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Miami Luxury Condo Price Index

The easy-to-use Miami Residence Realty index gives you an informational high-level look at the Miami market over time from February 2006 through present. Data is presented clearly in real time for use by savvy property buyers and investors. Use this information to assess changes in the value of luxury condos over time and make smarter purchasing decisions.
Luxury Condo Price Index, Miami FLReal Time Index Levels
Oct 31, 2020Index Level
3
Months Ago
6
Months Ago
12
Months Ago
18
Months Ago
Miami Luxury Condo Prices Interactive
The interactive graph above plots shifts in our index charts that follow the local Miami real estate market. View trends over time – from 2005 through present day. Data is presented in real time. Use this graph to monitor local trends in the Miami real estate market. Click the 'reset chart' circular arrow above to return to full view.

BUY Miami luxury condo market at-a-glance

Miami BUY statistics comparison, allows you to compare current quarter with previous. BUY in Miami Beach

Median Asking Price
4th Quarter 2020

4Q
2020

$590,000

3.39%

3rd Quarter 2020

3Q
2020

$570,000

3.68%

2nd Quarter 2020

2Q
2020

$549,000

6.19%

1st Quarter 2020

1Q
2020

$515,000

6.8%

$473 per sq.ft. ( $5,089 per M2)

Total Active Listings
4th Quarter 2020

4Q
2020

9,102

21.48%

3rd Quarter 2020

3Q
2020

7,147

10.1%

2nd Quarter 2020

2Q
2020

6,425

12.96%

1st Quarter 2020

1Q
2020

5,592

7.14%

Total Value $10,587,849,765

occupancy Rate
4th Quarter 2020

4Q
2020

91.3%

1%

3rd Quarter 2020

3Q
2020

93.17%

1%

2nd Quarter 2020

2Q
2020

93.86%

1%

1st Quarter 2020

1Q
2020

94.65%

1%

Max $39,900,000 $39,900,000 0%
Min $20 $14 30%
Median vs. Average Asking Price (with Price Reduction Trend Line)
The above graphic compares the median (blue bars) vs. average (green bars) price side-by-side over time. This graph also charts price reduction percent (yellow trend line) over time. The median housing price is that which has the same quantity of price points below and above it. For example, if there were 101 properties taken into consideration, the median would be the price in the middle with 50 lower and 50 higher. The average sales price, however, is calculated by adding all sales prices together and dividing that total by the number of individual sales. When a home is initially listed at one price and later sold at a different price, we call that increase or decrease Negotiability, with price reduction measured as a percent.
Occupancy vs. Inventory
The graph above displays the relationship between occupancy rate (blue bars) alongside quantity sold (green trend line). A higher occupancy rate simply means properties are owner occupied or rented, while lower occupancy rates signify property vacancies.

SELL Miami luxury condo market at-a-glance

Miami BUY statistics comparison, allows you to compare current quarter with previous. BUY in Miami Beach

Average sold Price
4th Quarter 2020

4Q
2020

$755,705

12.48%

3rd Quarter 2020

3Q
2020

$661,391

3.11%

2nd Quarter 2020

2Q
2020

$682,610

7.95%

1st Quarter 2020

1Q
2020

$628,314

11.47%

$519 per sq.ft. ( $5,588 per M2)

Recorded closed sales
4th Quarter 2020

4Q
2020

1303

43%

3rd Quarter 2020

3Q
2020

744

34%

2nd Quarter 2020

2Q
2020

1133

8%

1st Quarter 2020

1Q
2020

1232

2%

Price Reduction
4th Quarter 2020

4Q
2020

7.61%

1.99%

3rd Quarter 2020

3Q
2020

5.73%

0.02%

2nd Quarter 2020

2Q
2020

5.75%

17.95%

1st Quarter 2020

1Q
2020

22.67%

17.92%

days on market
4th Quarter 2020

4Q
2020

290

67days

3rd Quarter 2020

3Q
2020

357

88days

2nd Quarter 2020

2Q
2020

445

93days

1st Quarter 2020

1Q
2020

538

76days

Max Rent $120,000 $40,000 67%
Min Rent $800 $1,100 27%
Average Unit Sales Price by Number of Bedrooms
In the chart above, you can track average sales price growth based on the number of bedrooms in Miami. Use this chart to track trends in sales prices for studios (purple), one-bedrooms (blue), two-bedrooms (green), three-bedrooms (yellow), and four bedrooms or more (orange) over time – from 2005 through present day.
Ownership By Country
The above pie chart illustrates the current ownership mix for property sales throughout Miami, Florida. Use this helpful chart to better understand the country of origin for those purchasing properties. (Note that owners purchasing through an LLC or Corporation are not individuals but, instead, a legal entity.)
Median Sales Price vs. Number of Sales by Quarter
The above graph displays trends in median sales prices (blue bars) alongside the number of sales per quarter (green trend line). The median sales price is the price in the middle, with exactly half of those listed homes sold above that price and half sold below that price. For a sampling of 101 homes, the median sales price would be that which has 50 homes below and 50 homes above.

RENT Miami luxury condo market at-a-glance

Miami RENT statistics comparison, allows you to compare current quarter with previous. RENT in Miami Beach

Averange Rent
4th Quarter 2020

4Q
2020

$4,832/month

12%

3rd Quarter 2020

3Q
2020

$5,501/month

3%

2nd Quarter 2020

2Q
2020

$5,695/month

25%

1st Quarter 2020

1Q
2020

$4,263/month

13%

$3 per sq.ft. ( $32 per M2)

Total Units
4th Quarter 2020

4Q
2020

4,392

49%

3rd Quarter 2020

3Q
2020

2,257

39%

2nd Quarter 2020

2Q
2020

1,377

56%

1st Quarter 2020

1Q
2020

3,116

15%

AVGUnit Size 1,475 sq.ft. (137 M2)

Days on Market
4th Quarter 2020

4Q
2020

363

118days

3rd Quarter 2020

3Q
2020

245

111days

2nd Quarter 2020

2Q
2020

356

97days

1st Quarter 2020

1Q
2020

453

72days

Max $120,000 $120,000 0%
Min $800 $800 0%
Miami Neighborhoods At-a-Glance
The chart above offers a convenient side-by-side comparison of important data metrics across all major Miami neighborhoods. Use up and down arrows to sort by total units, average price, average square feet, and average price per square foot. Re-click the arrow to toggle between high-to-low and low-to-high column sort.
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