoods. Of these coastal districts, Fisher Island remained the most expensive zip code in Miami and Miami Beach – posting the highest Price per Square Foot of $1,477 and highest Median Sales Price of $4.6 million. While Surfside & Bal Harbour reported the highest percentage growth (88%) in year-over-year price per sq. ft. in Q4 2021, Fisher Island led annual price growth with a year-over-year increase of 41% - offering a great return on investment to sellers in both neighborhoods.

Owing to domestic and international buyers putting in highly competitive offers, the Days on Market declined in most parts of Miami Beach like the overall market trend – with only Fisher Island and Surfside & Bal Harbour reporting an increase.

As expected, inventory was down across the board in Miami Beach. Fisher Island closed 2021 with the lowest levels (6) of inventory out of all Miami Beach sub-neighborhoods under review. With a seller's market finding its footing in 2021, we expect the following to further influence market trends in this coastal district:

  • More businesses and buyers will continue migrating to South Florida for our pro-business and no-income-tax policies.
  • Wider acceptability of remote work and hybrid work arrangements will continue attracting individuals to the beaches.
  • Relaxed travel policies will draw out more foreign buyers interested in parking their investments in a safe haven like the U.S.
  • Fewer new construction deliveries in the immediate future will keep inventory levels low.
  • Rising interest rates may cause a slight slowdown, but nothing we expect to change the strong momentum of the market we are seeing here.

Metrics

Overall Miami

Miami Beach

South Beach

Mid-North Beach 

Surfside & Bal Harbour

Sunny Isles Beach

Fisher Island

Sales

Up

Up

Up

Up

Up

Up

Up

Trendline

Flat-Positive

Negative

Negative

Negative

Negative

Positive

Negative

Price per Sq. Ft

Up

Up

Up

Up

Up

Up

Up

Days on Market

Down

Down

Down

Flat

Up

Down

Up

Inventory

Down

Down

Down

Down

Down

Down

Down


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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 sniakan (at) hbroswell.com or call 305-725-0566.

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(305) 697-7667
sep@blackbookproperties.com
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