“The demand for premium properties in the Miami Beaches remains strong, fueling continued price growth. Year-over-year, we’ve seen steady increases in both the median price and price per square foot. As rising condo inventory offers buyers more opportunities to enter the market, single-family homes remain highly sought-after with limited availability. On the Miami Coastal Mainland, single-family home sales rose, with demand pushing prices higher in prime neighborhoods.
Miami’s luxury market remains resilient, presenting unique opportunities for both buyers and sellers. For those considering a move, now is an excellent time to take advantage of this dynamic landscape.”
– Pamela Liebman, Corcoran’s President & CEO
Miami Beaches Highlights
Market activity in the Miami Beaches cooled in 3Q 2024, with both the number and dollar volume of single-family and condo closings moderating compared to a year ago.
- That said, despite fewer sales, median price and average price per square foot figures for condos and single-family homes alike displayed YOY gains, as strong demand for premium properties caused price statistics to continue to grow.
- Inventory trends were mixed, with active condo listings up over 35% but single-family home listings dipping 1%
Demand for condos across the Miami Beaches weakened in 3Q 2024, with the number and volume of sales declining, compared to the previous year.
- Condo sales in Miami Beaches dropped 26% YOY to 583 closings, the lowest third-quarter figure since 2013 and the steepest annual decline in five quarters.
- Sales volume fell 16% annually to $717M, hitting a four-year low for third-quarter volume.
- In turn, the condo market experienced a significant increase in inventory, with listings up by 35% compared to last year.
- Prices increased with median price up 2% YOY to $547K, marking the eighth consecutive quarter of annual growth, driven by more sales over $1M. In 3Q 2024, average price rose 13% to $1.2M, with a 57% jump in sales over $10M.
The single-family market also experienced a decline in sales, albeit less pronounced than the condo market.
- Dropping 6% annually, his marked the first decline in single-family home sales in five quarters, with only 79 closings—the lowest third quarter total since 2013.
- Compared to 2023, sales volume fell by 10% due to fewer high-end transactions, including a 40% drop in sales over $20M.
- Listed inventory fell minimally by 1% versus the same time period a year ago.
- Price trends diverged – while the median price increased by double digits, the average price declined, primarily due to a drop in sales at the top of the market.
- This quarter, discounts reached their highest level since 2019, with homes selling at an average of 11% below asking prices.
Miami Coastal Mainland
Miami Coastal Mainland Sales activity moderated, inventory increased, and prices rose in the Third Quarter. However, the quarter’s results varied by product type.
- Compared to a year ago, condo sales fell sharply, inventory spiked, and prices rose due to an influx of new development closings.
- In the market for single-family homes, annual shifts were mixed: closings ticked higher by 2% year-over-year, supply rose by double-digits, and prices saw significant gains amid robust demand for prime neighborhoods.
Echoing recent quarters, the Miami Mainland condo market softened further in 3Q 2024.
- Miami Mainland condo sales fell for the ninth consecutive quarter, dropping 20% annually to 776 sales, the lowest since 2017.
- Despite sliding sales and higher supply, median price and average price per square foot both experienced annual gains as buyers gravitated to newer condominium developments.
- Sales over $2M comprised 25% of the market this quarter, up from 19% versus last year.
Miami Mainland single-family home sales increased 2% annually to nearly 200 sales in 3Q 2024. Versus 2023, single-family closings and sales volume both increased due to strong activity at the high-end of the market.
- Sales volume jumped 10%, driven by high-end activity, with homes closing over $2M making up 42% of the market, up from 31% last year.
- Strong price gains and lower mortgage rates pushed sellers to test the market, causing inventory to increase year-over-year to its highest third quarter level in four years with nearly 500 homes on the market as of the end of September.
- Days on market increased by about two weeks compared to a year ago as buyers had more options to consider.