Miami-Dade Luxury Condo Sales, Prices Flat In 2023-24 Winter Buying Season
A review of the latest luxury condo sales statistics shows transactions increased 2% and unit prices rose 0.3% between November 2023 and April 2024.
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The Winter Buying Season did not go as well as hoped for by optimistic sellers of aggressively priced luxury condo units in Miami-Dade County.
The luxury condo market experienced a negligible rebound of about two percent in Miami-Dade County in the recently completed Winter Buying Season that stretched from November 2023 through April 2024 after experiencing a steep drop in the previous 2022-23 season, according to an analysis of statistics compiled by CondoVulturesRealty.com.
As for pricing, the average price per square foot for Miami-Dade luxury condos was flat, rising less than one percent in the 2023-24 Winter Buying Season.
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The annual Winter Buying Season traditionally extends from November through April when visitors flock to the tricounty South Florida region of Miami-Dade, Broward and Palm Beach to take advantage of the weather, events and vibe.
For this report, luxury condos are defined as those units that are listed for minimum price of $1 million each.
Buyers purchased about 819 luxury condos in Miami-Dade County in the 2023-24 Winter Buying Season. By comparison, buyers bought about 802 luxury condos in the 2022-23 season due, in part, to rising interest rates, skyrocketing asking prices and a lack of resale supply available for purchase.
The slight increase of about 17 sales in the 2023-24 comes a year after luxury condo transactions dropped by nearly 51 percent in the 2022-23 season from the more than 1,625 units that traded during the 2021-22 season.
In reviewing the statistics from the last decade, the 2021-22 season represents the peak of luxury condo sales during a South Florida Winter Buying Season.
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It is worth noting, a total of about 2,525 luxury condos traded during the Winter Buying Seasons spanning from the 2013-14 season through the 2019-20 season. That’s an average of about 421 luxury unit transactions per season.
During the 2020-21 season, more than 1,100 Miami-Dade luxury condos traded in a six-month span as stay-at-home orders from the pandemic were lifted and a plethora of work-from-home employees relocated to South Florida from places such as California, Illinois and New York.
Industry watchers are at odds as to the direction of the South Florida housing market in 2024. Bullish investors are predicting housing demand will reignite once interest rates begin to fall. Bearish investors contend that home prices are too high and likely to collapse in the months ahead.