Market Reports
Real Estate News
Downtown Miami
Edgewater
by , October 28, 2022
With signs of a slowdown first emerging in Miami's beach neighborhoods during the second-quarter, this urban core grouping followed suit with a slowdown in Q3 2022. Considering the third-quarter is generally the slowest of the year (as confirmed by historical data) and that the luxury condo market had been reporting record sales since Q4 2020, it was inevitable for the market to pause and catch its breath.
In Q3 2022, when looking at the Greater Downtown Miami neighborhood grouping, Brickell emerged as the strongest sub-market, posting the least negative impact on year-over-year sales trends. It was also the fastest-selling market for luxury condos in Q3 2022. The waterfront Edgewater neighborhood remained the most expensive sub-market in the Greater Downtown area - reporting a median Price/SF of $867, while Downtown Miami was the most affordable overall.
Overall, in Greater Downtown Miami, the market remained healthy as prices increased, days on market kept to their lowest, and inventory hovered stable year-over-year - keeping this urban core a balanced market for buyers and sellers, in an otherwise seller-friendly luxury condo market for Miami.
Quick summary of Q3 2022 for the Greater Downtown Miami area includes:
Read below for our exclusive and in-depth analysis on how Greater Downtown, Edgewater, Brickell, and Downtown Miami performed over Q3 2022, along with a detailed comparison to the overall Miami luxury condo market trends in terms of sales, prices, days on market, and inventory.
Overall Greater Downtown Miami Luxury Condo Markets at a Glance - Q3 2022 YoY (Number of Sales)
Overall Greater Downtown Miami Luxury Condo Markets at a Glance - Q3 2022 YoY (Median Sales Price)
Overall Greater Downtown Miami Luxury Condo Markets at a Glance - Q3 2022 YoY (Median SP/SqFt)
For this report, we've only included areas with zipcodes 33129, 33130, 33131, 33132, 33137 – Brickell Hammock, Brickell, Brickell Key, Downtown Miami, Arts & Entertainment District, Edgewater, Wynwood, Midtown and the Design District. This luxury condo market report only features properties priced $1 million and above, and generally does not include pre-construction condo sales.
Q3 2022 - Greater Downtown Miami Area Luxury Condo Market Highlights
Q3 2022 - Greater Downtown Sub-Neighborhood Highlights
Q3-2022 Greater Downtown Miami 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 |
Q3-2022 |
106 |
-31.6% |
$1,332,500 |
-1.3% |
$829 |
10.4% |
56 |
Q3-2021 |
155 |
$1,350,000 |
$751 |
86 |
Q3-2022 Greater Downtown Miami 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 |
Q3-2022 |
106 |
-54.5% |
$1,332,500 |
-1.3% |
$829 |
-0.6% |
56 |
Q2-2022 |
233 |
$1,350,000 |
$834 |
56 |
Q3 2022 Sales down -31.6% - Negative Trendline.
As predicted in our Q2 2022 luxury condo market report for Greater Downtown Miami, Q3 2022 reported lower year-over-year sales owing to a seasonal slowdown (as per historical analysis). Breaking its record-setting streak since Q4 2020, it was quite expected of the market to pause and catch its breath.
Consistent with the slower pace of the overall Miami market, Greater Downtown Miami reported the following Sales Trends for Q3 2022:
It is worth nothing that even though sales may have drastically declined compared to the previous year's record-setting high, Q3 2022 volume was higher than any third-quarter noted in 2020 or from before. This indicates that the luxury condo market maintained its growth threshold set over the past two years, even as sales took a seasonal breather.
Looking into the Monthly Sales trends of Fig. 2.2, July reported 30 sales (compared to 65 in 2021), August reported 44 sales (against 51 in 2021), and September posted 32 sales (compared to 39 in the previous year).
As real estate experts, we expect the luxury condo market to close 2022 on a soft note, considering the market usually picks up momentum only after December's Art Basel or by mid-January.
With momentum slowing way down, the 12-month Sales Trendline of Fig. 2.3 expectedly took on a negative trajectory in Q3 2022 – breaking its positive streak that had continued from Q4 2020 up to Q2 2022.
Greater Downtown Miami Luxury Condo Quarterly Sales 2015 - 2022 - Fig. 2.1
Greater Downtown Miami Luxury Condo Monthly Sales from Jan. 2016 to Sep. 2022 - Fig. 2.2
Greater Downtown Miami Luxury Condo 12-Month Sales with Trendline - Fig. 2.3
Q3 2022 Price per Square Foot up 10.4% to $829, Median Price flat year-over-year.
Almost in line with the overall market trend of higher year-over-year price per square foot and a lower median price, Greater Downtown Miami reported similar trends:
Greater Downtown Miami Luxury Condo Quarterly Price per Sq. Ft. 2017-2022 - Fig. 3
34.9% decline in year-over-year Days on Market. Partly deviating from the overall market trend of a decline in year-over-year numbers but increase in quarter-over-quarter Days on Market, Greater Downtown Miami reported the following values.
In Q3 2022, luxury condos spent 30 fewer days on the market compared to Q3 last year but the same number of days compared to the previous quarter (Fig. 4). With values still at an all-time low, this shows buyer-seller communication stayed at its best in the mainland.
Greater Downtown Miami Luxury Condo Quarterly Days on Market 2018 - 2022 – Fig. 4
Q3 2022 closed with 10 months of Inventory. Partly deviating from the overall market trend of higher year-over-year values, inventory in Greater Downtown Miami stayed flat year-over-year. At 10 months, inventory fell within the 9-12 months benchmark of an ideal market – indicating that even though the Miami market might be seller-dominated, the urban core presented a level playing field to buyers and sellers.
Buyers looking to live closer to work in Brickell or the urban core of Miami can search the Greater Downtown Miami area for available condos for sale, here.
Greater Downtown Miami Luxury Condo Months of Inventory from Mar. 2019 to Sep. 2022 - Fig. 5
A balanced market has only 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.
Q3 2022 Edgewater 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 |
Q3-2022 |
20 |
-45.9% |
$1,355,000 |
8.0% |
$867 |
16.6% |
64 |
Q3-2021 |
37 |
$1,255,000 |
$744 |
69 |
Q3 2022 Edgewater 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 |
Q3-2022 |
20 |
-65.5% |
$1,355,000 |
-5.1% |
$867 |
-1.9% |
64 |
Q2-2022 |
58 |
$1,427,500 |
$884 |
61 |
Q3 Sales down -45.9% year-over-year - Negative trendline. Consistent with the slowdown seen in the overall market report, Edgewater reported a decline in sales volume:
With sales taking a cyclical break, the 12-month Sales Trendline of Fig. 7.2 shifted into a negative trajectory – breaking its 7-quarter streak of reporting positive curves between Q4 2020 and Q2 2022.
Edgewater Luxury Condo Quarterly Sales 2015 - 2022 - Fig. 7.1
Edgewater Luxury Condo 12-Month Sales Trendline - Fig. 7.2
Q3 Price per Square Foot up 16.6% to $867, Median Price also up 8% year-over-year. Partially deviating from the overall market trend of higher year-over-year price per square foot and a lower year-over-year median price, Edgewater reported gains in both values:
Edgewater Luxury Condo Quarterly Price per Sq. Ft. 2017-2022 - Fig. 8
8% decline in year-over-year Days on Market. Consistent with the overall Miami luxury condo market trend for Days on Market, Edgewater reported a decline in year-over-year numbers, but increase in quarter-over-quarter values.
In Q3 2022, luxury condos spent 5 fewer days on the market compared to Q3 last year and 3 extra days compared to Q2 2022 (Fig. 9). This shows that even though sales momentum may have dropped, buyers-seller communication improved compared to a year-ago.
Edgewater Luxury Condo Quarterly Days on Market 2018-2022 – Fig. 9
Q3 2022 closed with 12 months of Inventory. Moving against the overall market trend of higher year-over-year inventory, Edgewater reported flat year-over-year and higher quarter-over-quarter values. At 12 months, inventory closed within the 9-12-month mark of a balanced market – indicating a level playing field for buyers and sellers, in the larger scheme of an overall seller-friendly market in Miami.
Edgewater Luxury Condo Months of Inventory from Mar. 2019 to Sep. 2022 - Fig. 10
A balanced market has only 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.
Q3 2022 Brickell 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 |
Q3-2022 |
72 |
-21.7% |
$1,332,500 |
-2.1% |
$830 |
8.6% |
50 |
Q3-2021 |
92 |
$1,361,485 |
$764 |
79 |
Q3 2022 Brickell 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 |
Q3-2022 |
72 |
-47.8% |
$1,332,500 |
4.7% |
$830 |
-0.1% |
50 |
Q2-2022 |
138 |
$1,272,500 |
$831 |
47 |
Q3 Sales down -21.7% year-over-year – Negative trendline. Historically leading the overall luxury condo market in Miami in terms of sales progression, Brickell reported the least negative impact on year-over-year sales volume of all Miami neighborhoods under our review in Q3 2022:
Expectedly, the 12-month Sales Trendline of Fig. 12.2 dipped into a negative trajectory for the first time in 7 quarters.
Brickell Luxury Condo Quarterly Sales 2015 - 2022 - Fig. 12.1
Brickell Luxury Condo 12-Month Sales with Trendline - Fig. 12.2
Q3 Price per Square Foot up 8.6% at previous peak of $830, Median Price down -2.1% year-over-year. Price trends in Brickell followed the overall market trend of higher year-over-year price per square foot and a lower median price:
Brickell Luxury Condo Quarterly Price per Sq. Ft. 2017-2022 - Fig. 13
37% decline in year-over-year Days on Market. In sync with the overall Miami luxury condo market trend for Days on Market, Brickell also reported a decline in year-over-year numbers, but an increase in quarter-over-quarter values.
In Q3 2022, luxury condos spent 29 fewer days on the market compared to Q3 last year and 3 extra days compared to Q2 2022. This shows that even though sales volume may have dipped, closings were swifter compared to a year-ago. (Fig. 14)
Brickell Luxury Condo Quarterly Median Days on Market 2018 – 2022 - Fig. 14
Q3 2022 closed with 9 months of Inventory. In contrast to the higher year-over-year inventory trend noticed in the overall market, Brickell reported the lowest levels of inventory of all Greater Downtown Miami neighborhoods under review. At 9 months, inventory closed at the lower end of the 9-12-month range of an ideal market, still giving sellers the upper hand in negotiations in this sub-market.
Brickell Luxury Condo Months of Inventory from Mar. 2019 to Sep. 2021 - Fig. 15
A balanced market has only 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.
Q3 2022 Downtown Miami Luxury Condo Market Summary - Fig. 15 |
|||||||
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 |
Q3-2022 |
14 |
-46.2% |
$1,250,000 |
-17.4% |
$704 |
-5.8% |
103 |
Q3-2021 |
26 |
$1,512,500 |
$747 |
135 |
Q3 2022 Downtown Miami Luxury Condo Market Summary - Fig. 15.1 |
|||||||
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 |
Q3-2022 |
14 |
-62.2% |
$1,250,000 |
-16.7% |
$704 |
-4.9% |
103 |
Q2-2022 |
37 |
$1,500,000 |
$740 |
63 |
Q3 Sales down -46.2% year-over-year - Negative trendline. In line with the negative sales trend seen in the overall market report, Downtown Miami reported a decline in sales volume:
Even with sales taking a seasonal break, the 12-month Sales Trendline of Fig. 16.2 maintained its positive curve from Q1 this year through to Q3 2022 – owing to a record-setting first and second quarter.
Downtown Miami Luxury Condo Quarterly Sales 2015 - 2022 - Fig. 16.1
Downtown Miami Luxury Condo 12-Month Sales with Trendline - Fig. 16.2
Q3 Price per Square Foot down -5.8% to $704, Median Price also down -17.4% year-over-year. Deviating from the overall market trend of higher year-over-year price per square foot and lower median price, prices in Downtown Miami declined:
Downtown Miami Luxury Condo Quarterly Price per Sq. Ft. 2017-2022 - Fig. 17
24% decline in year-over-year Days on Market. In line with the overall Miami luxury condo market trend for Days on Market, Downtown Miami posted a decline in year-over-year days, but increase in quarter-over-quarter values.
In Q3 2022, luxury condos spent 32 fewer days on the market compared to Q3 2021 and 40 extra days compared to Q2 2022 (Fig. 18). This shows that even though sales dipped seasonally, buyers-seller communication improved compared to the previous year.
Downtown Miami Luxury Condo Quarterly Median Days on Market 2018 – 2022 - Fig. 18
Q3 2022 closed with 12 months of Inventory. Tightly in step with the overall market trend of higher year-over-year inventory, Downtown Miami reported an increase. At 12 months, inventory closed within the 9-12-month mark of a balanced market – indicating this sub-market offered buyers and sellers equal opportunity, in an otherwise seller-dominated market.
Downtown Miami Luxury Condo Months of Inventory from Mar. 2019 to Sep. 2022 - Fig. 19
A balanced market has only 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.
As predicted in our Q2 2022 luxury condo market report for Greater Downtown Miami, this urban core took a seasonal break from posting record sales since Q4 2020. Sales cooled off across the board with a negative trendline, much like the overall Miami market trend – except in Downtown Miami, which posted a positive trendline owing to a record-breaking Q1 and Q2 in 2022.
Brickell emerged as the most popular neighborhood in the Greater Downtown area, reporting the highest volume (72 sales) of all 3 sub-markets and lowest percentage loss in year-over-year sales (-22%). Brickell also emerged as the strongest sub-market in Miami overall, with its least negative impact on year-over-year sales growth.
Deviating slightly from the overall market trend in Q3 2022 of higher Price per Square Foot and lower year-over-year Sales Price, prices mostly increased in Greater Downtown Miami. Sellers in Edgewater continued receiving maximum value for their investments, as luxury condos in the area fetched top-dollar - closing Q3 at a price of $867/square foot as well as the highest year-over-year price gains by reporting a 17% increase.
Echoing the overall market trend, the Days on Market declined year-over-year for luxury condos across Greater Downtown. Brickell remained the fastest-selling market, with properties spending only 50 days on the market (on median) before closing as sold.
Again, slightly deviating from the overall Miami market trend of higher year-over-year inventory, the trend remained flat in Greater Downtown. At 10 months, this core grouping leaned towards becoming a balanced market, as opposed to the seller-friendly trend noted in the overall Miami market.
Considering the last quarter of the year is also slow-paced (as per historical data), we, as luxury real estate experts, expect to see the market cool-off further before picking up pace after mid-January. Additionally, we expect the following to influence the direction of the luxury condos market in Miami during the closing quarter of 2022:
Metric |
Overall Miami |
GDM |
Edgewater |
Brickell |
Downtown |
Sales |
Down |
Down |
Down |
Down |
Down |
Sales Trendline |
Negative |
Negative |
Negative |
Negative |
Positive |
Price/Sq. Ft. |
Up |
Up |
Up |
Up |
Down |
Days on Market |
Down |
Down |
Down |
Down |
Down |
Inventory |
Up |
Flat |
Flat |
Down |
Up |
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Questions or comments about the stats? Interested in browsing the market? Contact Sep at sniakan (at) blackbookproperties.com or call 305-725-0566.
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