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Reviewing December condo sales
As we move into 2024, the Miami-Dade County condominium market is showing some interesting trends, as detailed in a recent report from The Real Deal. Here's a comprehensive breakdown of the key insights:
Condo Sales and Dollar Volume
- Decrease in Dollar Volume: December saw a drop in condo sales dollar volume to $457 million, compared to $504 million in November.
- Sales Numbers: There were 677 condo sales in December, a slight increase from November's 672 but down from October's 772.
- Price Range: Sales prices in December varied widely, from as low as $75,000 to a high of $10.5 million.
- Median Price: The median sale price was $394,000, with a median price per square foot of $426. This is a slight decrease from November's median price of $400,000 and $413 per square foot.
Notable Sales
- Most Expensive Sale: The priciest sale was at the Porsche Design Tower, with Unit 5201 in Sunny Isles Beach selling for $10.5 million, or $1,715 per square foot.
- Least Expensive Sale: The most affordable sale was at New World Condominium III in Miami Gardens, where a unit sold for $75,000, or $114 per square foot.
- Highest Price Per Square Foot: A unit at 57 Ocean in Miami Beach achieved the highest price per square foot at $3,019.
- Lowest Price Per Square Foot: The lowest price per square foot was at Jade Winds in Miami, where a unit sold for $114 per square foot.
Market Highlights
- Newest and Oldest Condos: The newest condo sale was at Missoni Baia, built in 2023, while the oldest was a unit at 918 Ocean Drive, built in 1925.
- Market Dynamics: The market is experiencing a mix of high-end luxury sales and more affordable options, reflecting a diverse range of buyer interests and budgets.
Analysis and Outlook
The Miami-Dade County condo market is demonstrating resilience and diversity, catering to a wide spectrum of buyers. While there's a slight decrease in the dollar volume, the number of sales and the range of prices indicate a healthy and dynamic market. The mix of new and old buildings, along with the variation in price per square foot, suggests that Miami's condo market continues to offer opportunities for different types of investors and homeowners.
As we progress through 2024, it will be interesting to see how these trends develop, especially in the context of broader economic factors. For those interested in exploring opportunities in this vibrant market, whether it's the luxury segment or more budget-friendly options, Miami-Dade County's condo market appears to be a promising area for investment and residence.
For more detailed insights or specific queries about the Miami-Dade County condo market, feel free to reach out. Text me with questions, and I'll be happy to provide personalized advice and guidance based on the latest market trends and data.