It’s no secret that Miami’s housing market was rife with rumors of an imminent crash during the second half of 2022. While there’s no denying that Miami’s luxury condo market did slow down over Q3 2022 and then some in Q4 2022, has the market REALLY lost its steam? Are we headed for a drop like the national housing market or will Miami dance to its own tune – as it has most other quarters? We’ve got answers below!
Watch this video as Sep Niakan decodes the Annual + Q4 2022 trends for Miami’s luxury condo market, discusses how he’s reading into this cooldown, and offers you research-backed insights into how he’s expecting the market to unfold in 2023:
Key Takeaways from our Annual & Q4 2022 Miami Luxury Condo Market Summary:
- In spite of a market slowdown during the second half of 2022, annual data shows Miami’s luxury condo market enjoyed its second-biggest year of sales, just 10.4% behind the record-setting volume of 2021.
- Luxury condos sold as quickly as 2 months (68 days) in 2022 – a great indicator of market health in a slower-paced year.
- Price per Square Foot jumped to $932/SF in 2022, the highest it’s been in recent history.
- Inventory may have climbed to 17 months by the end of 2022, but as real estate market experts, we’re expecting it to decline equally fast, considering we’re sitting on the threshold of high season.
For a closer look at the quarterly trends, we recommend reading our free Q4 2022 Miami Luxury Condo market summary, here.
Will Miami’s Luxury Condo Market Turn Out To Be a Buyer’s or Seller’s Market in 2023?
As mentioned above, we’re expecting the sudden spike in inventory to correct itself by mid-2023, leaving us with a balanced market that equally favors buyers as well as sellers. We advise buyers to jump in now since more inventory means more choices and a little more wiggle room for negotiations.
To sellers, we recommend making the most of this increase in prices, as Miami’s housing market still has some room for growth as per our numbers as well as this study by Goldman Sachs.
What’s the World Saying About Miami – the Headlines that Matter!
Don’t take our word for it, here’s what leading research has to say about Miami:
- Knight Frank’s latest report has pitched Miami as the 2nd “prime” luxury real estate market in the world for price growth.
- Redfin’s latest market study says Miami will remain one of the top 3 cities for domestic migration.
- InterNation’s latest study has pinned Miami as the #1 U.S. city of choice for expats (and #12 in the world).
- Coldwell Banker International’s analysis mentions 1 in 4 international buyers choose to buy in Florida.
And, just in case you need a quick follow-up of our Top 3 predictions for Miami’s housing market in 2023, here’s another great video to dive into:
Have an opinion? Leave us a comment below, we’d love to hear it!