MIAMI BEACH MIAMI BEACH
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MIAMI BEACH
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 Beach’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 6-7 TABLE OF CONTENTS 8-21 MIAMI BEACH
- 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
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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
- 112019 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
- 13January 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
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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
- 172019 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+
- 19January 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: 21
$1M+ CONDOS/TOWNHOMES
2022
AVG. SALES BY MONTH
Total number of sales: 20
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ABOUT US
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
© 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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