Our Quarterly Sunny Isles Condo Market Update

The Latest Sunny Isles Condo Market Update and Trends

Welcome to our Sunny Isles Condo Market Update. Sunny Isles Beach is predominantly a condo market. The largest number of new condos on the beach are located on Collins Ave, along the ocean, between 157th Street and 194th street. Over a dozen new condos were developed in the last 20 years, and a few more are now under construction.

Sales have slowed down in the past 90 days,  just like in any other condo neighborhood. Prices have already adjusted accordingly, with a median sale price to median list price ratio that went down from 97% to 92% in the past six months.

Surprisingly, the months of inventory overall have not gone up excessively as we see in other beach neighborhoods. The 40% decrease in the number of sales from the previous three months
(from April 22 to July 22) is a much more natural curve, considering the seasonality. Sales have slowed down but not stopped. We still recorded 88 closed sales in the past 90 days, 75% of which are properties between $1M and $3M.In the case of Sunny Isles Beach, we record the same trends in every price range, with sales still being recorded at every price point.

In Sunny Isles, we are witnessing something very different than what happened in other neighborhoods, where a specific price bracket is significantly more affected in terms of an increase in the inventory and almost a full stop on the sales side. For comparison purposes, see the Miami Beach condo market in the $3M+ rage, where the months of inventory are up over 700%.

This condo market in Sunny Isles is quite dynamic. We believe that the fact that the product is newer has a direct correlation with this dynamism.
Buyers paying for a beachfront condo feel much more confident when buying in new construction compared to an older complex.