The Quarterly Brickell Condo Market Update

An Update on the Brickell Condo Market

The Brickell Condo Market Update for September 2022. This blog article will be updated every quarter with new information. Not only will you see the latest information, but you will also be able to scroll down, read what happened in past months, and start seeing Miami real estate trends. Click on the link to read the 90-day condo market reports of the different Miami condo markets.

Rising Inventory levels

The Brickell and Brickell Key sub-markets have experienced significant changes in the last three months compared to the previous twelve months regarding market performance. The comprehensive data for Brickell and Brickell Key shows that inventory has increased by more than 200% in the last three months compared to seven to twelve months ago.

Condo units priced between a million and three million dollars suffered the most as this price bracket’s inventory increased by 219%. Other price brackets also experienced changes to their supply levels. For the units priced between three to five million and seven to ten million, inventory increased more than 100%. Properties priced between five to seven million only experienced an increase of 29%.

Properties priced from $500K to $1M have approximately six months of inventory. That is relatively limited compared to other price brackets. Although this price bracket showed the most limited supply, it had the second-highest increase in new listings (131% from the previous twelve months) and had the sharpest decline in closed sales, with a 67% decrease.  If the absorption rate does not align with the influx of new listings, it could rapidly affect the months of supply for properties under $1M.

Brickell Statistics and Specific Sales

Looking at the statistics page for this neighborhood 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 to Expect from the Brickell Condo Market in the next months?

We can expect inventory to accumulate across the board due to a crippling absorption rate. This creates a vulnerable position for condo sellers, especially for those units valued at one to three million dollars. As market conditions continue to correct, we will see opportunities arise for buyers. Particularly those searching between one and five million, given that the amount of new listings has doubled. In contrast, the absorption rate has been nearly cut in half, creating a new market arena for buyers and sellers in Brickell and Brickell Key.

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