Miami Real Estate Trends

Real estate trends are key because they provide insight into the current state of the Miami real estate market and the potential future movements. Understanding these trends can help individuals make informed decisions when buying or selling property.

Introduction

This page details the patterns of change within the residential market. As well as how and why they impact the current market for better or worse. It will help buyers and sellers of luxury real estate in Miami process and understand risk as well as opportunity. We forecast ahead to 6 months across ANY of the key Miami Neighborhoods with a focus on the product of at least $1m and up. Our ‘grassroots’ reflections of client behavior are the best indicator to wider spread predictive market movements. Reports include the key data points at a granular level but also include social commentary born out of our observations and experiences with hundreds of clients. We feel these ‘grass roots’ reflections of client behavior is the best indicator to wider spread predictive market movements. Fortunately our client base is big enough to allow us to read behaviors effectively.

 

The David Siddons Group is uniquely a consortium of top-producing realtors who individually sell across 18 different Key Neighborhoods. Each territory manager works and lives where they sell, in short, they are masters of their domain. As one of the top 20 teams in the USA (according to Forbes), we are governed by one key objective and belief which is; ‘to help clients make better decisions’. Our reports have often been referred to as the best in the business and we have a proven track record.  Creative propriety software makes us one of the most unique teams in America with data screens that no one else has. Go to the bottom of the page and you will find old reports where predictions came true.

Our Miami Real Estate Reports
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Tools Used To Recognize Miami Real Estate Trends

These are our tool for analyzing the Miami and Fort Lauderdale Markets:

 

Market Statistics – This unique page provides key market information by neighborhood: Months of inventory, the average price per SqFt, and the average discount on the listing price. Perhaps most importantly, it shows all historical sales with individual details and pictures of the properties. All are ranked from highest to lowest price per sqft.

 

Condo Geeks – Offers a more peripheral view of the condo market and complements the market statistics pages. This tool allows you to understand patterns of behavior in an entire market and all the way down to specific condo history. What is happening now, and what happened ten years ago? It shows you where we are in the lifecycle and when the market peak is likely to happen. In addition, it allows you to see the performance of entire markets or individual condos over time and to compare condo performance against one another. This is the MOST advanced condo analytics tool ever built.

 

Reports – Our report section is about letting people know what is happening as it is happening. These reports combine our data analytics, on-the-ground experience, and ability to provide the social narrative. It allows us to give you an overview of the trends and patterns we see, the reasons behind these trends, and what we expect this will bring about in the future.

News – Our news articles offer the social narrative, the storytelling behind the behavior. Less numbers-based yet very insightful articles on what we are experiencing in the market. We discuss a wide range of topics. These articles often answer the most googled questions. If you have thought if it, we have written about it.

Coral Gables Real Estate Market Trends

Coral Gables is one of Miami’s most desired neighborhoods. The ‘city beautiful’ is close to Miami’s top-rated private schools and has been the focus of wealthy families for 100 years! Demand for homes in this area skyrocketed through the pandemic. This neighborhood is one of the three most expensive primary neighborhoods in Miami.

2023 trends: Ongoing migration of families into Coral Gables, insulates this market well against negative macro forces – We saw 50% increase in private school applications for 2023. Expected trend is that this market will at worst be stable but more likely will see home values increase – Homes values up 3% in last 6 months. Trending inventory although marginally increasing in some sectors of the Gables remains relatively low – Currently 9 months average. Low seller motivation as interest rates remain high and replacement cost of homes is also very high. Current Mortgage rates around 5%. Homes in gated communities and new luxury homes will be the most popular product yet in short supply. New homes trading around $1200 per sqft.

Coral Gables Real Estate News

Coral Gables Market Reports

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COMING SOON: HOME GEEKS

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Coral Gables Statistics

Miami Real EState Market Trends
Coral Gables Homes for Sale

Coconut Grove Real Estate Market Trends

Coconut Grove is one of the most desirable neighborhoods for relocating families from North East, California, and from around the world. Globally recognized as one of the ‘coolest cities in America’; Walkability, an organic vibe, a superb social scene of parks, a marina, and 5 star dining along with the best private schools in the country have secured the Grove as a first choice for many families. Given the geographically limited space of the Grove, home and Condo prices are very much insulated from negative economic forces. Check out this neighborhood’s historical Condo and Home data and you will recognize its incredible stability.

In 2023: The ongoing influx of families into Coconut Grove is expected to help shield the real estate market from unfavorable macroeconomic conditions. This is evidenced by a significant increase in private school applications, a 50% increase since 2022. The average inventory is very low at 9 months. Although the inventory is up we are still seeing a low amount of good quality product. Entry level homes saw their price increase by 100% over the last 3 years, pushing some buyers out of the market into more emerging markets around Coconut Grove. Given the severe shortage of newly constructed homes, prices are likely to increase by a few % in this sub-market.  On the supply side we are dealing with low seller motivation,  attributed to high interest rates and expensive replacement costs. Mortgage rates are currently around 5%.

Coconut Grove Real Estate News

Coconut Grove Market Reports

COMING SOON: HOME GEEKS

Coconut Grove Statistics

Miami Real EState Market Trends
Browse Coconut Grove Homes for Sale

Pinecrest Real Estate Market Trends

Pinecrest much like Coconut Grove and Coral Gables is predominantly driven by families looking for a primary residence. Pinecrest is home to some of the best private middle and high schools in Miami.

This market has long attracted local families looking to upgrade to bigger homes on bigger lots – this has often happened as the children have grown and progressed to middle and high school. With that said since 2020 and the ‘great migration’ of families moving in from the North East and California, Pinecrest has experienced a big uptick in relocating buyers from across the country. Pinecrest for relocating families is coming second to the Grove and the Gables (particularly those with younger children), but as the Grove and Gables have become exponentially more expensive, many families with younger children have also started to look to Pinecrest where home values are better. Still, given the choice, many luxury home buyers will still focus on the Grove and Gables as a priority due to their more central and lively nature. The trend however is starting to shift as new homes become increasingly harder to find as land becomes more scarce. So, developers focus on Pinecrest where land is cheaper. This has led to a boom of new construction homes and an increase in home values at the top end of the market.

In 2023: There is currently only 6 months of inventory, but that does not mean that we do foresee a softening in this market. In 2023, older homes may be more challenging to sell unless they are priced correctly, as buyers are less eager to engage in full renovations given long waiting times and construction costs. Consequently, there is an unsurprisingly higher demand for brand-new luxury construction homes. The top end of the market saw a 30% increase in prices in recent years, making a $10M dry lot home, no longer an exception. You can enter this market with $1.5M and if you are looking for a newer home, these start around $4,5M.

Tools to predict the trends of the Pinecrest Market

Pinecrest Real Estate News

Pinecrest Market Reports

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COMING SOON: HOME GEEKS

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Pinecrest Statistics

Miami Real EState Market Trends
Pinecrest Homes for Sale

Ponce Davis Real Estate Market Trends

Ponce Davis is a very small market. Much smaller than even Coconut Grove. This unique section of un-incorporated Dade is almost perfectly located as a dry lot neighborhood in unincorporated Dade. Ideally situated no more than five mins from the heart of Coconut Grove, South Miami. Within 15 mins to not just the best private elementary schools but also middle and high schools to the South. Larger than average lots and more liberal construction laws than Coral Gables make this the biggest hot bed for luxury new construction homes on dry lots in Miami.

This primary market, driven by the necessity of wealthy families has also resulted in a slow down of sales. Unsurprisingly we see less turnover in this neighborhood which makes finding one of these homes hard. Even when these owners find their children transitioning to college we have observed a reluctance to sell as many owners recognize the value and irreplaceability of homes here. If you are lucky enough to find one of these prime homes for sale, recognize the long term value and do not expect to see any downturn in this market now or anytime in the future.

Tools to predict the trends of the Ponce Davis Market

Ponce Davis Real Estate News

Ponce Davis Market Reports

TREND 2

COMING SOON: HOME GEEKS

Trend 3

Ponce Davis Statistics

Miami Real EState Market Trends
Ponce Davis Homes for Sale

South Miami Real Estate Market Trends

The housing market in this area offers better value for buyers compared to neighboring Coconut Grove and Coral Gables. The curb appeal and home styles are similar, but the walkability is superior. I don’t foresee a future where prices will drop in this market, as values are expected to remain stable with only minor fluctuations in average property prices. However, newly constructed and remodeled homes are likely to continue commanding high prices, and it is probable that records will be broken again. The rising cost of construction, high demand for new homes, and limited supply of new products are factors that will keep the value of new homes from decreasing in 2023. The current market conditions are the result of the last two years, where many high-quality listings were sold, leaving behind homes that are unrealistically priced and remaining unsold for an extended period. While sellers may need to lower their asking prices, the closing prices will likely match the 2022 market.

Going into 2023 we are dealing with a 3 months inventory level, the lowest of all single-family markets. The top end of the luxury market has exploded and is now reaching $7.5M, that is 100% more than 3 years ago. Newer homes saw a 50% increase in value and, due to extreme shortage and high prices in surrounding areas, are likely to still see record breaking sales. The entry level home prices in this market have also increased by 70%.

Tools to predict the trends of the South Miami Market

South Miami Real Estate News

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South Miami Market Reports

TREND 2

COMING SOON: HOME GEEKS

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South Miami Statistics

Miami Real EState Market Trends
South Miami Homes for Sale

Key Biscayne Real Estate Market Trends

This laid-back, yet chic island continues to show a stable performance. The market is very balanced right now and we do not expect any upwards or downward trends.

With regard to the condo market, we believe we will see the same trend as in most of the other condo markets. Buyers are moving away from the older condos as they become less desired and might get hefty assessments after their upcoming 25-year inspection. Oceana, on the other hand, will remain popular as it’s the only newer condo building in Key Biscayne.

The waterfront housing market remains more affordable than other waterfront neighborhoods in Miami such as Coral Gables or Miami Beach and therefore remains attractive to buyers. The single-family market in Key Biscayne has a primary engine and is experiencing a lack of quality inventory. Like in many other neighborhoods, homeowners find themselves in a catch-22 situation. You might sell your home for top dollar, but then face potentially higher taxes and mortgage rates. We, therefore, expect a stable market but with fewer sales.

Tools to predict the trends of the Key Biscayne Real Estate Market

Key Biscayne Real Estate News

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Key Biscayne Market Reports

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Condo Geeks

Trend 3

Key Biscayne Statistics

Miami Real EState Market Trends
Key Biscayne Homes for Sale

Brickell Real Estate Market Trends

Brickell is the most densely populated neighborhood in Miami, known for its high-rise residential and commercial buildings, and its walkable, urban lifestyle, with a range of restaurants, shops, and entertainment options within close proximity. It is the second biggest financial district in the US and is often referred to as ‘Miami Proper’, the center and engine of Miami. These characteristics have contributed to Brickell’s popularity and desirability as a residential neighborhood, making it a prime focus for real estate investors.

Going into 2023 the Urban Core condominium market has transitioned from a seller’s market to a more balanced one with an overall 10-15 months of inventory. Buyers have become more empowered due to increased inventory, and they are willing to walk away if they don’t receive a fair deal. The gap between buyers and sellers is expected to persist as sales slow down and inventory continues to increase. With a surge in pre-construction developments, the Urban Core condominium market is expected to see a rise in inventory, particularly in the entry-level luxury market ($2 million to $4 million) and the higher, previously unserved, ultra-luxury sector ($4 million to $8 million).  Condos priced between $1M and $3M are particularly susceptible to changes in inventory since most of the condos in the Urban Core fall within this price range. As of early 2023, we are witnessing faster growth in this price bracket than other sub-markets within the Urban Core. Remodeled units are still going for premium prices. Professionally remodeled units continue to command premium prices as buyers recognize the added costs and challenges, such as delays, shortage of labor, and elevated construction expenses that come with remodeling projects.

Tools to predict the trends of the Brickell Market

Brickell Real Estate News

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Brickell Market Reports

Condo Geeks

Trend 3

Brickell Statistics

Miami Real EState Market Trends
Brickell Condos for Sale

Sunny Isles Real Estate Market Trends

Sunny Isles is Miami’s northernmost town and known for its pretty beaches. In addition, Sunny Isles is the most affordable of all beachfront areas. Historically, it has been a true investor-driven and volatile market. While it has been dominantly driven by South American and Russian investors, there are now increasing amounts of American and Canadian buyers for this market.

Depending on the performance of South American economies we could see a new influx of Latin American buyers back into this market.

We expect some corrections in older buildings (anything prior to 2010) and, like in other markets, we expect older condos to become continuously less desirable, and therefore price correction might become reality. The higher end of the market keeps being in relatively short supply and desirable. There is also a continuing trending desire toward larger units. Therefore, we expect prices for top-tier condos in Sunny Isles (Ritz Carlton, Turnberry Ocean Club, and the Acqualina Projects) to remain stable.

Finally, we forecast Sunny Ilses will still trend behind other neighborhoods in terms of desirability for those who want ultra-luxury condo projects. Competition for Sunny Isles luxury condos might come from Shell Bay in Pompano Beach or the Ritz Carlton in Pompano Beach.

Tools to predict the trends of the Sunny Isles Market

Sunny Isles Real Estate News

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Sunny Isles Market Reports

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Condo Geeks

Sunny Isles Statistics

Miami Real EState Market Trends
Sunny Isles Condos for Sale

Miami Beach Real Estate Market Trends

The beach has seen a high increase in prices over the last few years. Some of the waterfront homes may have accelatered to such a level, that we expect to see some correction on these extreme sales, especially the homes that are not brand new. Overpriced products will be harder to sell as more inventory is entering the market. We expect a slowdown in these extreme sales, although inventory remains low.

With regard to the Miami Beach condo market, we expect buyers to stay away from older condos, which is an overall Miami trend with regard to safety and assessments. In addition, newer condos like Perigon and Shore Club are expected to get more traction as there is still a high appetite for ultra-luxury condos and primary condo residences.

Ultra-Luxury Real Estate With the arrival of the ultra-wealthy the luxury condo market and waterfront homes have seen its demand go up and inventory dry up. We expect this demand to keep being high as long as Florida keeps a favorable tax  and business climate.

Climate Change The beach is subject to climate change. So it is important to buy into product that is built according to the latest code. Older condos will likely suffer the most as hurricanes and flooding will continue to happen. Many of the older condos are subject to inspections and not make it. Given the recent tragedy in Surfside with the Champlain towers, these inspections are now more important than ever before. There is a chance that the older condos will not pass and be replaced for newer condos

Luxury Condos: Miami Beach is home to a large number of luxury condos. Historically South of Fifth has been the focus of the most expensive Condos in Miami with Continuum and Apogee. There was an emergence of South Beach luxury Condos like the ‘W’ and Setai around 2010. After this, a shift occurred as Faena House and other Condos like the Edition were developed around 2015. In 2017 the ultra-luxury Condo focus shifted into Surfside and Bal Harbour with the development of the Four Seasons Surfside and Arte. Once again we see another shift underway in 2023 with the development of the Perigon at 53rd and Collins and the reimagined Shore Club Residences at 19th and Collins.

High Demand: Miami Beach has a strong demand for high-end properties, driven by its reputation as a premier vacation and resort destination.

Retail and Restaurants: Miami Beach is often seen as a focus for high-end restaurants and retail. This has been now challenged with the further development of Brickell, Wynwood, and the Design District. It is now important to recognize this changing trend and appreciate the desire for property owners to have easy access to these other locations.

Tools to predict the trends of the Miami Beach Market

Miami Beach Real Estate News

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Miami Beach Market Reports

Condo Geeks

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Miami Beach Statistics

Miami Real EState Market Trends

Bal Harbour Real Estate Market Trends

Bal Harbour is a tranquil and upscale beach town just north of Miami Beach. The area has historically been a market for second homeowners.

We expect a movement away from older condos on account of more stringent and enforced codes. This will create a slowdown in sales of older buildings in favor of the newer condos.

Inventory is likely to trend upwards across all the sub-markets. In the newer condos like St Regis and Oceana, we expect prices to remain stable while in older condos we expect some minor corrections.

Bal Harbour hasn’t had a new luxury condo since Oceana. As there is still an appetite for new luxury products, we expect sales at the brand-new Rivage to do well.

Tools to predict the trends of the Bal Harbour Market

Bal Harbour Real Estate News

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Bal Harbour Market Reports

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Condo Geeks

Trend 3

Bal Harbour Statistics

Miami Real EState Market Trends
Bal Harbour Condos for Sale

Surfside Real Estate Market Trends

Surfside is an upscale and beachfront town between Bal Harbour and Miami Beach. Thanks to the Surf Club Four Seasons Residences, Arte, and Fendi, Surfside is now one of the most expensive and desired neighborhoods in Miami.

There is still a high demand for luxury condos, while supply is not what it used to be. Therefore, prices will remain stable at the luxury end of the market. As mentioned before, the older condos will most likely see a correction. While we expect prices in the luxury end of the market to remain equal, there is some increased competition coming from new condos in surrounding areas. We are likely to see ultra-luxury buyers look at new luxury condos in Bal Harbour (Rivage) or Miami Beach (The Perigon and Shore Club Private Collection).

While Surfside has always been a second home market, current migration trends show that more and more second homeowners are using these units as a primary residences. In addition, more buyers are now looking at Miami as a destination to live all year round.

Tools to predict the trends of the Surfside Market

Surfside Real Estate News

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Surfside Market Reports

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Condo Geeks

Trend 3

Surfside Statistics

Miami Real EState Market Trends
Surfside Condos for Sale

Edgewater Real Estate Market Trends

Edgewater is an investor-driven market with a high amount of more generic condos in the $500K-$1.5M range. Edgewater offers many condos and there are currently three new condos underway. Edgewater rose to fame in 2014 when Brickell did to have waterfront lots left and developers moved to Edgwater to find new land. Many new condos were erected such at the four Paraiso Towers, Biscayne Beach and Icon Bay. When the market cooled down the supply and demand curve shifted in favor of buyers. The years pre-pandemic showed a high amount of months of inventory and units sat on the market for a long time before they were sold.

Staying informed on economic trends both locally and nationally can provide a better understanding of the Edgewater condo market, which tends to have more rentals than primary owners. Investors from South America are often interested in this market, so it is important to factor in interest rates and currency exchange rates. Additionally, monitoring new developments in Edgewater is essential. In the past, two cycles of mid-range priced condos have been delivered in 2008 and 2015. With Miami becoming an attractive destination for many affluent taxpayers, the recent cycle of condos is geared more towards the luxury sector.

The Miami market has changed and its demographic is very different than ever before. It is essential to keep an eye on the demographic changes occurring in Edgewater. The influx of affluent people and big financial companies, like hedge funds, is having a significant impact on the market for luxury condos in the area, as the demand for these properties remains high. The Miami market has changed and its demographic is very different than before.

Tools to predict the trends of the Edgewater Market

Edgewater Real Estate News

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Edgewater Market Reports

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Condo Geeks

Trend 3

Edgewater Statistics

Miami Real EState Market Trends
Edgewater Condos for Sale

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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