Miami-Dade Condo Sales Volume Drops to $780M in May, Median Price Falls

Key Takeaway

• Miami-Dade County condo sales volume dropped to $780M in May from $849M in April, despite an increase in the number of sales.
• The priciest sale was a $17.8M condo at Continuum On South Beach, while the lowest was a $75K unit at Zurich.
• Median sale price decreased to $410K from April's $435K, with median price per square foot slightly rising to $444.

Miami-Dade Condo Sales Surge Amidst Dollar Volume Decline

In a notable shift within Miami-Dade County's real estate market, condo sales experienced a rise in May, even as the total dollar volume of these transactions saw a decline. According to data from the Multiple Listing Service (MLS) provided by Redfin, brokers closed 989 sales last month, up from 979 in April and 796 in March. However, the total dollar volume fell to $780 million from $849 million in April. This divergence between the number of sales and the dollar volume highlights a complex market dynamic where increased activity does not necessarily translate to higher overall value.

Highs and Lows: Price Spectrum in May

The range of sale prices in May was broad, spanning from $75,000 to a staggering $17.8 million. The median sale price was $410,000, slightly down from April's median of $435,000. The price per square foot also varied significantly, from $75 to $4,972, with a median of $444 per square foot. The priciest deal of the month was a $17.8 million closing at Continuum On South Beach, where unit 2203 sold for $3,727 per square foot after 60 days on the market. This contrasts sharply with the lowest sale, a Zurich condo at 13480 Northeast Sixth Avenue, which sold for $75,000, or $75 per square foot, after 203 days on the market.

Market Dynamics and Broader Implications

The increase in the number of condo sales amidst a decline in dollar volume suggests a shift towards more affordable units or a reduction in high-end transactions. This trend could be indicative of broader economic factors influencing buyer behavior, such as rising interest rates or economic uncertainty. The data from Redfin shows that while the market remains active, the types of properties being sold are changing, potentially reflecting a more cautious approach from buyers.

Expert Insights and Market Commentary

The real estate market in South Florida continues to be dynamic, with significant movements among top agents and firms. For instance, Anna Sherrill, a top agent from One Sotheby’s International Realty, recently moved to Official, taking over sales for the Raleigh Rosewood Residences and Hotel in Miami Beach. This move underscores the competitive nature of the market and the ongoing demand for experienced professionals to lead high-profile projects. Additionally, Cushman & Wakefield's appointment of Joe Caridi as managing director for South Florida operations highlights the region's importance in the commercial real estate sector.