Real Estate

Miami-Dade Condo Sales Drop to $699M in June, Down from $780M in May

Miami-Dade condo sales drop to $699M in June, down from $780M in May, with 841 transactions.

By Doug Elli

7/10, 10:33 EDT
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Key Takeaway

  • Miami-Dade condo sales dropped to $699M in June from $780M in May, with 841 units sold compared to 989 in May.
  • The median sale price remained at $410,000, but the price per square foot fell to $427 from $444.
  • The highest sale was a Fisher Island unit at $37M ($5,286 psf), while the lowest was an Andor Plaza unit at $100K ($121 psf).

Miami-Dade Condo Market Decline in June

Despite a headline-grabbing $37 million sale on Fisher Island, Miami-Dade's condo market experienced a notable downturn in June. According to data from Redfin, total condo sales fell to $699 million from $780 million in May. The number of closed sales also dropped significantly, with 841 transactions in June compared to 989 in May and 979 in April. The median sale price remained steady at $410,000, but the price per square foot decreased from $444 in May to $427 in June. This decline in sales volume and price per square foot highlights a cooling trend in the Miami-Dade condo market.

Notable Sales and Market Trends

June's most expensive sale was unit PH1 at 7001 Fisher Island Drive, which closed at $37 million, or $5,286 per square foot. This sale, represented by Dina Goldentayer of Douglas Elliman and Isaac Lustgarten of Official, stood out in a month where the highest price per square foot was significantly higher than the median. On the other end of the spectrum, the least expensive sale was unit 4J at Andor Plaza in North Miami Beach, which sold for $100,000, or $121 per square foot. These transactions illustrate the wide range of property values in the Miami-Dade condo market.

Broader Market Dynamics

The decline in Miami-Dade's condo market in June is part of a broader trend observed in the region. According to Redfin data, the first week of July also saw a drop in total condo sales, dollar volume, and price per square foot. Brokers closed 118 condo sales totaling $92.2 million from July 1st to July 8th, down from 147 sales totaling $142 million the previous week. The average price per square foot fell to $494 from $517. This continued decline suggests that the market is experiencing a period of adjustment, possibly influenced by broader economic factors and seasonal variations.

Market Implications and Perspectives

The downturn in Miami-Dade's condo market raises questions about the sustainability of recent price levels and the overall health of the real estate sector in the region. While high-profile sales like the $37 million Fisher Island transaction grab headlines, the broader market shows signs of cooling. This could be a result of various factors, including rising interest rates, economic uncertainty, and changing buyer preferences. However, the presence of luxury sales and high-value transactions indicates that there is still strong demand for premium properties, even as the overall market slows.