Q2 2022 Miami Beach Luxury Condo Market Report: Market Cools, Inventory Still Low

Q2 2022 Miami Beach Luxury Condo Market Report: Market Cools, Inventory Still Low

Aug 19, 2022 August 19, 2022

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After months of reporting exceptional sales, it was inevitable that the luxury condo market would pause to catch its breath. This second quarter, Miami Beach (collectively) did exactly that as sales took a break from posting any new records. Even with lower year-over-year sales volume, Miami Beach still retained momentum – keeping Q2 sales higher than any pre-pandemic year under our review.

In Q2 2022, Sunny Isles Beach emerged as the best-performing neighborhood, reporting the highest sales volume in Miami Beach. In terms of prices, days on market, and inventory, Fisher Island again established itself as a clear winner – reporting the most expensive Price per Square Foot, most expensive Median Sale Price ($6 million), lowest days to market (only 42 days to sell), and minimal inventory at only 4 months.

Surfside & Bal Harbor offered maximum returns to sellers in Miami overall. Prices increased year-over-year across the board for other Miami Beach neighborhoods as well. South Beach plus Surfside & Bal Harbour reported the second-lowest months of inventory in all of Miami, again tying with Coral Gables & Coconut Grove - all with only 5 months of inventory.

After almost 7 quarters of reporting steady year-over-year sales growth, read on to see how this seller's market performed in the second quarter and had a major impact on overall sales in Miami. Read below for more trends and insights in our exclusive analysis on how each Miami Beach neighborhood fared against each other, as well as compared to the overall Miami luxury condo trends of Q2 2022 in terms of sales, prices, days on market, and inventory.

For the purposes of this report, we've included in "Miami Beach" the sub-neighborhoods of South Beach, Mid-Beach, North-Beach, Sunny Isles Beach, Surfside, Bal Harbour, and Fisher Island as part of our Miami Beach grouping. Also, this luxury condo submarket report only features properties priced at $1 million and above.


Q2 2022 - Miami Beach Overall Luxury Condo Market Highlights:

  • Q2 2022 Sales decreased -24.1% year-over-year -- Sunny Isles Beach continued as the strongest volume contributor
  • 12-month Sales Trendline corrected from negative in Q1 2022 to positive in Q2 2022
  • Price per Square Foot up 7.8% year-over-year to record-high of $1,117
  • Median Sales Price down 14% year-over-year
  • Days on Market down 27% year-over-year to new low
  • Inventory down 25% year-over-year to 6 months
  • Miami Beach stays a seller's market


Q2 2022 - Miami Beach Sub-neighborhood Highlights:

  • Winner: Sunny Isles Beach led Q2 sales growth in Miami Beach with highest volume and lowest percentage decline (-5.5%) in year-over-year volume
  • 12-Month Sales Trendline positive across the board, except in Fisher Island (negative trendline)
  • Winner: Surfside & Bal Harbour's luxury condos offered maximum value to sellers in Miami Beach as well as overall Miami with the highest percentage growth (40%) in year-over-year Price per Sq. Ft. – overtaking Fisher Island from Q1 2022
  • Winner: Fisher Island continued as the most expensive neighborhood in all of Miami, priced at $$1,782/sq. ft. -- maintained top-spot for 6 consecutive quarters
  • Winner: Fisher Island reported highest Median Sales Price of $6 million in all of Miami – maintaining its place as the most premium zip code
  • Winner: Surfside & Bal Harbour reported the highest percentage growth in year-over-year Median Sales Price at 21%
  • Fisher Island remained the fastest-selling market in Miami Beach as luxury condos took only 42 days to market – from listing to closing
  • Fisher Island reported lowest inventory (4 months) in Miami again, closely followed by South Beach plus Surfside and Bal Harbour (5 months each) 


Miami Beach Luxury Condo Markets at a Glance - Q2 2022 YoY (Number of sales)

Miami Beach Luxury Condo Markets at a Glance - Q2 2022 YoY (Number of sales)


Miami Beach Overall Luxury Condo Markets at a Glance - Q2 2022 YoY (Median Sale Price)

Miami Beach Overall Luxury Condo Markets at a Glance - Q2 2022 YoY (Median Sale Price)


Miami Beach Luxury Condo Markets at a Glance - Q2 2022 YoY (Median Sales Price / SqFt)

Miami Beach Luxury Condo Markets at a Glance - Q2 2022 YoY (Median Sales Price / SqFt)


Table of Contents

  1. Overall Q2 2022 Miami Beach Luxury Condo Market Trends
  2. Q2 2022 South Beach Luxury Condo Market Trends
  3. Q2 2022 Mid and North Beach Luxury Condo Market Trends
  4. Q2 2022 Surfside & Bal Harbour Luxury Condo Market Trends
  5. Q2 2022 Sunny Isles Beach Luxury Condo Market Trends
  6. Q2 2022 Fisher Island Luxury Condo Market Trends
  7. Conclusion - Q2 2022 Miami Beach Luxury Condo Market Report


Q2 2022 Miami Beach Luxury Condo Market Summary - Fig. 1

Quarters

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

Q2-2022

413

-24.1%

$1,850,000

-14.0%

$1,117

7.8%

70

Q2-2021

544

$2,150,000

$1,036

96

Q2 2022 Miami Beach Luxury Condo Market Summary - Fig. 1.1

Quarters

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

Q2-2022

413

-9.8%

$1,850,000

-14.0%

$1,117

1.5%

70

Q1-2022

458

$2,150,000

$1,100

91


Miami Beach: Luxury Condo Sales Down YoY

Q2 2022 Sales down -24.1%, Positive Trendline 

As suggested by a downward curving trendline in the previous quarter, luxury condo sales in Miami Beach (collectively) took a break this summer. Contributing majorly to the sales slowdown noted in the overall Miami market report for Q2 2022, these beachside neighborhoods reported a soft yet stable summer:

  • Q2 2022 vs Q2 2021. Sales declined 24.1% year-over-year, down from 544 in Q2 2021 to 413 sales in the same quarter of 2022. (Fig. 1)
  • Even as sales were lower compared to Q2 2021, Fig. 2.1 shows a marked improvement over same quarter volume from 2015 to 2020. This indicates that even as the luxury condo market catches its breath after months of reporting record numbers, it has crossed a major growth threshold in Miami Beach.
  • Q2 2022 vs Q1 2021. Sales decreased 9.8% quarter-over-quarter, down from 458 in Q1 to 413 sales in Q2 this year. (Fig. 1.1)
  • Sunny Isles Beach continued as the highest volume contributor with 156 sales. It also showed the least negative impact of this summer slack out of all the Miami Beach neighborhoods under review, reporting only a -5% loss in year-over-year sales growth.
  • Looking into the Monthly Sales trends of Fig. 2.2, April 2022 reported 156 sales, May posted 149 sales, while numbers dipped further in June this year to 108. In comparison, April 2021 had reported 198 sales, May posted 177, and June last year reported 169 sales.

Even with a slow summer, the 12-month Sales Trendline of Fig. 2.3 corrected from a negative trajectory in Q1 2022 to a positive curve in Q2 2022. This, together with the market observation that luxury condo sales generally cool off during the third quarter of the year, we as real estate experts, expect the next quarter to close on a soft yet stable note.


Miami Beach Luxury Condo Quarterly Sales 2015-2022 - Fig. 2.1

Miami Beach Luxury Condo Quarterly Sales 2015-2022 - Fig. 2.1


Miami Beach Luxury Condo Monthly Sales from Jan. 2016 to Jun. 2022 - Fig. 2.2

Miami Beach Luxury Condo Monthly Sales from Jan. 2016 to Jun. 2022 - Fig. 2.2


Miami Beach Luxury Condo 12-Month Sales with Trendline - Fig. 2.3

Miami Beach Luxury Condo 12-Month Sales with Trendline - Fig. 2.3


Miami Beach: Luxury Condo Price Per Square Foot Peaks to Highest-ever

Q2 2022 Price/Square Foot up 7.8% to a new peak of $1,117, Median Price down -14% year-over-year 

Consistent with the overall market trend of higher year-over-year price per square foot and a lower median price, Miami Beach luxury condos also reported the same trends:

  • Price per Square Foot increased by 7.8%, up from $1,036 in Q2 2021 to a new peak of $1,117 in Q2 this year. (Fig. 1)
  • Luxury condo sellers continued receiving the best value-to-date for their luxury condos in the Miami Beach area as Q2 closed with the highest Price per Square Foot recorded (in over 6 years of our study and before). (Fig. 3)
  • Median Sales Price declined by -14%, down from $2,150,000 in Q2 2021 to $1,850,000 for the same quarter in 2022. (Fig. 1)
  • This variation in year-over-year Price per Square Foot and Sales Price trends could be due to higher sales of smaller (in size) condos dominating quarterly numbers. Such smaller condos with amenity-rich packages tend to fetch a higher price per square foot.


Miami Beach Quarterly Sales Price per Sq. Ft. 2017-2022 - Fig. 3

Miami Beach Quarterly Sales Price per Sq. Ft. 2017-2022 - Fig. 3


Miami Beach: Days on Market Down to Lowest

27% decline in year-over-year Days on Market 

In line with the overall Miami luxury condo market trend of shrinking Days on Market, values in Miami Beach dropped to a new low too.

In Q2 2022, luxury condos spent 26 fewer days on the market compared to Q2 last year and 21 fewer days compared to the previous quarter (Fig. 4) – showing consistent improvements between buyer-seller expectations.


Miami Beach Quarterly Days on Market 2018-2022 – Fig. 4

Miami Beach Quarterly Days on Market 2018-2022 – Fig. 4


Miami Beach: Inventory Down YoY to New Low – Seller's Market Prevails

Q2 2022 closed with 6 months of Inventory 

Hitting a new low, inventory trends in Miami Beach show that the luxury condo market enjoyed a stable summer despite reporting a decline in year-over-year sales. Consistent with the overall market trend in Miami, inventory fell below the 9-12-month benchmark of a balanced market, keeping sellers firmly in control of negotiations and the market in this coastal district. Reporting 6 months of inventory:

  • On a quarter-over-quarter basis, inventory was down 14.3% from 7 months in March 2022.
  • On a year-over-year basis, inventory went dipped 25% from 8 months in June 2021.


Miami Beach Months of Inventory from Mar. 2019 to Jun. 2022 - Fig. 5

Miami Beach Months of Inventory from Mar. 2019 to Jun. 2022 - Fig. 5


A balanced market has 9-12 months of inventory. The months of inventory are calculated as – number of active listings + number of pending listings, divided by the average number of deals in the last 6 months.


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Miami Beach Neighborhoods: Q2 2022 South Beach (ZIP 33139)

Q2 2022 South Beach Luxury Condo Market Summary - Fig. 6

Quarters

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

Q2-2022

120

-28.1%

$1,650,000

-26.7%

$1,290

-0.7%

58

Q2-2021

167

$2,250,000

$1,298

81



Q2 2022 South Beach Luxury Condo Market Summary - Fig. 6.1

Quarters

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

Q2-2022

120

-16.1%

$1,650,000

-21.4%

$1,290

5.2%

58

Q1-2022

143

$2,100,000

$1,226

75


South Beach: Luxury Condo Sales Down YoY

Q2 Sales down -28.1% year-over-year, Positive trendline 

Consistent with the overall market trend in Miami, South Beach also posted slower sales this summer:

  • Q2 2022 vs Q2 2021. Sales declined 28.1% year-over-year, down from 167 in Q2 last year to 120 in the same quarter of 2022. (Fig. 6)
  • Q2 2022 vs Q1 2022. Sales decreased 16.1% quarter-over-quarter, down from 143 in Q1 this year to 120 in Q2 2022. (Fig. 6.1)

Even as sales missed touching the record-high of Q2 last year, the 12-month Sales Trendline of Fig. 7.2 corrected from a negative curve in Q1 2022 to a positive trajectory in Q2 this year. This indicates that the luxury condo market will likely keep stable over Q3 in South Beach even if sales go softer.


South Beach Luxury Condo Quarterly Sales 2015-2022 - Fig. 7.1 

South Beach Luxury Condo Quarterly Sales 2015-2022 - Fig. 7.1


South Beach Luxury Condo 12-Month Sales with Trendline - Fig. 7.2

South Beach Luxury Condo 12-Month Sales with Trendline - Fig. 7.2


South Beach: Luxury Condo Price per Square Foot Flat YoY

Q2 Price/Square Foot flat at $1,290, Median Price down -26.7% year-over-year 

Deviating partially from the overall market trend of higher year-over-year price per square foot and a lower median price, South Beach reported a flat price per square foot:

  • Price per Square Foot stayed flat with only a marginal adjustment of -0.7%, down from $1,298 in Q2 last year to $1,290 for the same quarter this year. (Fig. 6)
  • A look at the 5-year snapshot of quarterly Price per Square Foot below (Fig. 8), shows that prices stayed in the higher ranges in South Beach – giving sellers great value for their luxury condo investments.
  • Median Sales Price declined by -26.7%, down from $2,250,000 in Q2 2021 to $1,650,000 for Q2 this year. (Fig. 6.1)

South Beach Luxury Condo Quarterly Price per Square Foot 2017-2022 - Fig. 8

South Beach Luxury Condo Quarterly Price per Square Foot 2017-2022 - Fig. 8

South Beach: Days on Market Down QoQ & YoY

28.4% decline in year-over-year Days on Market 

Consistent with the overall Miami luxury condo market trend of declining Days on Market, South Beach values also dipped to a new low.

In Q2 2022, luxury condos spent 23 fewer days on the market compared to Q2 last year and 17 fewer days compared to the previous quarter in South Beach (Fig. 4) – showing great improvements between buyer-seller communication.


South Beach Luxury Condo Quarterly Days on Market 2018-2022 - Fig. 9

South Beach Luxury Condo Quarterly Days on Market 2018-2022 - Fig. 9


South Beach: Inventory Down YoY – Second-Lowest in Miami

Q2 2022 closed with 8 months of Inventory 

Consistent with declining inventory noticed in the overall market, South Beach went ahead to report one of the lowest levels of inventory in Miami - right behind Fisher Island (4 months) and in step with Surfside & Bal Harbour (5 months). At 5 months, inventory fell below the 9-12-month range of a balanced market, giving luxury condo owners the leverage in pricing decisions with the added bonus of multiple offers.

  • On a quarter-over-quarter basis, inventory was down by 16.7% from 6 months in March 2022.
  • On a year-over-year basis, inventory declined by 28.6% from 7 months in June 2021.


South Beach Months of Inventory from Mar. 2019 to Jun. 2022 - Fig. 10

South Beach Months of Inventory from Mar. 2019 to Jun. 2022 - Fig. 10


Miami Beach Neighborhoods: Q2 2022 Mid and North Beach (ZIP 33140 & 33141)

Q2 2022 Mid-Beach and North-Beach Luxury Condo Market Summary - Fig. 11

Quarters

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

Q2-2022

72

-27.3%

$1,672,504

9.7%

$1,079

11.8%

74

Q2-2021

99

$1,525,000

$965

100

 

Q2 2022 Mid-Beach and North-Beach Luxury Condo Market Summary - Fig. 11.1

Quarters

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

Q2-2022

72

-2.7%

$1,672,504

-2.3%

$1,079

8.1%

74

Q1-2022

74

$1,712,500

$998

80


Mid-North Beach: Luxury Condo Sales Down YoY

Q2 Sales down -27.3% year-over-year, Positive trendline 

Keeping with the overall market trend in Miami, Mid-North Beach (collectively) too reported slower sales in Q2 2022:

  • Q2 2022 vs Q2 2021. Sales declined 27.3% year-over-year, down from 99 in Q2 2021 to 72 in the same quarter of this year. (Fig. 11)
  • Q2 2022 vs Q1 2022. Sales were mostly flat quarter-over-quarter, declining marginally by 2.7%, slightly down from 74 in Q1 this year to 72 in Q2 2022. (Fig. 11.1)

Even with sales losing steam over summer, the 12-month Sales Trendline of Fig. 12.2 posted a correction – shifting from a negative trajectory in Q1 2022 to a positive curve this second-quarter. As luxury condo experts, this lets us expects that Q3 sales won't dip to pre-pandemic year lows (read Q3 2015 to Q3 2020).


Mid-Beach and North-Beach Quarterly Sales 2015-2022 - Fig. 12.1

Mid-Beach and North-Beach Quarterly Sales 2015-2022 - Fig. 12.1


Mid-Beach and North-Beach 12-Month Sales with Trendline - Fig. 12.2

Mid-Beach and North-Beach 12-Month Sales with Trendline - Fig. 12.2


Mid-North Beach: Luxury Condo Price per Square Foot Up YoY

Q2 Price/Square Foot up 11.8% to $1,079, Median Price also up 9.7% year-over-year 

Unlike the overall market trend of higher year-over-year price per square foot but a lower median price, luxury condos in Mid-North Beach posted increases in both values:

  • Price per Square Foot increased by 11.8%, up from $965 in Q2 last year to $1,079 for the same quarter this year. (Fig. 11)
  • A look at the 5-year snapshot of quarterly Price per Square Foot below (Fig. 13), shows that prices stayed in the higher ranges in this combined neighborhood – giving sellers the best value for their luxury condo investments.
  • Median Sales Price increased by 9.7%, up from $1,525,000 in Q2 2021 to $1,672,504 for Q2 this year. (Fig. 11.1)


Mid-Beach and North-Beach Quarterly Price per Sq. Ft. 2017-2022 - Fig. 13

Mid-Beach and North-Beach Quarterly Price per Sq. Ft. 2017-2022 - Fig. 13


Mid-North Beach: Days on Market Down QoQ & YoY

26% decline in year-over-year Days on Market 

In sync with the overall Miami luxury condo market trend of declining Days on Market, Mid-North Beach too posted a decrease in Q2 2022 – showing swifter closings.

In Q2 2022, luxury condos spent 26 fewer days on the market compared to Q2 2021 and 6 fewer days compared to Q1 2022 (Fig. 14).


Mid-Beach and North-Beach Luxury Condo Quarterly Days on Market 2018-2022 – Fig. 14

Mid-Beach and North-Beach Luxury Condo Quarterly Days on Market 2018-2022 – Fig. 14


Mid-North Beach: Inventory Down YoY

Q2 2022 closed with 6 months of Inventory 

Consistent with the overall market trend noted in Miami, Mid-North Beach reported one of its lowest levels of inventory. At 6 months, inventory dipped below the 9-12-month marker of an ideal market, giving sellers the edge in negotiations as buyers lined up with highly competitive offers (mostly above asking price).

  • On a quarter-over-quarter basis, inventory was down 25% from 8 months in March 2022.
  • On a year-over-year basis, inventory declined 14.3% from 7 months in June 2021.


Mid-Beach and North-Beach Months of Inventory from Mar. 2019 to Jun. 2022 - Fig. 15

Mid-Beach and North-Beach Months of Inventory from Mar. 2019 to Jun. 2022 - Fig. 15


A balanced market has 9-12 months of inventory. The months of inventory are calculated as – no. of active listings + no. of pending listings divided by the average number of deals in the last 6 months.


Miami Beach Neighborhoods: Q2 2022 Surfside & Bal Harbour 

Q2 2022 Surfside & Bal Harbour Luxury Condo Market Summary - Fig. 16

Quarters

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

Q2-2022

54

-28.9%

$3,312,500

21.0%

$1,724

40.2%

139

Q2-2021

76

$2,737,500

$1,230

109



Q2 2022 Surfside & Bal Harbour Luxury Condo Market Summary - Fig. 16.1

Quarters

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

Q2-2022

54

-10.0%

$3,312,500

18.3%

$1,724

44.5%

139

Q1-2022

60

$2,800,000

$1,193

135


Surfside & Bal Harbour: Luxury Condo Sales Up YoY

Q2 Sales down -28.9% year-over-year, Positive trendline

In sync with the overall market trend noted in Miami, Surfside & Bal Harbour reported slower sales in Q2 2022:

  • Q2 2022 vs Q2 2021. Sales declined 28.9% year-over-year, down from 76 in Q2 of the previous year to 54 for the same quarter of 2022. (Fig. 16)
  • Q2 2022 vs Q1 2022. Sales decreased 10% quarter-over-quarter, down from 60 in Q1 this year to 54 in Q2 2022. (Fig. 16.1)

Even as sales cooled off in this combined neighborhood, the 12-month Sales Trendline of Fig. 17.2 reported a correction – shifting gears from a negative trajectory in Q1 2022 to a positive angle in Q2 2022. This indicates that this modest market still has ample steam to keep sales stable through the year's softest (as per historical data) third quarter.


Surfside & Bal Harbour Quarterly Sales 2015-2022 - Fig. 17.1

Surfside & Bal Harbour Quarterly Sales 2015-2022 - Fig. 17.1


Surfside & Bal Harbour 12-Month Sales with Trendline - Fig. 17.2

Surfside & Bal Harbour 12-Month Sales with Trendline - Fig. 17.2


Surfside & Bal Harbour: Luxury Condo Price per Square Foot Peaks to One of Highest in Miami

Q2 Price/Square Foot up 40.2% to a record-high of $1,724, Median Price also up 21% year-over-year 

Deviating from the overall market trend of higher year-over-year price per square foot and a lower median price, luxury condos in Surfside & Bal Harbour reported increases in both values:

  • Price per Square Foot jumped by 40.2%, up from $1,230 in Q2 last year to $1,724 for the same quarter this year. (Fig. 16)
  • With quarterly Price per Square Foot at its highest-ever (Fig.18), Surfside & Bal Harbour emerged as the second-most expensive neighborhood in Miami Beach and overall Miami – right behind Fisher Island with a price of $1,782/square foot.
  • Giving sellers maximum value for their luxury condo, this combined neighborhood reported the highest percentage growth in year-over-year price per square foot of all the Miami neighborhoods under our review in Q2 2022.
  • Median Sales Price increased by 21%, up from $2,737,500 in Q2 2021 to $3,312,500 for Q2 this year. (Fig. 16.1)


Surfside & Bal Harbour Quarterly Price per Sq. Ft. 2017-2022 - Fig. 18

Surfside & Bal Harbour Quarterly Price per Sq. Ft. 2017-2022 - Fig. 18


Surfside & Bal Harbour: Days on Market Up QoQ & YoY

27.5% increase in year-over-year Days on Market 

In contrast to the overall Miami luxury condo market trend of shrinking Days on Market, the combined neighborhood of Surfside & Bal Harbour reported higher values. 

In Q2 2022, luxury condos spent 30 more days on the market compared to Q2 2021 and 4 more days compared to Q1 2022 (Fig. 19).

Surfside & Bal Harbour was the only sub-market to report higher quarter-over-quarter and year-over-year days to market of all the Miami neighborhoods under our review in Q2 2022. This could be due to some older (paused) listings making their way back to the market (re-activated), adding to the overall days on market values in an otherwise fast-selling climate.


Surfside & Bal Harbour Quarterly Days on Market 2018-2022 – Fig. 19

Surfside & Bal Harbour Quarterly Days on Market 2018-2022 – Fig. 19


Surfside & Bal Harbour: Luxury Condo Inventory Down YoY - Also
Second-Lowest in Miami

Q2 2022 closed with 8 months of Inventory 

Keeping with overall Miami market trend, Surfside & Bal Harbour too reported a reduction in inventory. This upscale grouping reported one of the lowest levels of inventory in Miami - right behind Fisher Island (4 months) and tied for second place with South Beach (also reporting 5 months). At 5 months, inventory was below the ideal 9-12-month range of a balanced market, giving luxury condo owners the leverage in dealings, with the added bonus of multiple, highly lucrative offers (mostly above asking price).

  • On a quarter-over-quarter basis, inventory stayed flat at 5 months between March and June 2022.
  • On a year-over-year basis, inventory declined by 28.6% from 7 months in June 2021.


Surfside & Bal Harbour Months of Inventory from Mar. 2019 to Jun. 2022 - Fig. 20

Surfside & Bal Harbour Months of Inventory from Mar. 2019 to Jun. 2022 - Fig. 20


A balanced market has 9-12 months of inventory. The months of inventory are calculated as – no. of active listings + no. of pending listings divided by the average number of deals in the last 6 months.


If you are interested in buying or selling a condo in any of these Miami Beach neighborhoods, or would like more information about the data in our reports, please email us anytime or call (786) 655 - 4576.



Miami Beach Neighborhoods: Q2 2022 Sunny Isles Beach

Q2 2022 Sunny Isles Beach Luxury Condo Market Summary - Fig. 21

Quarters

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

Q2-2022

156

-5.5%

$1,757,500

-8.5%

$898

9.6%

77

Q2-2021

165

$1,920,000

$820

109



Q2 2022 Sunny Isles Beach Luxury Condo Market Summary - Fig. 21.1

Quarters

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

Q2-2022

156

-1.9%

$1,757,500

-3.4%

$898

-3.0%

77

Q1-2022

159

$1,820,000

$926

102


Sunny Isles: Luxury Condo Sales Down YoY - Highest Volume in Miami Beach

Q2 Sales down -5.5% year-over-year, Positive trendline 

Echoing and contributing to the overall market trend noted in Miami, Sunny Isles Beach posted slower sales this summer:

  • Q2 2022 vs Q2 2021. Sales decreased 5.5% year-over-year, down from 165 in Q2 of the previous year to 156 in Q2 this year. (Fig. 21)
  • Along with being the highest volume contributor to sales growth in Miami Beach, this beautiful beach town, with the highest concentration of branded luxury condos, also reported the least negative impact of a summer slowdown on its year-over-year sales compared to any other neighborhood in this market report.
  • Q2 2022 vs Q1 2022. Sales stayed flat, adjusting only -1.9% quarter-over-quarter, slightly down from 159 in Q1 this year to 156 in Q2 2022. (Fig. 21.1)

With Sunny Isles Beach reporting the highest sales volume in Miami Beach this second quarter, the 12-month Sales Trendline of Fig. 22.2 improved from a flat trajectory in Q1 2022 to a positive curve this Q2 2022. This leads us to expect that sales in this branded condo corridor will likely keep stable over Q3, which is generally known to be the softest of the year (as per historical data).


Sunny Isles Beach Luxury Condo Quarterly Sales 2015-2022 - Fig. 22.1

Sunny Isles Beach Luxury Condo Quarterly Sales 2015-2022 - Fig. 22.1


Sunny Isles Beach Luxury Condo 12-Month Sales with Trendline - Fig. 22.2

Sunny Isles Beach Luxury Condo 12-Month Sales with Trendline - Fig. 22.2


Sunny Isles: Luxury Condo Price per Square Foot Up YoY – Lowest Entry Point in Miami Beach

Q2 Price/Square Foot up 9.6% to $898, Median Price down -8.5% year-over-year 

Price trends in Sunny Isles Beach followed the overall market trend of higher year-over-year price per square foot and a lower median price:

  • Price per Square Foot increased by 9.6%, up from $820 in Q2 2021 to $898 in Q2 this year. (Fig. 21.1)
  • Priced at $898/square foot, Sunny Isles Beach offered the lowest entry point into luxury condos in the Miami Beach area. Considering this beach town has several branded projects in the works, such as a Bentley and St. Regis, in addition to its collection of branded luxury, the price situation in this neighborhood could be upturned in the near future.
  • A look at the five-year snapshot of quarterly Price per Square Foot below shows that prices closed in the higher ranges – giving sellers great value for their luxury condo investments.
  • Median Sales Price decreased 8.5%, down from $1,920,000 in Q2 2021 to $1,757,500 for the same quarter 2022. (Fig. 21.1)
  • The variation noted in year-over-year Price per Square Foot and Sales Price trends could be explained by sales of smaller-sized condos leading the quarter. Amenity-packed, smaller condos tend to command a higher price per square foot.


Sunny Isles Beach Quarterly Price per Sq. Ft. 2017-2022 - Fig. 23

Sunny Isles Beach Quarterly Price per Sq. Ft. 2017-2022 - Fig. 23


Sunny Isles: Days on Market Down QoQ & YoY

29.4% decline in year-over-year Days on Market

Echoing the overall Miami luxury condo market trend of declining Days on Market, Sunny Isles Beach values too dipped to a new low.

In Q2 2022, luxury condos spent 32 fewer days on the market compared to Q2 2021 and 25 fewer days compared to Q1 2022 in Sunny Isles Beach (Fig. 24) – indicating buyer-seller communication was at its best.


Sunny Isles Beach Quarterly Days on Market 2018-2022 – Fig. 24

Sunny Isles Beach Quarterly Days on Market 2018-2022 – Fig. 24


Sunny Isles: Inventory Down YoY - Still Highest in Miami Beach

Q2 2022 closed with 9 months of Inventory 

In sync with the overall market trend in Miami of declining inventory, Sunny Isles Beach reported lower levels. At 9 months, inventory was within the 9-12-month range of a balanced market, giving sellers the upper hand in negotiations with a variety of lucrative offers to choose from (most above asking price).

  • On a quarter-over-quarter basis, inventory stayed flat at 9 months between March and June 2022.
  • On a year-over-year basis, inventory declined by 25% from 12 months in June 2021.
  • Sunny Isles Beach reported the highest inventory of all the Miami Beach neighborhoods under review in Q2 2022 - offering buyers the advantage of more choices.


Sunny Isles Beach Months of Inventory from Mar. 2019 to Jun. 2022 - Fig. 25

Sunny Isles Beach Months of Inventory from Mar. 2019 to Jun. 2022 - Fig. 25


A balanced market has 9-12 months of inventory. The months of inventory are calculated as – no. of active listings + no. of pending listings divided by the average number of deals in the last 6 months.


Miami Beach Neighborhoods: Q2 2022 Fisher Island

Q2 2022 Fisher Island Luxury Condo Market Summary - Fig. 26

Quarters

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

Q2-2022

11

-70.3%

$5,999,000

-1.7%

$1,782

8.4%

42

Q2-2021

37

$6,100,000

$1,644

119



Q2 2022 Fisher Island Luxury Condo Market Summary - Fig. 26.1

Quarters

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

Q2-2022

11

-50.0%

$5,999,000

-27.3%

$1,782

-5.2%

42

Q1-2022

22

$8,250,000

$1,881

96


Fisher Island: Luxury Condo Sales Down YoY

Q2 Sales down -70.3% year-over-year, Negative trendline

Echoing the overall market trend in Miami, Fisher Island reported lower sales this second quarter:

  • Q2 2022 vs Q2 2021. Sales dropped a noteworthy 70.3% year-over-year, down from 37 in Q2 last year to 11 in the same quarter of 2022. (Fig. 26)
  • Q2 2022 vs Q1 2022. Sales dipped 50% quarter-over-quarter, down from 22 in Q1 this year to 11 in Q2 2022. (Fig. 26.1)
  • As real estate experts, we believe a combination of very low levels of inventory (4 months) plus people returning to pre-pandemic vacation patterns could have led to this drastic drop in sales in Fisher Island.

With sales down to pre-pandemic levels in this limited market for luxury condos, it was quite expected that the 12-month Sales Trendline of Fig. 27.2 would keep its negative curve from Q4 2021 through Q2 2022 – indicating that the third quarter will likely report softer numbers.


Fisher Island Luxury Condo Quarterly Sales 2015-2022 - Fig. 27.1

Fisher Island Luxury Condo Quarterly Sales 2015-2022 - Fig. 27.1


Fisher Island Luxury Condo 12-Month Sales with Trendline - Fig. 27.2

Fisher Island Luxury Condo 12-Month Sales with Trendline - Fig. 27.2


Fisher Island: Luxury Condo Prices Up YoY
- Stay Most Expensive in Miami 

Q2 Price/Square Foot up 8.4% to $1,782, Median Price flat year-over-year

Deviating slightly from the overall market trend of higher year-over-year price per square foot and a lower median price, luxury condos in Fisher Island instead reported a flat median price:

  • Price per Square Foot increased by 8.4%, up from $1,644 in Q2 last year to $1,782 for the same quarter this year. (Fig. 28)
  • Fisher Island held onto its position as the most expensive neighborhood in Miami Beach and overall Miami for a sixth quarter straight – reporting the highest price per square foot as well as median sales price.
  • A look at the 5-year snapshot of quarterly price per square foot trends in Fig. 28 shows that sellers continued receiving top value for their luxury condos in this island neighborhood in Q2 2022.
  • Median Sales Price stayed mostly flat, adjusting only -1.7%, slightly down from $6,100,000 in Q2 2021 to $5,999,000 in Q2 this year. (Fig. 26.1)


Fisher Island Quarterly Price per Sq. Ft. 2017-2022 - Fig. 28

Fisher Island Quarterly Price per Sq. Ft. 2017-2022 - Fig. 28


Fisher Island: Days on Market Down QoQ & YoY – Fastest-selling in Miami Beach 

64.7% decline in year-over-year Days on Market

In sync with the overall Miami luxury condo market trend of shrinking Days on Market, Fisher Island also reported a drop in Q2 2022 – establishing itself as the fastest-selling market for luxury condos in Miami Beach.

In Q2 2022, luxury condos spent 77 fewer days on the market compared to Q2 2021 in Fisher Island and 54 fewer days compared to Q1 2022 (Fig. 29).


Fisher Island Quarterly Days on Market 2018-2022 – Fig. 29

Fisher Island Quarterly Days on Market 2018-2022 – Fig. 29


Fisher Island: Luxury Condo Inventory Still Lowest in Miami

Q2 2022 closed with 4 months of Inventory

Echoing the overall market trend in Miami, inventory in Fisher Island kept to a minimum. At 4 months, inventory hovered below the 9-12-month range of a balanced market, keeping buyers on their toes as sellers stayed in charge of negotiations.

  • On a quarter-over-quarter basis, inventory increased 33.3%, up from 3 months in March 2022.
  • On a year-over-year basis, inventory was down 20% from 5 months in June 2021.

Continuing as one of the most dynamic markets in Miami Beach, and the first to enter a seller's market, Fisher Island again reported the lowest levels of inventory of all the Miami neighborhoods under our review in Q2 2022. A favorite among ultra-high-net-worth individuals (UHNW), buyers are advised to put in their offers (preferably above asking price and in cash), as soon as possible, if they would like to own the condo of their choice on this exclusive island.


Fisher Island Months of Inventory from Mar. 2019 to Jun. 2022 - Fig. 30

Fisher Island Months of Inventory from Mar. 2019 to Jun. 2022 - Fig. 30


A balanced market has 9-12 months of inventory. The months of inventory are calculated as – no. of active listings + no. of pending listings divided by the average number of deals in the last 6 months.


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Q2 2022 Miami Beach Luxury Condo Market Conclusion

After seven straight quarters of steady growth, the luxury condo market in Miami decided to take a breather in Q2 2022. Heavily impacting sales growth in the overall Miami market report for Q2 2022, Miami Beach reported a decline in year-over-year volumes. Neighborhoods across the board posted negative sales, reporting a sluggish summer.

Even as sales took a break, the 12-month Sales Trendline returned to a positive curve – indicating that the market will carry some steam into the third quarter, which is otherwise known to be the slowest of the year (as per historical data). Only Fisher Island reported a negative trendline, likely because of very tight inventory levels leaving little room for growth.

In terms of prices, Fisher Island remained the undisputed winner. The exclusive island again topped the charts for being the most expensive neighborhood with the highest price per square foot ($1,782) as well as median sales price ($6 million).

On the other hand, Sunny Isles Beach continued offering the lowest entry point into luxury condos on the beach with a price per square foot of $898. However, with more branded, ultra-luxury condos such as the Bentley Residences and St. Regis towers lined up, we expect median prices to increase in this upscale beach town.

In terms of value and price growth, Surfside & Bal Harbour led Miami's luxury condo market with the highest percentage growth (40%) in year-over-year Price per Sq. Ft. – offering excellent value to sellers. Other neighborhoods under our review also posted higher year-over-year prices, contributing to the positive trend noted in the overall market in Miami - except South Beach which reported a flat year-over-year price per square foot.

For Days on Market, the Greater Miami Beach area saw a drop in Days on Market across all neighborhoods, like the overall market trend – with the exception of Surfside & Bal Harbour. Fisher Island reported the lowest Days on Market of all Miami Beach neighborhoods– making it the fastest-selling market taking only 42 days to sell.

Even with a slow summer, inventory dropped to a minimum across the board in Miami Beach - much like the overall Miami market. Fisher Island again reported the lowest levels of inventory at 4 months, closely followed by South Beach plus Surfside and Bal Harbour (5 months).

As real estate experts, we expect the next quarter to open soft, considering the general pace of sales this summer and as per historical data. We also expect the following factors to continue influencing performance in Miami Beach:

  • Our pro-business and no-income-tax policies will continue attracting high-net-worth buyers and well-paid remote workers in huge numbers.
  • Continued business migration will keep drawing out staff that would like to live closer to work and the beach.
  • Even as the Euro weakens, we expect foreign buyer demand to remain high with fewer travel restrictions bringing back South American and Canadian buyers.
  • Even as interest rates increase, we expect very little impact on our luxury housing market as deals mostly close in cash.
  • Our extensive waterfront and amenity-rich condo options will continue attracting buyers from San Francisco, Los Angeles, and New York City - top outflow states.
  • Even as developers announce new projects, we expect inventory to keep low with relevant demand and a 2–3-year construction cycle keeping the market seller-friendly for the next few quarters, at least.

Metrics

Overall Miami

Miami Beach

South Beach

Mid-North Beach 

Surfside & Bal Harbour

Sunny Isles Beach

Fisher Island

Sales

Down

Down

Down

Down

Down

Down

Down

Trendline

Positive

Positive

Positive

Positive

Positive

Positive

Negative

Price per Sq. Ft

Up

Up

Flat

Up

Up

Up

Up

Days on Market

Down

Down

Down

Down

Up

Down

Down

Inventory

Down

Down

Down

Down

Down

Down

Down


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Questions or comments with the stats? Interested in buying a Miami Beach condo in one of these neighborhoods? Please contact Sep at sniakan (at) hbroswell.com or call 305-725-0566.

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Sep Niakan
Broker / Team Lead
(305) 697-7667
sep@blackbookproperties.com
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