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The 2022 Key Biscayne Condo Market is Setting New Highs after a Record 2021
As mentioned in our recent blog, Key Biscayne condos still offer one of Miami’s best beachfront values, in spite of a record 2021 performance. Key Biscayne started 2022 with 60% less condo inventory than a year earlier and the average price level was up by 16%, with premium units even seeing price increases up to 30%-50%.
In fact, as of the end of Q1 2022 most condos listed for sale in any of Key Biscayne waterfront communities have an average listing price of at least $1,000/sf, including traditional buildings like Towers Of Key Biscayne, Commodores Club , Casa del Mar or Tidemark at Key Colony.
The 2022 Key Biscayne Condo Market is Setting New Highs after a Record 2021
Key Biscayne Condo sales in 2021 shattered historical records
2022 Key Biscayne Condos built on record 2021 sales across the board; definitely a year to remember for owners, realtors and everyone in the Key Biscayne real estate industry!! The island witnessed a historic boom by any metric you can imagine: averages, median values, number of sales, sales prices, sales price per square feet, etc. An impact felt across the entire island, most buildings and all price segments that drove some key takeaways:
- Number of condo sales more than doubled
- Condo sales Price per SF increased by 16%
- In 2021 it took less than half the time to sell a condo compared to 2020
- Slightly over half of total Key Biscayne real estate dollar volume traded ($690 million) corresponds to the 517 condos sold
- Number of sales is up 243% compared to 2020
No wonder this is a boom, which everyone is talking about and these are the top line Key Biscayne Real Estate condo numbers for 2021:
Key Biscayne Condo Sales in 2021 are historically Significant
Real Estate performance tends to be measured quarter to quarter or year on year. The increases in Key Biscayne condo sales from 2020 were so dramatic it begs the question: “Was this due to an abnormal 2020 impacted by Covid or are the results part of a broader, historically significant impact?”. Well the answer, as you can see in the charts below, is the later. By any measure 2021 was a historical event, surpassing any previously recorded sales and inventory numbers in Key Biscayne Real Estate.
Specifically, while inventory of Key Biscayne condos for sale decreased by 60% from 2020, it actually decreased 69% from 2017’s high inventory levels and decreased 42% from the previous 2013 low inventory levels.
On the sales side the impact was equally dramatic. During 2021, Key Biscayne condo sales was 2.4 times higher than in 2020 and 1.7 higher than in 2012, which was the previous peak in Key Biscayne condo sales. Amazing numbers any way you put it!! Granted, monthly sales have slowed down since September 2021 to 25-30 units per month which are still considered historic highs. Most of this decline can be attributed to historical low inventory levels.
Significant differences across Key Biscayne Condo price ranges in 2021
Averages typically don’t tell the full story. This is why we like to drill deeper by price segments. The most dramatic change is that Key Biscayne condos under $1M are disappearing. If we look at condos sold in 2021 for $1M or more, the number doubled compared to 2020 and 2019, leaving the current inventory under 30 condos. If you look across all segments, inventory levels are low but not as low as this one in proportion with sales. The pricier segments at $3M+ recorded substantial increases in sales, yet inventory remain quite healthy compared to historic levels.
Sales were fantastic across the board but clearly the bulk of the Key Biscayne condo market activity is moving to the $1Million to $3Million range, where 2021 Key Biscayne Condo sales more than tripled over 2020, a major change in historical activity. In fact, and as described in my recent blog, Key Biscayne may still be Miami’s beachfront neighborhood with the best upside in 2022, per analysis of Q4 2021 statistics by my brokerage, Douglas Elliman.
The spike in condo sales above $5 Million also is a clear reflection of buildings like Oceana selling as one of the top Miami Beachfront condos; as well as top buildings like Ocean Club and Grand Bay, improving their performance dramatically towards the end of 2021 after a rather slow start of pricing and condo sales in the first half of 2021. 2021 sales price records above $1,000 per square foot in Towers of Key Biscayne, The Sands, Island House and Key Colony also helped shift pricing upwards.
FAQ
These are the most commonly asked Google Real Estate Related questions
1. What are the Current Best New Condos in Miami?
If you want to hear in more details our opinions on the best new Miami new construction condos. Please read this article:Best New Construction Condos 2022-2023.
2. What is the best New Construction Condo in Fort Lauderdale?
In our opinion, the Residences at Pier Sixty-six are certainly the most interesting and unique. Already well underway this 32 Acre project will be home to the first of its kind Marina where owners will be able to anchor up vessels up to a staggering 400 ft! For specifics of this project see our independent review of this project.
3. How can I compare the new luxury construction Condos to the best existing Luxury Condos in Miami?
Our Best Luxury Condos in Miami article will prove to be very useful to those looking to compare the existing to the new. You may also want to watch this video which shows the performance of the best Condos in Miami over the last 15 years!
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