MIAMI
MIAMI
2023 MID YEAR MARKET REPORT
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The purpose of this study is to help you understand the dynamics of Miami’s different markets and get an insight into Miami’s market performance and trends. When considering an investment in Miami’s real estate, the best decision is always a result of the best information.
Our highest priority for our clients is to preserve and protect their legacy. No one does more research about the Miami market than us. For forecast or projections for Miami for the remainder of the year or any other specific market, please contact us.
www.theaptteam.com
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This APT Market study was compiled from data obtained from the MLS. It was made with information of sales through June 30, 2023. While it pertains to the surveyed area’s sales, it doesn’t include any off market sales. The information contained herein is deemed accurate, but can’t be relied upon. We are not responsible or liable for input, calculation errors and/or errors of omissions and market changes. We always advise those who wish to utilize this data to corroborate such information for themselves. Equal Housing Opportunity. This is not an intention to solicit listing from other brokers.
- 7TABLE OF CONTENTS 2019-2023 prices Pre and Post Covid pricing Jan-June 2203 vs Jan-June 2022 % change # of beds sold # of sales per month 4-5 PURPOSE OF STUDY 8-13 MIAMI-DADE HIGHLIGHTS 14-21 BRICKELL 22-35 COCONUT GROVE 36-49 CORAL GABLES 50-55 FISHER ISLAND 56-67 KEY BISCAYNE 68-81 MIAMI BEACH 82-87 PALM, HIBISCUS & STAR ISLANDS 88-95 SOUTH OF FIFTH 96-103 SUNNY ISLES BEACH 104-109 SUNSET ISLANDS 110-121 VENETIAN ISLANDS ABOUT US VENETIAN ISLANDS
MIAMI-DADE COUNTY MIDYEAR HIGHLIGHTS
- Miami has undergone a significant shift, evolving from a destination primarily sought after by travelers for vacation homes, to an enduring market f or permanent residences
- On the whole, the average prices for sales have reached unprecedented highs and have stayed significantly above the levels seen before the pandemic
- There has been a historical and monumental wealth and talent migration into the area Miami continues to set and break records
- Although sales volumes are not as high as they were during the pandemic-induced housing boom last year, most markets have seen a significant increase in sales that exceeds the usual seasonal pattern
- The housing market is transitioning from an unprecedented boom to more normal levels of activity with surge in prices as quality inventory remains at record low levels
- Substantial price gains from 2019; single-family homes are up by 80% and condos/townhomes have surged nearly 70%
- The number of sales fell from the heightened levels of the unprecedented Covid year
- Prices remained steady or increased, while markets that saw a decrease in prices tended to also witness a shift towards smaller average sizes due to increased prices per square foot
NOTE
The highlights of Miami-Dade County are meant to cover the entire county, not just the specific neighborhood or metropolitan area known as Miami. The urban landscape dominates the northern, central, and eastern areas of the county including Miami Beach, Brickell, Coconut Grove, parts of Coral Gables, Sunny Isles Beach and more. Conversely, in southern Miami-Dade County lies the Redland and Homestead regions which form an integral part of the county’s agricultural economy.
Additionally, we wanted to provide an overview of the report on a larger scale, as we have analyzed data for various neighborhoods of Miami-Dade County
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MIAMI-DADE COUNTY SINGLE-FAMILY HOMES
Excluding previous year boom, average sales price Miami-Dade County is at historic levels.
Single-family homes are up an astounding 80% from pre-Covid 2019.
2019 2020 2021 2022 2023
$534,323 $548,117 $976,994 $1,027,287 $966,323
2023
JAN-JUNE PERIOD AVERAGE SALES PRICE
vs 2019 prices % 80%
Average sales price for condos/townhomes has surged 73% from pre-Covid 2019.
MIAMI-DADE COUNTY
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CONDOS/TOWNHOMES 2019 2020 2021 2022 2023 404,335 $410,511 $621,609 $724,605 $699,801 JAN-JUNE PERIOD AVERAGE SALES PRICE 2023 vs 2019 prices
% 73%
MIAMI-DADE COUNTY
AVERAGE SALES PRICE
Singlle-family homes
Condos/townhomes
2023 vs 2019 prices
2023 vs 2019 prices
Excluding the exceptional growth of the previous year, the average sales price per square foot in Miami-Dade County is currently at record highs. Single-family homes have experienced a remarkable 80% increase compared to the pre-Covid levels of 2019. Similarly, the average sales price per square foot for condos and townhomes has also seen a substantial rise, reaching nearly 70%.
- 132019 2020 2021 2022 2023 $236/SF $252/SF $355/SF $417/SF $425/SF JAN-JUNE PERIOD SINGLE-FAMILY HOMES
2019 2020 2021 2022 2023 $290/SF $284/SF $381/SF $483/SF $492/SF JAN-JUNE PERIOD CONDOS/TOWNHOMES
%
80% % 69.6%
- Condo/townhome transactions are starting to normalize following the previous elevated levels with number of condos sold cut in half
- Overall market is way above pre-pandemic levels 61%
- The average sales price for all condos/townhomes expanded during the initial half of 2023 as number of transactions fell
- Average sales price per square foot expanded
- The $1M+ levels had an 6.4% increase in average sales prices since 2019
- Number of days it took to sell increased less than 10%
- The overall condo/townhome market has a 5 months supply of inventory (MSI) based on closed sales
BRICKELL MIDYEAR HIGHLIGHTS
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BRICKELL AVERAGE SALES PRICE
JAN-JUNE PERIOD CONDOS/TOWNHOMES
2023 vs 2019 prices
The condo and townhome sector is recalibrating and yet is up from pre-pandemic year. The average sales price is now 61.7% higher compared to same period 2019. In the $1M+ condo/townhome sector, average sales price is nearly 7% more than during the first six months of 2019.
2019 2020 2021 2022 2023 $510,184 $503,793 $581,481 $815,810 $825,260
61.7% 2 2 2 2 2 AVG. #BEDS SOLD
%
- 172019 2020 2021 2022 2023 $1,637,767 $1,873,925 $1,747,122 $1,910,030 $1,743,187 JAN-JUNE PERIOD $1M+ CONDOS/TOWNHOME 2023 vs 2019 prices % 6.4% 3 3 3 3 3 AVG. #BEDS SOLD
BRICKELL JAN-JUNE PERIOD
Average sales price per square foot increased for the general Brickell condo/townhome market as well as for those priced $1M and above, putting a downward pressure on overall prices for $1M+ condos/townhhomesand number of sales post heightened levels. Days on the market increased as a result.
$1M+ CONDOS/TOWNHOMES
10.2
(right) In the Brickell condo/townhome market, the sales reached their highest marks in February, March and May. The $1M+ condo/townhomes had their highest average in March but its mid year dropped from 2022.
JAN - JUNE 23 CONDOS/TOWNHOMES # CLOSED AVG. SALES PRICE AVG. SPS/SF AVG. DOM 690 $825,260 $679 90 % 50.4% 1.1% 7% 8.4% JAN - JUNE 22 1,391 $815,617 $630 83 Current active:
Months Supply of Inventory based on closed sales:
JAN - JUNE
592
5.1
23
# CLOSED AVG. SALES PRICE AVG. SPS/SF AVG. DOM 137 $1,743,187 $905 108 % JAN - JUNE 22 250 $1,910,030 $867 99 Current
Supply of Inventory based on closed sales:
45.2% 8.7% 4.3% 9%
active: 235 Months
CONDOS/TOWNHOMES
$1M+ CONDOS/TOWNHOMES
- 19January February March April May June $645,727 $889,566 $863,945 $761,574 $863,773 $804,584 2023 $767,486 $814,036 $807,513 $841,901 $856,307 $798,324 2022 % -15.8% -9.2% -6.9% -9.5% 0.08% 0.07% 2023 MID YEAR AVG. $825,260 2022 MID YEAR AVG. $815,810
January February March April May June $1,830,520 $2,223,588 $1,678,291 $2,023,125 $1,548,014 $1,583,668 2023 $2,289,552 $1,880,550 $1,823,579 $1,997,148 $1,955,792 $1,619,784 2022 % -20% 18.2% -7.9% -1.3% -20.8% -2.2% 2023 MID YEAR AVG. $1,743,187 2022 MID YEAR AVG. $1,910,030
BRICKELL JAN-JUNE PERIOD
CONODS/TOWHOMES
2023
AVG. SALES BY MONTH
Total number of sales: 690
2022
AVG. SALES BY MONTH
Total number of sales: 1,391
2023
AVG. SALES BY MONTH
Total number of sales: 137
$1M+ CONDOS/TOWNHOMES
2022
AVG. SALES BY MONTH
Total number of sales: 250
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- Coconut Grove has experienced a staggering percentage change since 2019. This makes it one of the most highest-gaining areas
-Single-family homes are recalibrating following the extreme record levels, outperforming pre-pandemic 2019 by 121%
-$1M+ single-family homes average salesprice is up 68% from 2019
- Sales transactions fell short of the frenzied Covid levels due to inventory shortage
- Condos/townhomes are up by 156% from 2019 & $1M+ condos/townhomes are 83% above 2019
COCONUT GROVE MIDYEAR HIGHLIGHTS
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COCONUT GROVE
AVERAGE SALES PRICE
Single-family homes outperformed pre-pandemic 2019 levels by 121% while the $1M category surpassed it by 68%
2019 2020 2021 2022 2023 $1,313,383 $1,287,116 $2,424,618 $3,225,573 $2,902,972 JAN-JUNE PERIOD SINGLE-FAMILY HOMES 2023 vs 2019 prices % 121% 4 4 4 4 4 AVG. #BEDS SOLD
- 252019 2020 2021 2022 2023 $1,934,214 $1,700,786 $2,971,653 $3,695,618 $3,259,149 JAN-JUNE PERIOD $1M+ SINGLE-FAMILY HOMES 2023 vs 2019 prices % 68.4% 4 4 4 4 4 AVG. #BEDS SOLD
COCONUT GROVE JAN-JUNE PERIOD
active: 76 Months
6.8
The average sales price per square foot for all homes in Coconut Grove has edged 2022 sales price by 6% to $932/SF and for $1M+ homes by 8.9%. Days on the market surged. Sales transactions are down from the historic levels due to increased prices due to inventory shortage.
(right) Market is readjusting from the elevated thresholds and yet, June 2023 prices are trending upwards for the overall single-family home and the $1M+ home sector.
JAN - JUNE 23 SINGLE-FAMILY HOMES # CLOSED AVG. SALES PRICE AVG. SPS/SF AVG. DOM 78 $2,902,972 $932 97 % 17.8% 10% 6.6% 6.4% JAN - JUNE 22 95 $3,225,573 $874 59 Current active: 79 Months Supply of Inventory based on closed sales:
JAN - JUNE 23 $1M+ SINGLE-FAMILY HOMES # CLOSED AVG. SALES PRICE AVG. SPS/SF AVG. DOM 67 $3,259,149 $991 104 % JAN - JUNE 22 80 $3,695,618 $910 99
of
based on closed sales:
16.2% 11.8% 8.9% 70.4%
6
Current
Supply
Inventory
SINGLE-FAMILY
$1M+ SINGLE-FAMILY HOMES
- 27January February March April May June $3,199,200 $2,663,375 $2,410,000 $2,452,895 $2,946,361 $3,700,236 2023 $5,045,857 $2,535,255 $2,733,600 $2,777,910 $3,903,333 $2,370,208 2022 % -36.5% 5% -11.8% --11.7% -24.5% 56.1% 2023 MID YEAR AVG. $2,902,972 2022 MID YEAR AVG. $3,225,573
HOMES
January February March April May June $3,199,200 $3,818,000 $2,410,000 $2,666,471 $3,574,250 $4,185,125 2023 $6,405,313 $2,850,301 $3,042,615 $2,458,789 $4,175,000 $2,710,150 2022 % -50% 33.9% -20.7% -8.4% -14.3% 54.4% 2023 MID YEAR AVG. $3,259,149 2022 MID YEAR AVG. $3,695,618
COCONUT GROVE JAN-JUNE PERIOD
SINGLE-FAMILY HOMES
2023
AVG. SALES BY MONTH
Total number of sales: 78
2022
AVG. SALES BY MONTH
Total number of sales: 95
2023
AVG. SALES BY MONTH
Total number of sales: 67
$1M+ SINGLE-FAMILY HOMES
2022
AVG. SALES BY MONTH
Total number of sales: 80
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COCONUT GROVE
AVERAGE SALES PRICE
JAN-JUNE PERIOD CONDOS/TOWNHOMES
The overall condo and townhome market keeps growing steadily, increasing year over year. The average sales price is now 100 % higher compared to 2019. In the $1M+ condo/townhome sector, average sales price is up 83% from 2019 and up 29% from the first six months in 2022.
2019 2020 2021 2022 2023 $712,350 $822,140 $1,172,058 $1,426,330 $1,828,177
2023 vs 2019 prices % 156.6% 2 2 2 2 2 AVG. #BEDS SOLD
- 312019 2020 2021 2022 2023 1,601,185 $1,828,092 $2,408,751 $2,268,387 $2,931,026 JAN-JUNE PERIOD $1M+ CONDOS/TOWNHOMES 2023 vs 2019 prices % 83% 3 3 3 3 2 AVG. #BEDS SOLD
COCONUT GROVE JAN-JUNE PERIOD
Price trend indicators has Coconut Grove performing at record levels. Pace of market for all condos has slowed from frenzied 2022. Average sales prices are up. The ongoing shortage of inventory continues to drive up prices per square footage.
(right) By in large, the average selling prices of condos/townhomes still manage to surpass previous limits month after month.
JAN - JUNE 23 CONDOS/TOWNHOMES # CLOSED AVG. SALES PRICE AVG. SPS/SF AVG. DOM 125 $1,828,177 $932 97 % 36.8% 28% 6.6% 6.4% JAN - JUNE 22 198 $1,426,330 $874 59 Current active: 80 Months Supply of Inventory based on closed sales: 3 JAN - JUNE 23 $1M+ CONDOS/TOWNHOMES # CLOSED AVG. SALES PRICE AVG. SPS/SF AVG. DOM 66 $2,931,026 $991 81 % JAN - JUNE 22 100 $2,268,387 $920 67 Current active:
Supply of Inventory based on closed sales: 6 33% 29.2% 14.7% 20.8%
67 Months
$1M+ CONDOS/TOWNHOMES
- 33January February March April May June $2,242,722 $1,687,722 $1,563,136 $1,989,728 $1,536,537 $2,181,017 2023 $1,234,505 $1,511,465 $1,035,400 $1,533,651 $1,589,800 $1,577,852 2022 % 81.6% 11.6% 50.9% 29% -3.3% -38.2% 2023 MID YEAR AVG. $1,828,177 2022 MID YEAR AVG. $1,426,330
CONDOS/TOWNHOMES
January February March April May June $2,701,429 $2,401,091 $2,245,769 $4,135,620 $2,388,231 $4,012,545 2023 $2,225,000 $2,446,282 $1,654,351 $2,585,525 $2,432,842 $2,107,484 2022 % 21% 18.4% 35.7% 59.9% -18.3% 90.3% 2023 MID YEAR AVG. $2,931,026 2022 MID YEAR AVG. $2,268,387
COCONUT GROVE JAN-JUNE PERIOD
2023
AVG. SALES BY MONTH
Total number of sales: 125
2022
AVG. SALES BY MONTH
Total number of sales: 198
CONDOS/TOWNHOMES
2023
AVG. SALES BY MONTH
Total number of sales: 66
$1M+ CONDOS/TOWNHOMES
2022
AVG. SALES BY MONTH
Total number of sales: 100
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- Sales have experienced a decrease, falling below the heightened sales levels witnessed during 2021 and first 6 months of 2022
- Sales price for all single-family homes has moved to newer tiers, trading 61%
-The condo/townhome market has enjoyed great gains for 4 consecutive years, reaching new record levels
-Price trend indicators for condos/townhomes have increased compared to same period of the previous year
CORAL GABLES MIDYEAR HIGHLIGHTS
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CORAL GABLES
AVERAGE SALES PRICE
JAN-JUNE PERIOD
Save for the previous year when prices rose annually to their highest levels, the average sales price for all single-family homes has steadily appreciated since 2019. As a matter of fact, they are up 61.5% from 2019.
2019 2020 2021 2022 2023 $1,313,383 $1,443,521 $1,840,886 $2,423,722 $2,122,311
SINGLE-FAMILY HOMES 2023 vs 2019 prices % 61.5% 4 4 4 4 4 AVG. #BEDS SOLD
- 392019 2020 2021 2022 2023 $2,487,081 $2,914,562 $2,625,899 $3,210,771 $2,594,072 JAN-JUNE PERIOD $1M+ SINGLE-FAMILY HOMES 2023 vs 2019 prices % 4.3% 4 4 4 4 4 AVG. #BEDS SOLD
CORAL GABLES
JAN-JUNE PERIOD
Inventory scarcity is still prevalent and MSI of 3 months makes Coral Gables home market in high demand.The average time it takes for a property to sell has risen but it is still just under two months. Average sales price per square foot edged out 2022’s by 3.2%. The average price per square foot for $1M homes remains virtually unchanged from the previous year at $850/SF.
(right) The entry threshold in Coral Gables has consistently risen to the point that the average sales price for all homes and for $1M+ homes are almost on the same footing.
JAN - JUNE 23 SINGLE-FAMILY HOMES # CLOSED AVG. SALES PRICE AVG. SPS/SF AVG. DOM 259 $2,123,287 $769 73 % 20.3% 12.4% 3.2% 52% JAN - JUNE 22 325 $2,423,722 $745 48 Current active:
Months Supply of Inventory based on closed sales:
JAN - JUNE 23 $1M+ SINGLE-FAMILY HOMES # CLOSED AVG. SALES PRICE AVG. SPS/SF AVG. DOM 194 $2,592,943 $850 75 % JAN - JUNE 22 221 $3,210,771 $852 49 Current
Months Supply of Inventory based on closed sales:
12.2% 19.2% 0.02% 53%
122
2.8
active: 98
3
SINGLE-FAMILY
$1M+ SINGLE-FAMILY
- 41January February March April May June $2,802,875 $1,761,874 $1,970,807 $2,478,852 $1,892,441 $2,097,845 2023 $1,829,175 $2,008,069 $2,746,982 $2,658,759 $2,856,042 $2,045,151 2022 % 53.2% -12.2% -28.2%-6.7% -33.7% 2.5% 2023 MID YEAR AVG. $2,123,287 2023 MID YEAR AVG. $2,423,722
HOMES
HOMES January February March April May June $3,484,389 $2,250,654 $2,429,114 $3,009,628 $2,227,896 $2,493,802 2023 $2,289,429 $2,960,936 $3,647,254 $3,562,263 $3,705,277 $2,575,351 2022 % 52% -23.9% -33.3% -15.5% -39.8% -3.1% 2023 MID YEAR AVG. $2,592,943 2022 MID YEAR AVG. $3,210,771
CORAL GABLES JAN-JUNE PERIOD
SINGLE-FAMILY HOMES
2023
AVG. SALES BY MONTH
Total number of sales: 259
2022
AVG. SALES BY MONTH
Total number of sales: 325
2023
AVG. SALES BY MONTH
Total number of sales: 194
$1M+ SINGLE-FAMILY HOMES
2022
AVG. SALES BY MONTH
Total number of sales: 221
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CORAL GABLES
AVERAGE SALES PRICE
The market for condos and townhomes has experienced significant growth over the past four years, reaching unprecedented levels.
2019 2020 2021 2022 2023 $470,633 $467,253 $490,040 $739,106 $746,935
PERIOD CONDOS/TOWNHOMES 2023 vs 2019 prices % 58.7% 2 2 2 2 2 AVG. #BEDS SOLD
JAN-JUNE
- 452019 2020 2021 2022 2023 $1,560,300 $1,418,529 $1,729,653 $1,949,148 $2,247,593 JAN-JUNE PERIOD $1M+ CONDOS/TOWNHOMES 2023 vs 2019 prices % 44% 3 3 4 3 3 AVG. #BEDS SOLD
CORAL GABLES JAN-JUNE PERIOD
Current active: 93 Months Supply
2.9
Average sales price is up accross all condos/townhomes and up 15% for the $1M+ condos/townhomes. Average sale price per square foot has also risen. Condo/transactions are coming down from the frenzied levels.
23
(right) Price trend indicators for condos/townhomes performed better on some months than others, with the mid year average increasing from 2022.
Current active: 35 Months Supply
Inventory
7.8
JAN - JUNE 23 CONDOS/TOWNHOMES # CLOSED AVG. SALES PRICE AVG. SPS/SF AVG. DOM 191 $746,935 $534 67 % 43.7% 1% 5.9% 34% JAN - JUNE 22 338 $739,106 $505 50
based on closed sales:
JAN
JUNE
$1M+ CONDOS/TOWNHOMES # CLOSED AVG. SALES PRICE AVG. SPS/SF AVG. DOM 27 $2,247,593 $771 128 % JAN - JUNE 22 57 $1,949,148 $686 93
of Inventory
-
of
based on closed sales:
52.6% 15.3% 12.3% 37.6%
CONDOS/TOWNHOMES
$1M+ CONDOS/TOWNHOMES
- 47January February March April May June $776,815 $659,622 $754,458 $523,224 $724,513 $1,033,547 2023 $643,566 $602,322 $798,176 $715,582 $829,531 $829,682 2022 % 20.7% 9.5% 5.4% -26.8% -12.6% 24.5% 2023 MID YEAR AVG. $746,935 2023 MID YEAR AVG. $739,106
January February March April May June $2,264,250 $1,916,667 $2,447,000 $1,117,500 $2,104,800 $2,610,500 2023 $1,890,667 $4,850,000 $2,401,999 $1,938,333 $1,548,077 $1,818,555 2022 % 19.7% -60.4% 1.8% -42.3% 35.9% 43.5% 2023 MID YEAR AVG. $2,247,593 2022 MID YEAR AVG. $1,949,148
CORAL GABLES JAN-JUNE PERIOD
CONDOS/TOWNHOMES
2023
AVG. SALES BY MONTH
Total number of sales: 191
2022
AVG. SALES BY MONTH
Total number of sales: 338
2023
AVG. SALES BY MONTH
Total number of sales: 27
$1M+ CONDOS/TOWNHOMES
2022
AVG. SALES BY MONTH
Total number of sales: 57
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-Fisher Island’s property and its location are truly one-of-a-kind and so is its real estate performance
- With the construction of new developments throughout the years and an influx of wealthy buyers, prices on the island have soared to unprecedented levels
-This trend had been further fueled
by the pandemic, as affluent individuals sought refuge on the island
-Price trend indicators for condos/townhomes have increased compared to same period of the previous year
FISHER ISLAND MIDYEAR HIGHLIGHTS
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FISHER ISLAND
AVERAGE SALES PRICE
Fisher Island has long been recognized as one of the richest areas in the United States, and property prices continue to reach new heights as more luxurious homes are constructed and affluent buyers flocked to the island, particularly during the pandemic. They are now 120% than what they were in 2019.
2019 2020 2021 2022 2023 $3,987,059 $6,323,912 $6,566,483 $8,150,944 $8,768,750
FISHER ISLAND HOMES 2023 vs 2019 prices % 119.9% 3 4 3 3 3 AVG. #BEDS SOLD
JAN-JUNE PERIOD
9.7
Fisher Island’s average sales price and sales price per square foot have risen, even surpassing previous records. Additionally, properties on the market are being sold at a faster pace.
(Note) The majority of Fisher Island properties fall into the luxury and ultra-luxury price range, making it a singular category for comparisons.
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JAN - JUNE 23 FISHER ISLAND # CLOSED AVG. SALES PRICE AVG. SPS/SF AVG. DOM 16 $8,768,750 $2,314 122 % 55.5% 7.5% 11.3% 16.4% JAN - JUNE 22 36 $8,150,944 $2,079 146
of
on closed
FISHER ISLAND JAN-JUNE PERIOD
Current active: 26 Months Supply
Inventory based
sales:
FISHER ISLAND
AVERAGE SALES PRICE
In 2023, all months except for April and May saw better performance compared to 2022. Despite already having high-priced items, Fisher Island experienced a 7.5% increase in performance compared to the previous year.
SINGLE-FAMILY HOMES
January February March April May June $7,291,667 $13,712,500 $9,025,000 0 $6,200,000 $8,150,000 2023 $5,593,333 $11,021,429 $8,039,545 $8,146,667 $7,169,800 $6,960,000 2022 % 30.3% 24.4% 12.2%-13.5% 17% 2023 MID YEAR AVG. $8,768,750 2023 MID YEAR AVG. $8,150,944
FISHER ISLAND JAN-JUNE PERIOD
FISHER ISLAND
2023
AVG. SALES BY MONTH
Total number of sales: 16
2022
AVG. SALES BY MONTH
Total number of sales: 36
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- The average sales price of a singlefamily home is $5 million, up 40% fromm 2019
- The data shows that the overall single-family home market and the market for homes valued at $1 million or more have same stats
-The average sales price for all homes is up 40% from 2019
- Average sales price for condos have increased 59% from 2019
-# of closed sales are starting to normalize following elevated levels of the past two years
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KEY BISCAYNE MIDYEAR HIGHLIGHTS
KEY BISCAYNE AVERAGE
SALES PRICE
The entry barrier into Key Biscayne is high. The average sales price for single-family homes has consistently increrased year over year with a 40% surge since 2019.
2019 2020 2021 2022 2023 $3,626,388 $2,933,397 $3,697,890 $4,891,474 $5,066,813
JAN-JUNE PERIOD
2023 vs 2019 prices % 39.7% 5 5 5 4 5 AVG. #BEDS SOLD
SINGLE-FAMILY HOMES
Current active: 26 Months Supply of Inventory based on closed sales: 9.7
The average sales price for homes in Key Biscayne has edged 2022 sales price by 3% to $5,066,813. Average sales price per square foot was at $1,381. Pace of maket picked up with days on the market declining by 10%.
(Note) The sold statistics for both the general single-family home market and the market for homes priced at $1 million or more in 2023 are identical, so we only need to consider one set of data.
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JAN - JUNE 23 KEY BISCAYNE # CLOSED AVG. SALES PRICE AVG. SPS/SF AVG. DOM 16 $5,066,813 $1,381 111 % 55.5% 3.5% 0.07% 0.4% JAN - JUNE 22 42 $4,891,474 $1,371 124
KEY BISCAYNE JAN-JUNE PERIOD
KEY BISCAYNE
AVERAGE SALES PRICE
March 2023 had no recorded sales. Jan and May 2023 were the best performing months.
SINGLE-FAMILY HOMES
January February March April May June $6,700,000 $2,400,000 0 $3,481,250 $6,680,800 $4,485,000 2023 $3,907,500 $5,898,000 $3,613,571 $5,221,667 $5,370,000 $5,229,555 2022 % 71.4% -59.3% -33.3% 24.4% 14.2% 2023 MID YEAR AVG. $5,066,813 2023 MID YEAR AVG. $4,891,474
kEY BISCAYNE SINGLE-FAMILY HOMES
2023
AVG. SALES BY MONTH
Total number of sales: 16
2022
AVG. SALES BY MONTH
Total number of sales: 42
- 61 -
KEY BICAYNE JAN-JUNE PERIOD
KEY BISCAYNE AVERAGE
SALES PRICE
JAN-JUNE PERIOD
Market is starting to recalibrate after the pandemic, but it is still outperforming the pre-pandemic levels. The average sales price is now 59% higher compared to 2019. In the $1M+ condo/townhome sector, average sales price is up 4.5% from 2019. The average price of luxury condos/ townhomes $1 million or more has decreased compared to the previous year due to the fact that condos sold this year were smaller with 2 beds instead of 3 beds.
2019 2020 2021 2022 2023 $1,193,416 $1,232,135 $1,317,380 $1,995,313 $1,906,207
2023 vs 2019 prices % 59.7% 2 2 2 2 2 AVG. #BEDS SOLD
CONDOS/TOWNHOMES
- 632019 2020 2021 2022 2023 $2,291,399 $2,050,370 $2,166,588 $2,555,178 $2,395,704 JAN-JUNE PERIOD $1M+ CONDOS/TOWNHOMES 2023 vs 2019 prices % 4.5% 3 3 3 3 2 AVG. #BEDS SOLD
KEY BISCAYNE JAN-JUNE PERIOD
Condo/townhomes transactions are starting to normalize following the peak Covid numbers with total sold down by 33% and increases in average sales price per square foot. Pace of market for all condos has slowed from frenzied 2022. The average price of luxury condos/ townhomes are recalibrating post peak.
(right) The average selling prices of condos and townhomes are gradually returning to earth following the stratospheric rise in 2022. Although they have decreased compared to 2022, they have still managed to surpass previous limits.
6.5
JAN - JUNE 23 CONDOS/TOWNHOMES # CLOSED AVG. SALES PRICE AVG. SPS/SF AVG. DOM 108 $1,906,207 $958 88 % 32.9% 4.4% 1% 44.2% JAN - JUNE 22 161 $1,995,313 $948 61 Current active:
Months Supply of Inventory based on closed sales:
JAN - JUNE 23 $1M+ CONDOS/TOWNHOMES # CLOSED AVG. SALES PRICE AVG. SPS/SF AVG. DOM 76 $2,395,704 $1,093 128 % JAN - JUNE 22 114 $2,555,178 $1,068 93 Current
Supply of Inventory based on closed sales:
33.3% 6.2% 2.3% 37.6%
104
61
active: 84 Months
$1M+ CONDOS/TOWNHOMES
- 65January February March April May June 1,668,500 $1,603,000 $1,830,560 $2,132,260 $2,026,642 $1,907,800 2023 $1,445,348 $1,526,045 $2,314,198 $1,732,462 $2,289,645 $2,324,333 2022 % 16.8% 5% -20.8% 23% -11.4% -17.9% 2023 MID YEAR AVG. $1,906,207 2023 MID YEAR AVG. $1,995,313
CONDOS/TOWNHOMES
January February March April May June $2,089,750 $2,233,143 $2,286,188 $2,390,121 $3,101,432 $2,097,765 2023 $2,253,636 $1,816,333 $2,744,301 $2,093,250 $2,934,048 $3,168,875 2022 % -7.2% 22.9% -16.6% 14% 5.7% -33.8% % 2023 MID YEAR AVG. $2,395,704 2022 MID YEAR AVG. $2,555,178
KEY BISCAYNE JAN-JUNE PERIOD
2023
AVG. SALES BY MONTH
Total number of sales: 108
2022
AVG. SALES BY MONTH
Total number of sales: 161
CONDOS/TOWNHOMES
2023
AVG. SALES BY MONTH
Total number of sales: 76
$1M+ CONDOS/TOWNHOMES
2022
AVG. SALES BY MONTH
Total number of sales: 114
- 67 -
- Excluding previous year boom, average sales prices are at historic levels. They are up an astounding 67% from pre-Covid 2019
- The average sales price has decreased by 2.7%, bringing it to new record levels of $5,379,743 except for the average sales prices seen during last year’s housing boom
-The average sales price per square foot for all homes slipped 5% to $1,277/SF and for $1M+ homes by 8% to $1,323/SF
- Number of home and $1M+ home sales declined year over year
MIAMI BEACH MIDYEAR HIGHLIGHTS
- 69 -
MIAMI BEACH
AVERAGE SALES PRICE
Excluding previous year boom, average sales prices are at historic levels. They are up an astounding 67% from pre-Covid 2019. In the $1M+ market, they are up from 23% from 2019. In the $1M+ home category, 4 bedrooms now trade 23% higher than 5 beds did in 2019.
2019 2020 2021 2022 2023 $3,215,969 $2,287,865 $4,216,160 $5,531,039 $5,379,743 JAN-JUNE PERIOD SINGLE-FAMILY HOMES 2023 vs 2019 prices % 67.2% 4 4 4 4 4 AVG. #BEDS SOLD
- 712019 2020 2021 2022 2023 $4,350,079 $3,124,622 $5,069,116 $6,074,732 $5,665,779 JAN-JUNE PERIOD $1M+ SINGLE-FAMILY HOMES 2023 vs 2019 prices % 30.2% 5 4 5 4 4 AVG. #BEDS SOLD
MIAMI BEACH JAN-JUNE PERIOD
The average sales price for all single-family homes slipped 2.7% from previous year and 6.5% for the $1M+ sector. Average sales prices are also down but have attained unprecedented heights post pandemic frenzy. Days on the market rose.
(right) February and March were the highest selling months for Miami Beach in both home categories.
JAN - JUNE 23 SINGLE-FAMILY HOMES # CLOSED AVG. SALES PRICE AVG. SPS/SF AVG. DOM 122 $5,379,742 $1,277 111 % 42.9% 2.7% 5% 45% JAN - JUNE 22 214 $3,225,573 $1,345 79 Current active: 203 Months Supply of Inventory based on closed sales: 10.6 JAN - JUNE 23
SINGLE-FAMILY HOMES # CLOSED AVG. SALES PRICE AVG. SPS/SF AVG. DOM 115 $5,655,779 $1,323 116 % JAN - JUNE 22 92 $6,047,732 $1,440 82 Current
Supply of Inventory based on closed sales: 10.6 40.1% 6.5% 8.9% 41.4%
$1M+
active: 203 Months
SINGLE-FAMILY
$1M+ SINGLE-FAMILY
- 73January February March April May June $5,349,928 $7,834,588 $3,817,542 $3,998,846 $6,076,274 $5,224,292 2023 $5,082,296 $4,607,352 $4,953,407 $6,862,162 $5,937,933 $6,087,955 2022 % 5% 70% -22.9% -42.8% 2.3% -14.1% 2023 MID YEAR AVG. $5,379,742 2022 MID YEAR AVG. $5,531,039
HOMES
January February March April May June $5,895,607 $7,834,588 $3,947,652 $3,998,846 $6,285,915 $5,861,810 2023 $5,556,587 $5,041,354 $5,166,899 $7,662,450 $6,555,867 $6,671,617 2022 % -6.1% 55% -23.5% -47.8% -4.1% -12.1% 2023 MID YEAR AVG. $5,655,779 2022 MID YEAR AVG. $6,047,731
HOMES
MIAMI BEACH JAN-JUNE PERIOD
SINGLE-FAMILY HOMES
2023
AVG. SALES BY MONTH
Total number of sales: 122
2022
AVG. SALES BY MONTH
Total number of sales: 214
2023
AVG. SALES BY MONTH
Total number of sales: 115
$1M+ SINGLE-FAMILY HOMES
2022
AVG. SALES BY MONTH
Total number of sales: 192
- 75 -
MIAMI BEACH AVERAGE
SALES PRICE
JAN-JUNE PERIOD
The real estate market for condos and townhomes in Miami Beach is beginning to readjust following the impact of the pandemic, yet it continues to exceed the levels seen before the pandemic.The average sales price is now $814,000 for a one bedroom. Conversely, two bedrooms in the $1M+ condo/townhome sector now trade at $2,563,847.
2019 2020 2021 2022 2023 $633,454 $542,084 $978,297 $914,217 $814,009
CONDOS/TOWNHOMES 2023 vs 2019 prices % 28.5% 1 2 2 1 1 AVG. #BEDS SOLD
- 772019 2020 2021 2022 2023 $2,685,784 $2,011,229 $3,050,534 $3,032,210 $2,563,847 JAN-JUNE PERIOD $1M+ CONDOS/TOWNHOMES 2023 vs 2019 prices % 4.5% 3 2 3 3 2 AVG. #BEDS SOLD
MIAMI BEACH JAN-JUNE PERIOD
$1M+
Sales volume is returning to normalcy after the Covid-19 frenzy, with the number sold reduced by 50%. Pace of market for all condos has quicken, reducing the average days on market by nearly 23%. In the $1M+ category, there is a 6.7% increase in average days on market. Average sales price per square foot for all condos/townhomes sold is up 3.1% the previous period in 2022.
(right) Sales reached reached their peak in March, with the average price being around $1.1 million. Luxury condos priced at $1 million or more also peaked in March, with an average sales price of $3.4 million. It is worth noting that the average selling price for all Miamii-Dade county condos sold during the same period in 2023 was $409,000.
JAN - JUNE 23 CONDOS/TOWNHOMES # CLOSED AVG. SALES PRICE AVG. SPS/SF AVG. DOM 1,191 $814,006 $692 81 % 47% 10.9% 3.1% 22.8% JAN - JUNE 22 2,250 $914,217 $671 105 Current active:
Months Supply of Inventory based on closed sales:
JAN - JUNE 23
1,309
6.59
CONDOS/TOWNHOMES # CLOSED AVG. SALES PRICE AVG. SPS/SF AVG. DOM 219 $2,563,847 $1,369 110 % JAN - JUNE 22 433 $3,032,210 $1,418 118 Current
Supply of Inventory based on closed sales:
49.4% 15.4% 3.4% 6.7%
active: 395 Months
10.8
CONDOS/TOWNHOMES
$1M+
- 79January February March April May June $725,631 $770,489 $1,053,871 $819,528 $754,049 $686,337 2023 $889,527 $886,876 $887,144 $885,581 $878,444 $1,082,974 2022 % 18.4% -13.1% -18.7% -7.4% -14.1% -36.6% 2023 MID YEAR AVG. $814,009 2022 MID YEAR AVG. $914,217
January February March April May June $2,150,714 $2,340,121 $3,450,420 $2,839,716 $2,114,967 $2,025,106 2023 $2,668,389 $2,814,478 $3,056,669 $3,184,743 $2,837,932 $3,626,915 2022 % -19.4% -16.8% 12.8% --10.8% -25.4% -44.1% 2023 MID YEAR AVG. $2,563,847 2022 MID YEAR AVG. $3,032,210
CONDOS/TOWNHOMES
MIAMI BEACH JAN-JUNE PERIOD
CONDOS/TOWNHOMES
2023
AVG. SALES BY MONTH
Total number of sales: 1,191
2022
AVG. SALES BY MONTH
Total number of sales: 2,250
2023
AVG. SALES BY MONTH
Total number of sales: 219
$1M+ CONDOS/TOWNHOMES
2022
AVG. SALES BY MONTH
Total number of sales: 433
- 81 -
-The average sales prices is up 65% from 2022, and nearly 95% before pandemic
- A significant reduction in the average number of days it takes to sell a property of almost 70%
-Average sales price per square foot increase of 53%
- The Palm & Hibiscus Islands real estate market has seen a 37% decrease in sales due to increased price gains and limited inventory
PALM, HIBISCUS & STAR ISLANDS MIDYEAR HIGHLIGHTS
- 83 -
PALM, HIBISCUS & STAR ISLANDS
AVERAGE SALES PRICE
JAN-JUNE PERIOD
We have narrowed down the comparisons to Palm and Hibiscus Islands. Star Island, which has just 34 estates on the island, rarely if ever has a property available for sale. When there are no sales, it’s not because the property didn’t sell, but rather because there was no inventory in the first place. As a result, there is limited data for a comprehensive analysis.
2019 2020 2021 2022 2023 $7,516,214 $5,296,063 $6,281,333 $8,834,333 $14,617,858
2023 vs 2019 prices % 94.4% 5 6 5 5 5 AVG. #BEDS SOLD
PALM & HIBISCUS ISLANDS SINGLE-FAMILY HOMES
15
PALM, HIBISCUS & STAR ISLANDS JAN-JUNE PERIOD
The trio of Palm, Hibiscus, and Star Islands, have consistently shown outstanding performance. Amidst the Covid pandemic, their value skyrocketed. The average sales price of Palm and Hibiscus Islands surged by almost 65% compared to the same period in 2022. Days on market cut by nearly 69%.
(Note) Not enough data for Star Island to provide meaningful comparables or charts.
13
- 85 -
JAN - JUNE 23 PALM & HIBISCUS ISLANDS SINGLE-FAMILY HOMES # CLOSED AVG. SALES PRICE AVG. SPS/SF AVG. DOM 7 $14,617,857 $2,970 100 % 36.3% 65.4% 53% 68.6% JAN - JUNE 22 11 $8,834,091 $1,940 319 Current
of Inventory based on closed sales:
active:
Months Supply
PALM, HIBISCUS & STAR ISLANDS
AVERAGE SALES PRICE
Price trend indicators for Palm & Hibiscus Islands reveal that there has been a significant 65% year-on-year increase. It is important to note that months with no sales should not be considered for comparative analysis.
SINGLE-FAMILY HOMES
January February March April May June 0 SALES $15,716,667 $7,500,000 0 SALES $17,200,000 $15,237,500 2023 $3,812,500 $15,500,000 $5,600,000 $10,075,000 $10,800,000 0 SALES 2022 % 1.4% 33.9% 59.2% 2023 MID YEAR AVG. $14,617,857 2023 MID YEAR AVG. $8,834,091
2023
AVG. SALES BY MONTH
Total number of sales: 7
PALM, HIBISCUS & STAR ISLANDS
JAN-JUNE PERIOD
SINGLE-FAMILY HOMES
2022
AVG. SALES BY MONTH
Total number of sales: 11
- 87 -
-SoFi is calibrating after the pandemic-era sales surge.
- The average sales prices are down at all levels. But, the average sales price for all condos in SoFi is also over 78.7% higher than Miami-Dade’s average sales price of $409,000 for condos/townhomes traded during Jan-June 2023.
- Average sales per square foot for all condos slipped.
- In the $1M+ sector, condos prices are trading on average 17% less than last year’s period.
SOUTH OF FIFTH MIDYEAR HIGHLIGHTS
- 89 -
SOUTH OF FIFTH AVERAGE SALES PRICE
JAN-JUNE PERIOD
South of Fifth (SoFi) is calibrating after the pandemic. Average sales price for all condos is down by 14.9% from 2022, but up 23% pre-pandemic. Average sales per square foot for all condos slipped by 5.2%. Pace of market edged last year’s pace by 3.8%. SoFi’s $1M+ condo/townhome bracket is down nearly 18%. but always has pushed higher prices than most areas in Miami even before the pandemic.
2019 2020 2021 2022 2023 $1,550,450 $1,226,652 $2,593,713 $2,256,393 $1,918,668
CONDOS/TOWNHOMES 2023 vs 2019 prices % 23.7% 2 2 2 2 2 AVG. #BEDS SOLD
- 912019 2020 2021 2022 2023 $3,247,810 $2,412,203 $3,933,696 $3,847,080 $3,190,704 JAN-JUNE PERIOD $1M+ CONDOS/TOWNHOMES 2023 vs 2019 prices % 17.5% 2 3 3 3 2 AVG. #BEDS SOLD
SOUTH OF FIFTH JAN-JUNE PERIOD
SoFi is calibrating after the pandemic-era sales surge. The average sales prices are down at all levels. But, the average sales price for all condos in SoFi is also over 78.7% higher than Miami-Dade’s average sales price of $409,000 for condos/townhomes traded during Jan-June 2023. Average sales per square foot for all condos slipped. In the $1M+ sector, condos prices are trading on average 17% less than last year’s period.
(right) Price trend indicators for all condos/townhomes down year-ago levels with February, March and April trending higher than previous year. In the $1M+ condos/townhomes, SoFi has always pushed higher prices than many or most areas in Miami. SoFi is transitioning from a period of significant growth to a more normal level of activity.
JAN - JUNE 23 CONDOS/TOWNHOMES # CLOSED AVG. SALES PRICE AVG. SPS/SF AVG. DOM 129 $1,918,668 $1,181 81 % 47% 14.9% 5.2% 3.8% JAN - JUNE 22 245 $2,256,393 $1,246 105 Current active:
Months Supply of Inventory based on closed sales: 7.2 JAN - JUNE 23
CONDOS/TOWNHOMES # CLOSED AVG. SALES PRICE AVG. SPS/SF AVG. DOM 68 $3,190,704 $1,602 120 % JAN - JUNE 22 128 $3,847,080 $1,719 121 Current
Supply of Inventory based on closed sales:
46.8% 17% 6.8% 0.08%
155
$1M+
active: 101 Months
8.9
$1M+ CONDOS/TOWNHOMES
- 93January February March April May June $1,639,580 $2,611,125 $2,644,133 $2,490,100 $1,291,123 $1,066,735 2023 $2,116,199 $2,076,260 $2,558,745 $2,218,794 $2,205,582 $2,285,758 2022 % -22.5% 25.7% 3.3% 12.4% -41.4% -53.3% 2023 MID YEAR AVG. $1,920,363 2022 MID YEAR AVG. $2,256,393 CONDOS/TOWNHOMES
January February March April May June $2,101,071 $3,688,438 $4,439,438 $4,471,111 $2,253,627 $2,161,667 2023 $3,173,765 $3,685,326 $4,247,750 $5,193,750 $3,647,778 $3,596,526 2022 % -33.7% 0.008% 4.5% -38.2% -38.2% -39.8% 2023 MID YEAR AVG. $3,190,704 2022 MID YEAR AVG. $3,847,080
SOUTH OF FIFTH JAN-JUNE PERIOD
2023
AVG. SALES BY MONTH
Total number of sales: 129
2022
AVG. SALES BY MONTH
Total number of sales: 245
CONDOS/TOWNHOMES
2023
AVG. SALES BY MONTH
Total number of sales: 68
$1M+ CONDOS/TOWNHOMES
2022
AVG. SALES BY MONTH
Total number of sales: 128
- 95 -
- Average sales price for all condos/ townhomes increased 86% since 2019
-The average sales price experienced a 12.7% increase during the initial half of 2023 & 5% for the $1M+ category.
- Condo transactions are starting to normalize following the previous elevated levels with number of condos sold cut in half
- The process of selling condos/townhomes has become faster, as the number of days it takes to sell one has decreased by 20%
SUNNY ISLES BEACH MIDYEAR HIGHLIGHTS
- 97 -
SUNNY ISLES BEACH
AVERAGE SALES PRICE
Average sales prices increased for both the overall condo/townhome and $1M+ tier, with 13% and 5% price gains respectively. In the first half of 2023. The average selling price per square foot for all condominiums rose by 13% compared to the corresponding period in 2022.
2019 2020 2021 2022 2023 $790,980 $625,276 $952,785 $1,299,506 $1,469,465
CONDOS/TOWNHOMES 2023 vs 2019 prices % 85.7% 2 2 2 2 2 AVG. #BEDS SOLD
JAN-JUNE PERIOD
- 992019 2020 2021 2022 2023 $2,383,706 $1,756,552 $2,245,027 $2,653,662 $2,788,987 JAN-JUNE PERIOD $1M+ CONDOS/TOWNHOMES 2023 vs 2019 prices 17% 2 3 3 3 2 AVG. #BEDS SOLD
SUNNY ISLES BEACH JAN-JUNE PERIOD
$1M+
Average sales prices increased for both the overall condo/townhome and $1M+ tier, with 13% and 5% price gains respectively. In the first half of 2023. The average selling price per square foot for all condominiums rose by 7% compared to the corresponding period in 2022.
(right) In the Sunny Isles Beach condo/townhome market, the sales reached their highest point in March. The price boundaries of Sunny Isles Beach continue to rise.
active: 384 Months Supply of Inventory
12.6
JAN - JUNE 23 CONDOS/TOWNHOMES # CLOSED AVG. SALES PRICE AVG. SPS/SF AVG. DOM 417 $1,465,465 $708 106 % 50.7% 12.7% 7.1% 6% JAN - JUNE 22 846 $1,299,506 $661 100 Current
of Inventory based on closed sales:
JAN - JUNE
active: 743 Months Supply
10.7
23
CONDOS/TOWNHOMES # CLOSED AVG. SALES PRICE AVG. SPS/SF AVG. DOM 182 $2,788,987 $1,056 126 % JAN - JUNE 22 324 $2,653,662 $1,042 130 Current
based on closed sales:
43.8% 5% 7.3% 3.1%
$1M+ CONDOS/TOWNHOMES
- 101January February March April May June 1,370,559 $1,479,936 $1,776,946 $1,261,697 $1,453,723 $1,363,561 2023 $961,557 $1,314,981 $1,383,591 $1,293,345 $1,281,591 $1,410,165 2022 % 42.5% 12.5% 28.4% -2.4% 13.4% 3.3% 2023 MID YEAR AVG. $1,465,465 2022 MID YEAR AVG. $1,299,506
CONDOS/TOWNHOMES
January February March April May June $2,351,109 $2,829,133 $3,458,017 $2,376,450 $2,889,235 $2,573,460 2023 $2,057,000 $2,868,260 $2,683,777 $2,658,876 $2,612,811 $2,735,204 2022 % 14.2% 1.3% 22.3% -10.6% 10.5% -5.9% 2023 MID YEAR AVG. $2,788,989 2022 MID YEAR AVG. $2,653,662
SUNNY ISLES BEACH JAN-JUNE PERIOD
2023
AVG. SALES BY MONTH
Total number of sales: 417
2022
AVG. SALES BY MONTH
Total number of sales: 846
CONDOS/TOWNHOMES
2023
AVG. SALES BY MONTH
Total number of sales: 182
$1M+ CONDOS/TOWNHOMES
2022
AVG. SALES BY MONTH
Total number of sales: 324
- 103 -
-Sunset Islands has one of the highest price barriers
-It’s market has surged 115% since 2019
- The average sales price of a singlefamily home is approximately $13.89 million
- This means that the thresholds have been pushed even higher as buyers relocate to Miami
- The average sales price per square foot for homes has surged to $3,620/SF
- 105 -
SUNSETISLANDS MIDYEAR HIGHLIGHTS
SUNSET ISLANDS
AVERAGE SALES PRICE
JAN-JUNE PERIOD
SINGLE-FAMILY HOMES
Sunset Islands has one of the highest price barriers with average sales price of $13.89M. It’s market has surged 115% since 2019.
2019 2020 2021 2022 2023 $6,461,750 $7,684,028 $9,712,396 $15,021,500 $13,899,607
2023 vs 2019 prices % 115% 5 5 5 4 5 AVG. #BEDS SOLD
The average sales price per square foot for homes has surged to $3,620/SF. Days on the market has increased. Large price gains have taken averages to new heights. Inventory shortage keeps driving prices per square foot and affecting number of sales.
Current
- 107 -
JAN - JUNE 23 SINGLE-FAMILY HOMES # CLOSED AVG. SALES PRICE AVG. SPS/SF AVG. DOM 3 $13,899,667 $3,620 170 % 7% 7.5% 39.7% 240% JAN - JUNE 22 10 $15,021,500 $2,590 50
SUNSET ISLANDS JAN-JUNE PERIOD
active: 5 Months Supply of Inventory based on closed sales: 10
SUNSET ISLANDS
AVERAGE SALES PRICE
Scarcity of inventory puts a negative pressure on number of sales, leaving some months with 0 transactions.
SINGLE-FAMILY
January February March April May June $5,700,000 0 $10,999,000 0 0 $25,000,000 2023 $13,915,000 $14,100,000 $15,950,000 $13,250,000 2022 % 59% 2023 MID YEAR AVG. $13,889,668 2023 MID YEAR AVG. $15,021,500
HOMES
2023
AVG. SALES BY MONTH
Total number of sales: 3
SINGLE-FAMILY HOMES
SUNSET ISLANDS JAN-JUNE PERIOD
2022
AVG. SALES BY MONTH
Total number of sales: 10
- 109 -
- The average sales price for single-family homes in this area is $7.3 million up 94.4%
-It’s market has surged 115% since 2019
- The average sales price per square foot for homes has surged to $3,620/ SF
- Speed of market for homes has accelerated with days on the market down by 34%
- Average price for condos/ townhomes have increased 60% pre-pandemic
VENETIAN ISLANDS
MIDYEAR HIGHLIGHTS
- 111 -
VENETIAN ISLANDS
AVERAGE SALES PRICE
JAN-JUNE PERIOD
The Venetian Islands have a high entry barrier, as there are no homes for under $2M. The average sales price for single-family homes in this area is $7.3 million, up 94.4%. It is worth noting that the statistics for both the general single-family home market and homes priced at $1 million or more are the same, so we only need to focus on one set of data.
2019 2020 2021 2022 2023 $3,757,500 $4,091,750 $8,177,878 $13,324,956 $7,307,500
HOMES 2023 vs 2019 prices % 94.4% 5 5 5 4 5 AVG. #BEDS SOLD
SINGLE-FAMILY
Current active: 24 Months Supply of Inventory based on closed sales: 14.4
VENETIAN ISLANDS JAN-JUNE PERIOD
The average sales price for all homes sold is down from stratospheric numbers of 2022 settling into an incredible $7,307,500. Average sales price per square foot declined. Speed of market has increased with days on the market down by 34%.
- 113 -
JAN - JUNE 23 SINGLE-FAMILY HOMES # CLOSED AVG. SALES PRICE AVG. SPS/SF AVG. DOM 10 $7,307,500 $1,477 83 % 16.6% 45% 39.9% 34% JAN - JUNE 22 12 13,324,956 $2,457 126
VENETIAN ISLANDS
AVERAGE SALES PRICE
Scarcity of inventory puts a negative pressure on number of sales, leaving some months with 0 transactions. Venetian Island’s entry threshold keeps moving higher. The entry threshold is $2.8M as inventory for new build and top-notch homes is tight.
SINGLE-FAMILY HOMES
January February March April May June $9,975,000 0 $2,808,333 $3,350,000 $13,100,000 $7,575,000 2023 $2,375,000 $9,750,000 $13,162,000 $19,525,000 $13,712,234 $14,325,000 2022 % 320% -78.6% -82.8% -4.4%% -47% 2023 MID YEAR AVG. $7,307,500 2023 MID YEAR AVG. $13,324,956
2023
AVG. SALES BY MONTH
Total number of sales: 10
SINGLE-FAMILY HOMES
VENETIAN ISLANDS JAN-JUNE PERIOD
2022
AVG. SALES BY MONTH
Total number of sales: 12
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VENETIAN ISLANDS
AVERAGE SALES PRICE
JAN-JUNE PERIOD
The general condo and townhome market has experienced a robust price increase in average sales price since 2019 calibrating post elevated 2022 heights to a 60% surge. The market for luxury condos and townhomes priced over $1 million has reached a point of stability
2019 2020 2021 2022 2023 $704,876 $753,227 $844,897 $970,500 $1,129,592
CONDOS/TOWNHOMES 2023 vs 2019 prices % 60.2% 2 2 2 2 2 AVG. #BEDS SOLD
- 1172019 2020 2021 2022 2023 $1,714,786 $1,322,500 $1,280,722 $1,634,200 $1,538,048 JAN-JUNE PERIOD $1M+ CONDOS/TOWNHOMES 2023 vs 2019 prices 10.3% 2 3 3 3 2 AVG. #BEDS SOLD
VENETIAN ISLANDS JAN-JUNE PERIOD
The condo and townhome market has experienced strong price growth overall. Even in the luxury segment with properties priced at $1 million or more, the price per square foot has increased despite the average prices stabilizing.
(right) Sales reached their highest point in March, with the average price being around $1.26 million and the $1M+ market at $3.36M.
active: 18 Months
JAN - JUNE 23 CONDOS/TOWNHOMES # CLOSED AVG. SALES PRICE AVG. SPS/SF AVG. DOM 41 $1,129,592 $826 69 % 31.6% 16.4% 20.2% 6.1% JAN - JUNE 22 60 $970,500 $687 65 Current
Supply of Inventory based on closed sales:
JAN - JUNE 23 $1M+ CONDOS/TOWNHOMES # CLOSED AVG. SALES PRICE AVG. SPS/SF AVG. DOM 21 $1,538,048 $958 78 % JAN - JUNE 22 20 $1,634,200 $870 50 Current
of
based on closed sales:
5% 5% 10% 56%
active: 32 Months
4.68
Supply
Inventory
5.1
$1M+ CONDOS/TOWNHOMES
- 119January February March April May June $1,313,000 $846,938 $1,262,125 $965,000 $1,074,094 $1,346,375 2023 $1,841,000 $887,182 $981,727 $895,722 $631,000 $946,722 2022 % -28.6% -4.5% 28.5% 7.7% 70.2% 42.2% 2023 MID YEAR AVG. $1,129,592 2022 MID YEAR AVG. $970,5000
CONDOS/TOWNHOMES
January February March April May June $1,987,778 $3,190,292 $3,367,600 $3,162,368 $2,025,497 $1,741,257 2023 $2,729,521 $2,927,855 $3,313,276 $3,760,444 $2,802,678 $2,757,917 2022 % -27% 8.9% 1.6% -15.9% -27.7% -36.8% 2023 MID YEAR AVG. $1,538,048 2022 MID YEAR AVG. $1,634,200
VENETIAN ISLANDS
JAN-JUNE PERIOD
2023
AVG. SALES BY MONTH
Total number of sales: 41
2022
AVG. SALES BY MONTH
Total number of sales: 60
CONDOS/TOWNHOMES
2023
AVG. SALES BY MONTH
Total number of sales: 21
$1M+ CONDOS/TOWNHOMES
2022
AVG. SALES BY MONTH
Total number of sales: 20
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Working with The APT Team is more than just a transaction, it is a relationship built on trust and respect. We are obsessed with helping our clients achieve their real estate dreams and create a legacy that will last for generations. We believe in the power of a handshake, even in this digital age. With over $900M+ in sales and 5 languages spoken, we know that numbers are only part of the story. What matters most is you. After all, what you own is just as important as how and why you own it. The APT Team at Douglas Elliman, where your legacy is our obsession.
“WHERE YOUR LEGAGY IS OUR OBSESSION” THE APT TEAM
ABOUT US
© 2023. Equal housing opportunity. This is not an intention to solicit listing from other brokers. We cooperate with them fully. This advertisement does not constitute an offer in the states of NY or NJ or any jurisdiction where prior regulations or other qualifications are required
$900M+ in sales | 16+ years | 5 languages spoken THE APT TEAM AT DOUGLAS ELLIMAN Adriana Pinto-Torres & Tracy Ferrer Directors of Luxury Sales | Realtors Associates 786.493.1388 | 786.214.0099 adriana@theaptteam.com | tracy@theaptteam.com 1111 Lincoln Rd., #805 Miami Beach, FL 33139
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