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Miami real estate news
In the last full week of January, Miami-Dade County's condo market showed a mix of rising sales volume but declining average sale prices and price per square foot. This period, from January 21st to January 27th, saw brokers close 97 condo sales totaling $74.1 million, an increase from the 81 sales totaling $70.6 million in the previous week.
Sales Volume and Pricing Trends
The average sale price for condos last week was $764,239, a decrease from the $871,473 average in the prior week. Similarly, the average price per square foot slightly dipped to $542 from $543. These figures, derived from condo.com data, reflect a market that is active but experiencing adjustments in pricing.
Top Sales of the Week
The highest-priced sale was a penthouse at Aria on the Bay, which closed at $7.5 million. This unit, located at 488 Northeast 15th Street in Miami, was listed by Farrah Zarghami of Parsiani Real Estate and sold by Heather McCabe of Beachfront Realty. It spent 300 days on the market and sold for $1,564 per square foot.
Another notable sale was at Monad Terrace in Miami Beach, where unit 2F at 1300 Monad Terrace closed for $6.5 million, or $2,445 per square foot, after 94 days on the market. Jill Hertzberg of Coldwell Banker Realty had the listing, and Bryan Harr of One Sotheby’s International Realty represented the buyer.
The Extremes of the Market
The least expensive sale in the top 10 was a unit at Capobella, 5025 Collins Avenue in Miami Beach, which sold for $1,475,000 ($793 per square foot) after 301 days on the market. The highest price per square foot was achieved by the aforementioned sale at Monad Terrace.
Conversely, the same Capobella unit also recorded the lowest price per square foot and the most days on the market among the top 10 sales. On the other end of the spectrum, a unit at Casa Del Mar, 881 Ocean Drive in Key Biscayne, sold for $1,680,000 ($896 per square foot) and spent only 6 days on the market, marking the fewest days on market in the top sales.
Market Insights
This week's report illustrates a dynamic condo market in Miami-Dade County, with a healthy number of transactions but fluctuating prices. The diversity in the days on the market and price per square foot among the top sales highlights the varied nature of the condo market in the area.
For those interested in the Miami-Dade condo market, whether buying or selling, understanding these trends is crucial. The market is showing signs of balancing, with opportunities for both buyers and sellers. For more detailed insights or assistance in navigating this market, feel free to reach out. The Miami-Dade condo market continues to be an area of great opportunity and interest.