Blog-Taras-30.01

As predicted, energy from the high season (typically Spring) carried Miami Beach’s luxury condo market into balance – contributing to the stability noted in our Q2 2023 overall Miami luxury condo market statistics.

In Q2 2023, South Beach plus Surfside & Bal Harbour emerged as the best-performing neighborhoods by reporting the least negative impact on year-over-year sales of these coastal neighborhoods. As always, Fisher Island stayed in the lead – reporting the most expensive Price per Square Foot in Miami. However, even as Sunny Isles Beach remained the most affordable entry point into the luxury condo market on the beach, it joined Fisher Island to offer maximum year-over-year value to sellers in Q2 2023.

South Beach as well as Surfside and Bal Harbour reported the lowest levels of inventory in Miami Beach (11 months) this second quarter. Read on for more year-over-year insights in our exclusive and detailed analysis on how each Miami Beach-area neighborhood fared against each other, as well as against the overall Miami luxury condo trends and other real estate market statistics in Q2 2023.

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 2023 - Miami Beach Overall Luxury Condo Market Highlights:

• Sales down -45.5% compared to exceptional, record-setting Q2 2022 — Sunny Isles Beach remained the highest volume contributor.

• 12-month Sales Trendline corrected into a positive trajectory after staying negative from Q3 2022 through Q1 2023.

• Price per Square Foot down -6.5% year-over-year to $1,040/SF.

• Median Sales Price down -8.1% year-over-year.

• Days on Market up 3% year-over-year.

• Inventory up 116.7% year-over-year to 13 months.

• Miami Beach corrected to a balanced market in Q2 2023, from a strong seller’s market the year prior.

Q2 2023 - Miami Beach Sub-Neighborhood Highlights:

• Winners: South Beach plus Surfside & Bal Harbour emerged as the most resilient markets of Q2 with lowest percentage (-40%) impact on year-over-year sales.

• 12-Month Sales Trendline positive across the board.

• Winner: Fisher Island and Sunny Isles Beach offered maximum value to sellers in Miami Beach — reporting no loss in value and a flat year-over-year Price per Sq. Ft.

• Winner: Fisher Island continued reigning supreme as the most expensive neighborhood in all of Miami - priced at $1,803/Square Foot.

• Winner: Fisher Island again reported the highest Median Sales Price of $7.5 million — maintaining its status as the most premium zip code in all of Miami.

• Winner: Fisher Island reported the highest percentage growth in year-over-year Median Sales Price at 20%.

• Winner: Surfside & Bal Harbour remained the fastest-selling markets in Miami Beach and also emerged as the fastest-selling in Miami, as luxury condos took only 40 days to sell – from listing to closing.

• South Beach plus Surfside and Bal Harbour reported the lowest levels of inventory (11 months) in Miami Beach — and the second-lowest in all of Miami, just behind the combined neighborhood of Coconut Grove and Coral Gables (8 months).

Miami Beach Luxury Condo Markets at a Glance - Q2 2023 YoY (Number of sales)

Miami Beach Overall Luxury Condo Markets at a Glance - Q2 2023 YoY (Median Sale Price)

Miami Beach Luxury Condo Markets at a Glance - Q2 2023 YoY (Median Sales Price / SqFt)

Table of Contents

1. Overall Q2 2023 Miami Beach Luxury Condo Market Trends

2. Q2 2023 South Beach Luxury Condo Market Trends

3. Q2 2023 Mid and North Beach Luxury Condo Market Trends

4. Q2 2023 Surfside & Bal Harbour Luxury Condo Market Trends

5. Q2 2023 Sunny Isles Beach Luxury Condo Market Trends

6. Q2 2023 Fisher Island Luxury Condo Market Trends

7. Conclusion - Q2 2023 Miami Beach Luxury Condo Market Report