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SOUTH OF FIFTH MIDYEAR HIGHLIGHTS
South Of Fifth Average Sales Price
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.
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.
AVG. SALES BY MONTH
Total number of sales: 129
CONDOS/TOWNHOMES
2022
AVG. SALES BY MONTH
Total number of sales: 245
AVG. SALES BY MONTH
Total number of sales: 68
AVG. SALES BY MONTH
Total number of sales: 128
- 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%
