The Quarterly Miami Beach Condo Market Update

The Miami Beach Condo Market Update for September 2022

Welcome to our 90-Day Miami Beach Condo Market Update. The Miami Beach Condo Market is experiencing a tremendous increase in inventory. The data for the past three months show the supply climbing to 3 to 4 times more than it was in the previous three months.

Miami Beach Statistics and Specific Sales

Looking at the statistics page for this neighborhood (Miami Beach, South Beach, South of Fifth) will reveal the specific sales from the last 90 days. As a registered user on the site, you can go back further than 90 days. Browse the specific sales and observe what is transacting at the highest price per sqft and why. For a granular analysis of a property you are interested in selling (or buying), please call me and we can plug your subject property into the stack to see how it compares. This is an advanced one step further feature, that is not part of the website’s front-end capability, but a highly advantageous tool to assess real-time property values.

What is happening?

The entry-level for Miami Beach, between $1M and $3M is still dynamic, with the months of inventory under nine months. The price bracket between $3M and $5M seems to be experiencing a slowdown. With 60% more properties listed in the last 90 days and 60% fewer closed sales, compared to the previous three months – from April through June this year. The months of supply are now 20 months, which is 700% higher than what it used to be just seven months ago.

Condos priced above $5M are in a similar shape. There are 17 months of inventory in the higher-end of the market. This number will likely come up, considering several more listings will pop up in the high season.

Why is this Happening?

Sellers are listing their properties for the same prices as six months ago. As a result, listing prices do not reflect the current market. On the other hand, buyers are not rushed and are waiting to see the effect of this increased supply. We anticipate this market has shifted in the buyers’ favor, and more opportunities are available now in comparison to just six months ago.

Due to the seasonality of the Miami Beach market, we certainly expect the number of closed transactions to increase in the next six months. However, we also anticipate inventory to keep rising, as many sellers wait to list their properties when the buyers are in town. We can state that the Miami Beach condo market has peaked already and that prices will adjust during the next six months.

Advice for BUYERS

When calculating the value of a unit, particularly in older condos, the premium of updated units with high-end finishes does not translate into the pure value of labor and materials. The premium is the value of labor, materials but also time and effort saved.

Advice for SELLERS

Sellers should consider that many prospective buyers are on the fence at this stage due to the uncertainties, and the high-interest rates. When you have a prospective buyer engaging in an offer, make sure to keep them at the negotiation table.

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David Siddons
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Akbota YerseitAkbota Yerseit
13:29 03 Jun 22
Excellent leaders!
Cathryne HaladnerCathryne Haladner
12:12 18 Sep 21
We have only superlatives to describe how wonderful Cris Buzolin was throughout the process of selling our townhouse in Coral Gables. We were away in the UK while the transaction was taking place and Cris handled everything-from clearing out our house, selling contents when she could, arranging the moving and storage and dealing with some very difficult problems which arose. Always patient and very willing to help in every way, Cris is a consummate professional who really cares about her clients and worked extremely hard to get the price we had asked for and make things for us as easy as she could. Nothing was too much for her to handle.Cris and Marianela (who provided additional very helpful assistance to us during the transaction) are part of the team that David Siddons has assembled.When we decided to sell our property, we contacted David and he established the framework for the transaction and ensured that everything proceeded smoothly and in accordance with our wishes. In sum, David Siddons and his team are extremely competent and professional and we are totally satisfied with the service they provided. To repeat, Cris Buzolin in particular, went way beyond what one would expect from a real estate agent. The David Siddons Group has our highest recommendation!
Jose Eduardo FilhoJose Eduardo Filho
17:17 13 Jul 21
I thank the whole team and especially Cris Buzolin who, in a very professional and competent way, helped me to sell my property safely and in the best market condition.
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Simone GarrettSimone Garrett
17:20 26 Feb 21
Fantastic group of people to work with!! David and Adriana were responsive and professional throughout the entire process. We weren't familiar with South Florida so David took us under his wing and did a fabulous job giving us a tour of select neighborhoods in South Florida and shared a great deal of information about each. We fell in love with the Botaniko community in Weston and closed the deal with Adriana. If you are buying/selling this is the team you want to work with!! Thank you guys for helping us find our dream home.
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