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by , August 19, 2022
In the perfect follow-up to a grand first-quarter opening, neighborhoods in the Greater Downtown Miami area reported their highest-ever sales in a quarter – reaching new heights in terms of growth and popularity. In Q2 2022, this mainland district did exceptionally well – again outpacing the Miami Beach markets for the second quarter in a row as well as going against the slowdown noted in the overall market.
Bucking the trend in Q2 2022, Downtown Miami took over as the most popular neighborhood in Miami – outpacing Edgewater and Brickell. Downtown not only posted the highest percentage sales growth out of all Greater Downtown Miami sub-markets but also Miami overall.
Sellers in Greater Downtown received great value for their luxury condos in Q2 2022, as price per square foot maintained its upward trek across neighborhoods. Keeping volumes and prices high, Greater Downtown Miami continued to be the market to watch for buyers and investors alike. This, coupled with inventory keeping to its lowest levels showed how sellers ruled the luxury condo market in Miami's urban core.
Quick summary of Q2 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 Q2 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 - Q2 2022 YoY (Number of Sales)
Overall Greater Downtown Miami Luxury Condo Markets at a Glance - Q2 2022 YoY (Median Sales Price)
Overall Greater Downtown Miami Luxury Condo Markets at a Glance - Q2 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.
Q2 2022 - Greater Downtown Miami Area Luxury Condo Market Highlights
Q2 2022 - Greater Downtown Sub-neighborhood Highlights
Q2-2022 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 |
Q2-2022 |
224 |
38.3% |
$1,360,000 |
-5.4% |
$832 |
15.0% |
57 |
Q2-2021 |
162 |
$1,437,500 |
$724 |
98 |
Q2-2022 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 |
Q2-2022 |
224 |
6.7% |
$1,360,000 |
-6.2% |
$832 |
4.1% |
57 |
Q1-2022 |
210 |
$1,450,000 |
$799 |
76 |
Continuing its winning streak from Q1, even as the Miami Beach neighborhoods and overall Miami market lost steam, the mainland (collectively) posted a new sales high in Q2 2022. With 224 sales, the Greater Downtown Miami area reported its highest sales volume in a quarter yet:
Owing to consistent buyer demand for luxury condos in Greater Downtown Miami (outpacing even that of Miami Beach neighborhoods for the second quarter in a row), the 12-month Sales Trendline of Fig. 2.3 stayed positive for a 7th consecutive quarter - continuing its upward trajectory from Q4 2020 through 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 Jun. 2022 - Fig. 2.2
Greater Downtown Miami Luxury Condo 12-Month Sales with Trendline - Fig. 2.3
Consistent with the overall market trend of higher year-over-year price per square foot and a lower median price, Greater Downtown Miami also reported the same trends:
Greater Downtown Miami Luxury Condo Quarterly Price per Sq. Ft. 2017-2022 - Fig. 3
In line with the overall Miami luxury condo market trend of reducing Days on Market, the Greater Downtown Miami DOM dropped to a new low.
In Q2 2022, luxury condos spent 41 fewer days on the market compared to Q2 last year and 19 fewer days compared to the previous quarter (Fig. 4) – showing a growing consistency between buyer-seller expectations.
Greater Downtown Miami Luxury Condo Quarterly Days on Market 2018 - 2022 – Fig. 4
Following the overall market trend in Miami, inventory in Greater Downtown Miami stayed at a minimum. At 8 months, inventory fell below the 9-12 months benchmark of an ideal, balanced market, keeping sellers firmly in control of the market with a tight grip over negotiations.
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 Jun. 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.
Q2 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 |
Q2-2022 |
55 |
34.1% |
$1,450,000 |
7.4% |
$883 |
20.6% |
64 |
Q2-2021 |
41 |
$1,350,000 |
$732 |
160 |
Q2 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 |
Q2-2022 |
55 |
5.8% |
$1,450,000 |
-10.1% |
$883 |
4.5% |
64 |
Q1-2022 |
52 |
$1,612,500 |
$844 |
72 |
Tied with Brickell in terms of sales progression and popularity, Edgewater reported the second-highest year-over-year percentage growth of all Miami neighborhoods under our review in Q2 2022:
Edgewater Luxury Condo Quarterly Sales 2015 - 2022 - Fig. 7.1
Owing to intense domestic and foreign buyer demand, the 12-month Sales Trendline of Fig. 7.2 kept its positive curve for the seventh quarter in a row - from Q4 2020 through to Q2 2022.
Edgewater Luxury Condo 12-Month Sales Trendline - Fig. 7.2
Deviating partially from the overall market trend of higher year-over-year price per square foot and a lower year-over-year median price, Edgewater reported an increase in both values:
Edgewater Luxury Condo Quarterly Price per Sq. Ft. 2017-2022 - Fig. 8
Consistent with the overall Miami luxury condo market trend of declining Days on Market, Edgewater also reported a drop in numbers – indicating excellent seller-buyer communication.
In Q2 2022, luxury condos spent 64 days on the market on average, 96 fewer days on the market compared to Q2 2021 in Edgewater. (Fig. 9).
Edgewater Luxury Condo Quarterly Days on Market 2018-2022 – Fig. 9
Following the consistent decline in inventory seen in the overall market, Edgewater also reported its lowest inventory to date in all our years of reporting. At 8 months, inventory closed below the 9-12-month mark of a balanced market, giving sellers complete control of negotiations with multiple, immensely profitable offers to choose from.
Edgewater Luxury Condo Months of Inventory from Mar. 2019 to Jun. 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.
As a top seller's brokerage and agent in Edgewater, we can provide a free evaluation of your luxury condo and position it to attract competitive offers. You can call, chat, or e-mail us and an expert, local real estate agent will help you.
Q2 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 |
Q2-2022 |
133 |
34.3% |
$1,280,000 |
-14.7% |
$830 |
12.8% |
48 |
Q2-2021 |
99 |
$1,500,000 |
$736 |
103 |
Q2 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 |
Q2-2022 |
133 |
5.6% |
$1,280,000 |
-11.7% |
$830 |
3.8% |
48 |
Q1-2022 |
126 |
$1,450,000 |
$799 |
74 |
Sharing the spot with Edgewater in terms of sales progression and popularity, Brickell reported the second-highest year-over-year percentage growth of all Miami neighborhoods under our review in Q2 2022:
Brickell Luxury Condo Quarterly Sales 2015 - 2022 - Fig. 12.1
Owing to unwavering demand, the 12-month Sales Trendline of Fig. 12.2 expectedly kept its positive curve for the seventh quarter in a row - straight from Q4 2020 through to Q2 2022.
Brickell Luxury Condo 12-Month Sales with Trendline - Fig. 12.2
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
In sync with the overall Miami luxury condo market trend of declining Days on Market, Brickell posted a drop in Q2 2022 – showing swifter closings.
In Q2 2022, luxury condos spent 55 fewer days on the market compared to Q2 2021 in Brickell and 26 fewer days compared to Q1 2022 (Fig. 14).
Brickell Luxury Condo Quarterly Median Days on Market 2018 – 2022 - Fig. 14
Consistent with declining inventory noticed in the overall market, Brickell reported one of its lowest levels of inventory. At 8 months, inventory closed below the 9-12-month range of an ideal market, giving sellers the upper hand in pricing decisions, with the added bonus of multiple offers to choose from.
Brickell Luxury Condo Months of Inventory from Mar. 2019 to Jun. 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.
Q2 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 |
Q2-2022 |
36 |
63.6% |
$1,450,000 |
7.0% |
$743 |
18.1% |
65 |
Q2-2021 |
22 |
$1,355,000 |
$629 |
47 |
Q2 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 |
Q2-2022 |
36 |
12.5% |
$1,450,000 |
9.0% |
$743 |
3.8% |
65 |
Q1-2022 |
32 |
$1,330,000 |
$716 |
90 |
Leading sales growth trends in overall Miami, Downtown reported the highest year-over-year percentage increase of all Miami neighborhoods under our review in Q2 2022:
Owing to the intense demand for luxury condos in Downtown Miami, the 12-month Sales Trendline of Fig. 16.2 maintained its positive curve from Q1 this year to Q2 2022.
Downtown Miami Luxury Condo Quarterly Sales 2015 - 2022 - Fig. 16.1
Downtown Miami Luxury Condo 12-Month Sales with Trendline - Fig. 16.2
Deviating from the overall Miami trend of higher year-over-year price per square foot and a lower year-over-year median price, Downtown posted an increase in both:
Downtown Miami Luxury Condo Quarterly Price per Sq. Ft. 2017-2022 - Fig. 17
Deviating from the overall market trend of declining Days on Market, Downtown Miami posted a decrease in quarter-over-quarter numbers, but an increase in year-over-year values. This could possibly be due to older (paused) listings making their way back onto the market as luxury condo owners found the confidence to sell in this booming market.
In Q2 2022, luxury condos spent 18 extra days on the market compared to Q2 a year ago and 25 fewer days compared to Q1 2021 (Fig. 18).
Downtown Miami Luxury Condo Quarterly Median Days on Market 2018 – 2022 - Fig. 18
Tightly in step with the overall market trend of consistently declining inventory, Downtown Miami too reported a decrease. At 8 months, inventory closed below the ideal 9-12-month range of a balanced market, keeping the market (and prices) seller-friendly.
Downtown Miami Luxury Condo Months of Inventory from Mar. 2019 to Jun. 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 Q1 2022 luxury condo market report for Greater Downtown Miami, this urban core posted a new record for quarterly sales across the board. Each of the three sub-markets reported their highest sales in a quarter yet, with Downtown leading sales growth not only in Greater Downtown, but also in Miami overall. While Downtown topped the leaderboard with a 64% year-over-year increase in sales, Brickell continued as the highest contributor in terms of volume with 133 sales.
Expectedly, this intense buyer demand kept the 12-Month Sales Trendline positive across the board in Greater Downtown Miami – much like the overall market, even though it posted a 7.3% decline in year-over-year sales.
Fueling the positive price trends noted in the overall market in Q2 2022, the Price per Square Foot in Greater Downtown Miami and its sub-neighborhoods was higher across the board. Sellers in Edgewater continued receiving maximum value for their investments, as luxury condos in the area fetched top-dollar, closing Q2 with a new peak price of $883/square foot as well as the highest year-over-year price gains by reporting a 21% increase.
Echoing the overall market trend, the Days on Market declined for luxury condos across Greater Downtown – except in Downtown. Brickell emerged as the fastest-selling market, with properties spending only 48 days on the market (on median) before being sold.
Considering the feverish pitch of the market in this urban core, inventory dropped (year-over-year) across the board. At 8 months, all three sub-markets confirmed that the market remained seller-friendly in Q2 2022.
Considering the third quarter of the year is generally the slowest (as per historical data), we expect to see some signs of a cool-off in this urban core as well. However, we will be watching how the following drivers of growth influence the direction of the luxury condos market in Miami through the second half of the year:
Q2 2022 Greater Downtown Miami Luxury Condo Market Summary Table
Metric |
Overall Miami |
GDM |
Edgewater |
Brickell |
Downtown |
Sales |
Down |
Up |
Up |
Up |
Up |
Sales Trendline |
Positive |
Positive |
Positive |
Positive |
Positive |
Price/Sq. Ft. |
Up |
Up |
Up |
Up |
Up |
Days on Market |
Down |
Down |
Down |
Down |
Up |
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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