2024 Bal Harbour Real Estate Market Trends & Forecast Q1-Q3

Dive into the latest Bal Harbour real estate market trends complete with expert advice for buyers and sellers.

Highlights for 2024.

The Bal Harbour condo market has significantly slowed down, particularly in price ranges above $3M. Although properties are spending less time on the market, inventory levels have risen to 23 months, reinforcing the strong buyer’s market that was already in place in 2023.

• Properties in the $3M to $5M range saw a 7% price decrease.
• Properties in the $5M to $10M range experienced a 12% decline.

At the ultra-high end, with properties priced above $10M, transactions have been minimal—only 2 this year compared to 5 last year (3 of which were above $20M). Overall, the market for Bal Harbour condos has been notably slow, with much lower demand from buyers compared to previous years. The current 23-month inventory is up from last year’s 21-month average, indicating a substantial surplus.

• Buyers: Buyers have more leverage this year due to a significant increase in inventory. The market is firmly in the buyer’s control. It’s advisable for buyers to avoid older condos, as they present substantial risks. If you have a $10M+ budget you might want to take a look at Rivage. A brand new boutique luxury condo that offers large floor plans overlooking the ocean
• For sellers My advice is to price your property accurately. With limited activity in the area, setting your price too high could drive away the already hesitant buyers. Buyers hold significant negotiating power in this softer market, giving them an edge. Although we are approaching the stronger winter beach season, the market has already peaked. If you’re serious about selling, it’s crucial to price your unit correctly. This doesn’t mean underpricing—strong sales are still happening—but avoid pricing yourself out of the market by focusing on actual sales rather than current listings.
• For luxury investors Ultra-high-end condos are in demand as more wealthy families continue to move to Miami. Consider options like Rivage, Oceana, or St Regis which are seeing some price adjustments in 2024, and are still performing well in the rental market.

When it comes to the Bal Harbour Condo market there are only a handful of true luxury condos such as Oceana, Bellini, St Regis and the Ritz Carlton. The Ritz Carlton is the only condo of these 4 that saw its values rise in 2024. The others either adjusted or did not have sufficient sales to tell. Top sales in this area all happened at Oceana with a record price of $4,000 per SF being achieved for unit 2001. Units 802 and 1402 traded both just below the $3000 per SF range.