The Floridian Two Bedroom Condos Sales YTD: through Aug 12, 2024
The median price for a 2 bedroom condo in Miami Beach in July 2024: $675K.
The median price for a 2 bedroom condo in Miami Beach in July 2019: $415K.
This is an increase of 63%, and is trailing the county-wide increase of 79%.
This is because Miami Beach has a lot of older, historically zoned inventory. And that inventory is lagging the market.
The median price for a 2 bedroom at the Floridian has only gone up 87% YTD versus pre Covid 2019, and is up 92% on a per-square-foot-basis, reflecting the incoming wealth & talent migration's preference for 2+ bedroom units in prime locations.
# of 2 bedroom sales YTD
The Floridian One Bedroom Condos Sales YTD: through Aug 12, 2024
The median price for a 1 bedroom condo in Miami Beach in July 2024: $330K.
The median price for a 1 bedroom condo in Miami Beach in July 2019: $222K.
This is an increase of 49%, and is trailing the county-wide increase of 79%.
This is because Miami Beach has a lot of older, historically zoned inventory. And that inventory is lagging the market.
The median price for a 1 bedroom at the Floridian has only gone up 12% in the same time period, but this is because there are not many sales and numbers get skewed by how many waterfront vs. non waterfront units sell in a given year.
# of 1 bedroom sales YTD
The Floridian Three Bedroom Condos Sales YTD: through Aug 12, 2024
The median price for a 3 bedroom condo in Miami Beach in July 2024: $1,875M.
The median price for a 3 bedroom condo in Miami Beach in July 2019: $727K.
This is an increase of 158%, which is far higher than the county-wide increase of 63%.
This is because larger units inMiami Beach tend to be newer, and the incoming wealth & talent migration wants new product in prime locations.
The median price for a 3 bedroom at the Floridian has only gone up 84% looking at 2013 annual data versus pre Covid 2019. YTD there is only one 3 bedroom sale, on a non-waterfront low floor (#1108 sold for $949K in January 2024..
# of 3 bedroom sales YTD
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About Ana Bozovic & Analytics Miami
Ana Bozovic is the founder and owner of Analytics Miami. For the past decade, she has been publishing long term trend analysis on the South Florida real estate market. She is serving her fourth term as a Governor of the Miami Association of Realtors. She is often quoted by international and national press on topics pertaining to the real estate market and global trends.
Her real estate reports are “outcome agnostic”, and are published with the intent of bringing truth and clarity to the market. They are entirely data-driven and strive to place local market action within the context of macro trends.
Ana studied math and physics at Columbia University, and her reports draw upon her abilities to see past the noise to recognize patterns in data.
She is also a jiu jitsu competitor, and trains daily with one of the best teams in the world.
Latest Report: 2024 Q2 Miami Dade Real Estate Report & Forecast AnalyticsMiami
The Wealth & Talent Migration Continues
Census data, IRS data, license plate data, etc., all keep quantifying the ongoing wealth & talent migration. The appetites of the new buyers are reflected in the volume spikes past $1K & $2K /sqft. Notably, SFH transaction volume past $2K /sqft hit an all-time high in H1 2024, at over 1000% higher than H1 2019.
The Market Is Stabilizing Around New Realities
Median prices are starting to plateau around new, post Covid levels. Sales volume at prices higher than $1M remains above pre Covid levels, while lower price points are below. And the SFH market is slightly diverging from & outperforming the condo market, as we cannot add inventory vertically.
Awards & PressAnalyticsMiami
Ana is currently serving her fourth term as a Governor on the Residential Board of the Miami Association of Realtors.
