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Edgewater
by , May 13, 2022
Greater Downtown Miami kickstarts 2022 as the hottest market for luxury condos in Miami - even surpassing the Miami beaches. With Brickell and Edgewater again taking the sales growth lead in Q1 2022, buyers are making it crystal clear where their priorities lie. With all 3 sub-markets reporting record-setting sales for a first quarter, Greater Downtown Miami has emerged as the market to watch for buyers and investors alike.
Sellers across Greater Downtown Miami got great value for their properties in Q1 2022, considering prices in this collective neighborhood have been consistently on the rise for the past few quarters. This, coupled with shrinking inventory shows that a seller's market is in effect in Miami's urban core.
Still, there was one neighborhood that closed Q1 2022 with the highest inventory of all the Miami neighborhoods under our review – read on to find out which one.
Quick summary of Q1 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 Q1 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 - Q1 2022 YoY (Number of Sales)
Overall Greater Downtown Miami Luxury Condo Markets at a Glance - Q1 2022 YoY (Median Sales Price)
Overall Greater Downtown Miami Luxury Condo Markets at a Glance - Q1 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.
Q1 2022 - Greater Downtown Miami Area Luxury Condo Market Highlights
Q1 2022 - Greater Downtown Sub-neighborhood Highlights
Q1-2022 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 |
Q1-2022 |
202 |
192.8% |
$1,450,000 |
6.6% |
$799 |
14.9% |
61 |
Q1-2021 |
69 |
$1,360,000 |
$695 |
132 |
Q1 2022 Sales up 192.8% - Highest-ever in a 1st Quarter - Positive Trendline. Kickstarting 2022 on a strong note, this mainland grouping posted its highest first-quarter sales ever, contributing significantly to the positive sales trend seen in the overall Miami report.
Owing to intense buyer demand in Greater Downtown Miami (even outpacing that of Miami Beach neighborhoods in Q1 2022), the 12-month Sales Trendline of Fig. 2.3 maintained its upward trajectory for the 6th consecutive quarter - keeping its positive curve from Q4 2020 through to Q1 2022.
Greater Downtown Miami Luxury Condo Quarterly Sales 2015 - 2022 - Fig. 2.1
Greater Downtown Miami Luxury Condo Monthly Sales from Jan. 2016 to Mar 2022 - Fig. 2.2
Greater Downtown Miami Luxury Condo 12-Month Sales with Trendline - Fig. 2.3
Q1 2022 Price/Square Foot up 14.9% to new peak of $799, Median Price also up 6.6% year-over-year. Consistent with the overall market trend of higher year-over-year prices in Q1, Greater Downtown Miami also reported an increase in its Price per Square Foot and Median Price. Sellers continued receiving excellent value for their luxury condos in this mainland district, as Q1 closed with the highest Price per Square Foot in over 6 years (Fig. 3).
Greater Downtown Miami Luxury Condo Quarterly Price per Sq. Ft. 2017-2022 - Fig. 3
53.8% decline in year-over-year Days on Market. Consistent with the overall Miami luxury condo market trend of reducing Days on Market, Greater Downtown Miami too reported a drop.
In Q1 2022, luxury condos spent 71 fewer days on the market compared to Q1 last year and 5 fewer days compared to Q4 2021 (Fig. 4) – showing a growing consistency between buyer-seller expectations and strong demand.
Greater Downtown Miami Luxury Condo Quarterly Days on Market 2018 - 2022 – Fig. 4
Q1 2022 closed with 9 months of Inventory. In line with the overall market trend in Miami, inventory in Greater Downtown Miami also dropped to its lowest levels in more than 6 years of us reporting. At 9 months, inventory fell within the 9-12 months range of an ideal market, keeping sellers in control of negotiations as demand exceeded supply.
Still, with one of the highest levels of inventory in Miami, buyers looking to live closer to work in Brickell or the urban core can hope to find some advantage in terms of choices, as they search the Greater Downtown Miami area for available condos for sale.
Greater Downtown Miami Luxury Condo Months of Inventory from Mar. 2019 to Mar 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.
Q1 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 |
Q1-2022 |
50 |
194.1% |
$1,612,500 |
19.4% |
$824 |
12.2% |
23 |
Q1-2021 |
17 |
$1,350,000 |
$734 |
105 |
Q1 Sales up 194% year-over-year - second-highest percentage growth in Miami - positive trendline. Second only to Brickell in terms of sales growth and popularity, Edgewater reported the second-highest year-over-year percentage gain of all Miami neighborhoods under our review in Q1 2022.
Owing to tremendous domestic and foreign buyer demand, the 12-month Sales Trendline of Fig. 7.2 kept its positive trajectory for a sixth quarter in a row - from Q4 2020 through to Q1 2022.
Edgewater Luxury Condo Quarterly Sales 2015 - 2022 - Fig. 7.1
Edgewater Luxury Condo 12-Month Sales Trendline - Fig. 7.2
Q1 Price/Square Foot up 14.9% to new peak of $799, Median Price also up 6.6% year-over-year. In sync with the overall market trend of higher year-over-year prices, Edgewater"s Price per Square Foot and Median Price both increased (Fig. 6):
Edgewater Luxury Condo Quarterly Price per Sq. Ft. 2017-2022 - Fig. 8
78.1% decline in year-over-year Days on Market. In line with the overall Miami luxury condo market trend of decreasing Days on Market, Edgewater also reported a drop. The neighborhood also emerged as the quickest market to sell, with luxury condos taking only 23 days (on median) to close after being listed.
In Q1 2022, luxury condos spent 82 fewer days on the market compared to Q1 2021 in Edgewater and 67 fewer days compared to Q4 2021 (Fig. 9).
Edgewater Luxury Condo Quarterly Days on Market 2018-2022 – Fig. 9
Q1 2022 closed with 9 months of Inventory. Consistent with the inventory drop seen in the overall market, Edgewater too reported its lowest inventory to date in all the years of us reporting. At 9 months, inventory closed within the 9-12-month range of a balanced market, allowing sellers to enjoy complete control of negotiations and have multiple, immensely profitable offers to choose from.
Edgewater Luxury Condo Months of Inventory from Mar. 2019 to Mar 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.
Q1 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 |
Q1-2022 |
122 |
258.8% |
$1,450,000 |
8.2% |
$799 |
17.2% |
52 |
Q1-2021 |
34 |
$1,340,000 |
$682 |
166 |
Q1 Sales up 258.8% year-over-year - highest percentage growth in Miami - positive trendline. Leading sales growth trends in overall Miami, Brickell reported the highest year-over-year percentage increase of all Miami neighborhoods under our review in Q1 2022.
Considering exceptional buyer demand, the 12-month Sales Trendline of Fig. 12.2 expectedly kept its positive curve for a sixth quarter in a row - right from Q4 2020 through to Q1 2022.
Brickell Luxury Condo Quarterly Sales 2015 - 2022 - Fig. 12.1
Brickell Luxury Condo 12-Month Sales with Trendline - Fig. 12.2
Q1 Price/Square Foot up 17.2% to new peak of $799, Median Price also up 8.2% year-over-year. Consistent with the overall market trend of increasing prices, Brickell also posted an increase in both its Price per Square Foot and Median Price (Fig. 11):
Brickell Luxury Condo Quarterly Price per Sq. Ft. 2017-2022 - Fig. 13
68.7% decline in year-over-year Days on Market. Moving with the overall Miami luxury condo market trend of declining Days on Market, Brickell too posted a drop in Q1 2022 – showing great buyer-seller dealings.
In Q1 2022, luxury condos spent 114 fewer days on the market compared to Q1 2021 in Brickell and 8 less days compared to Q4 2021 (Fig. 14).
Brickell Luxury Condo Quarterly Median Days on Market 2018 – 2022 - Fig. 14
Q1 2022 closed with 8 months of Inventory. Consistent with the inventory drop seen in the overall market, Brickell reported its lowest inventory in over 6 years.
At 8 months, inventory closed within the 9-12-month range of a balanced market, giving sellers complete control over pricing decisions, with the added bonus of multiple, highly lucrative offers to choose from.
Brickell Luxury Condo Months of Inventory from Mar. 2019 to Mar 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.
Q1 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 |
Q1-2022 |
30 |
66.7% |
$1,330,000 |
-19.1% |
$716 |
12.9% |
92 |
Q1-2021 |
18 |
$1,644,500 |
$634 |
95 |
Q1 Sales up 66.7% year-over-year - highest sales in over 7 years - positive trendline. Consistent with the overall Miami market trend of higher year-over-year sales, Downtown Miami too posted an increase:
Owing to the dramatic pace of the luxury condo market in Downtown Miami, the 12-month Sales Trendline of Fig. 16.2 recovered from a negative curve in Q4 2021 to take on a positive trajectory this first quarter.
Downtown Miami Luxury Condo Quarterly Sales 2015 - 2022 - Fig. 16.1
Downtown Miami Luxury Condo 12-Month Sales with Trendline - Fig. 16.2
Q1 Price/Square Foot up 12.9% to $716, but Median Price down -19.1% year-over-year. Deviating from the overall market trend of increasing prices, Downtown posted a higher year-over Price per Square Foot, but a decline in its Median Price (Fig. 15):
Downtown Miami Luxury Condo Quarterly Price per Sq. Ft. 2017-2022 - Fig. 17
3.2% decline in year-over-year Days on Market. Like the overall market trend of decreasing Days on Market, Downtown Miami too posted a decline in year-over-year and quarter-over-quarter numbers.
In Q1 2022, luxury condos spent 3 less days on the market compared to Q1 2021 in Downtown Miami and 13 fewer days compared to Q4 2021 (Fig. 18).
Downtown Miami Luxury Condo Quarterly Median Days on Market 2018 – 2022 - Fig. 18
Q1 2022 closed with 15 months of Inventory. Deviating slightly from the overall market trend of consistently declining inventory, Downtown Miami posted flat quarter-over-quarter values.
At 15 months, inventory closed above the ideal 9-12-month range of a balanced market, giving buyers a window of opportunity in terms of more choices in this largely seller's market.
Downtown Miami Luxury Condo Months of Inventory from Mar. 2019 to Mar 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 Q4 2021 luxury condo market report for Greater Downtown Miami, this urban core got off to a great start in 2022. As businesses and high net worth individuals continued migrating to Miami, Brickell and Edgewater again topped popularity charts in Q1 2022 – leading sales growth not only in Greater Downtown, but also Miami overall (read the full report here). While Brickell topped the leaderboard with a 259% year-over-year increase in sales, Edgewater followed tight with a 194% increase.
Expectedly, this feverish pitch of the market kept the 12-Month Sales Trendline positive across the board in Greater Downtown Miami – unlike the overall market that reported a negative curve.
Echoing the positive price mood of the overall market in Q1 2022, the Price per Square Foot in Greater Downtown Miami and its sub-neighborhoods was higher across the board. Sellers in Edgewater received maximum value for their investments, as luxury condos in the area fetched top-dollar, closing Q1 with a peak price of $824/square foot. However, Brickell took the lead when it came to posting the highest year-over-year price gains by reporting a 17% increase.
Just like the overall market, the Days on Market declined for luxury condos across Greater Downtown. Edgewater emerged as the quickest market to sell, with properties spending only 23 days on the market (on median) before being sold.
Considering the dramatic pace of the market, inventory dropped (year-over-year) across the board in this urban core grouping. While Brickell reported the lowest levels of inventory in Greater Downtown (8 months), the Downtown Miami area reported the highest levels (15 months) in this review as well as our overall Miami study. This gives buyers a bit of an edge in the Downtown Miami area, affording them a broader range of choices.
With the second quarter of the year usually being the strongest, we as luxury real estate experts expect Q2 2022 to echo the momentum and strength seen in the first quarter. We also expect the following to influence the direction of the luxury condos market in Miami through the rest of the year:
Metric |
Overall Miami |
GDM |
Edgewater |
Brickell |
Downtown |
Sales |
Up |
Up |
Up |
Up |
Up |
Sales Trendline |
Negative |
Positive |
Positive |
Positive |
Positive |
Price/Sq. Ft. |
Up |
Up |
Up |
Up |
Up |
Days on Market |
Down |
Down |
Down |
Down |
Down |
Inventory |
Down |
Down |
Down |
Down |
Down |
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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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