2024 South of Fifth Real Estate Market Trends & Forecast Q1-Q3

Dive into the latest South of Fifth real estate market trends complete with expert advice for buyers and sellers.

Highlights for 2024.

South of Fifth remains a highly desirable market but is currently experiencing a buyer’s market, with inventory levels rising to 15 months from 13 months last year. While days on market have stayed relatively steady, there has been a surge in new condos, with a 65% increase in inventory—up from an average of 55 units last year to 90 this year. Despite this, prices have increased across all ranges. The SoFi market remains in high demand, with top prices per square foot still being achieved, particularly in Continuum and Apogee. Most of the inventory is in the $3M to $5M range, with 12 months of supply, while other segments are more balanced, showing 7 to 8 months of inventory.

Advice for Buyers, Sellers and Investors

  • Buyers: The $3M-$5M range is where we see most inventory and this is where sellers might have to lower their prices slightly. Overall this market is doing very well and shows no signs of a bear market. With the strong winter seasons coming up, this might be a good moment to start making offers before competition increases. We do however expect the market to loosen up a little bit once the Five Park project will be finished and some of these brand new residences will enter the market. This will pose a severe competition for some of the older condos in this areas.
  • Sellers: You are in a good position with the strong winter season around the corner. You should still price your condo according to the latest sales in your condo in order to sell these days. Depending on your type of unit, you might experience competition from the brand new Five Park who will soon be seeing resales.
  • Investors: The South of Fifth area is desired with renters, especially seasonal renters and is therefore a good investment. Condos like Continuum or Apogee with proximity to the beach and a great array of amenities or a new condo like Five Park are therefore a good investment.

Commentary on specific transactions and 2025 Predictions

The South of Fifth market remains a very desired market. While new beachfront areas such as Surfside and Bal Harbour started to gain traction, South of Fifth did not loose its appeal. The best perf0rming condos however are cleaning Apogee and Continuum. This year, 4 residences at Continuum sold for a price over $4,000 per SF. This unit 3507 in the South Tower even trading for $5,000 per SF.

Click on the link to see the Current Condo Inventory

For actual sales data and specific price point data please click on the image below of the following link: Show me the South of Fifth Neighborhood Analytics

Read part 1 of our 2024 Report: Overview and Most Asked Qeuestions
Read part 2 of our 2024 Report: Miami Neighborhood Trends

Schedule Time with David (Via Zoom, Call or in Person)

Schedule time to discuss your personal questions regarding the South of Fifth Real Estate Market in 2024/2025.

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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