2015 Downtown Miami Condo Statistics

 
The Downtown Miami condo market in 2015 saw 310 closed sales – just short of the 355 sales in 2014. Moreover, the average Downtown Miami condo closed sales price in 2015 was $536,870 which equals $431.07 per square foot and was 94.5% of the average list price.  The most expensive closed sale of 2015 in Downtown Miami was a luxury condo at 900 Biscayne Bay which closed for $3,150,000 at $830.48 per square foot, better known as basketball superstar Kevin Durant’s penthouse which I sold in May.  This condo at 900 Biscayne Bay shattered the average closed sales price of a condo in Downtown Miami by $400 per square foot, and rightfully so…just check out the pictures here:

–Penthouse 6307 at 900 Biscayne Bay Virtual Tour–

Below, I have laid out all of the 2015 Downtown Miami condo statistics and then a year-over-year comparison of 2015 vs. 2014.

2015 Downtown Miami Condo Sales by the Numbers:

• Total Number of Sales: 310
• Average List Price: $568,337
• Median List Price: $452,205
• Average Sales Price: $536,870 (94.5% of List Price)
• Median Sales Price: $435,000 (96.2% of List Price)
• Average Sales Price Per SQ/FT: $431.07
• Median Sales Price Per SQ/FT: $413.87
• Days on Market: 148 Average / 93 Median
• Highest Priced Sale of 2015: 900 Biscayne Bay PH6307 Closed on 05/08/2015 @ $3,150,000 ($830.48 per sq/ft)
• Lowest Priced Sale of 2015: 50 Biscayne Unit 4103 Closed on 10/14/2015 @ $188,500 ($332.45 per sq/ft)

For those “vultures” out there looking for distressed properties, please note, there were only 18 distressed sales in Downtown Miami in 2015: 16 REO’s & 2 Short Sales. “Miami” seems to pop up on so many year-end lists for high levels of foreclosures and short sales, but this may be misleading. The reason I placed Miami in quotes above is because these lists include so many surrounding suburbs of Miami, i.e. Homestead, Opa Locka, Kendall, etc., and then analysts lump them all together as “Miami.”

Download – 2015 Downtown Miami Condo Sales Data

2015 vs. 2014 Downtown Miami Condo Sales Year-Over-Year Numbers:

• Total Number of Sales: DOWN 45 | 310 in 2015 vs. 355 in 2014
• Average List Price: DOWN $27,326 | $568,337 in 2015 vs. $595,663 in 2014
• Median List Price: DOWN $22,795 | $452,205 in 2015 vs. $475,000 in 2014
• Average Sales Price: DOWN $27,050 (-4.8%) | $536,870 in 2015 vs. $563,920 in 2014
• Median Sales Price: DOWN $15,000 (-3.3%) | $435,000 in 2015 vs. $450,000 in 2014
• Average Sales Price Per SQ/FT: DOWN $11.06 (-2.5%) | $431.07 in 2015 vs. $442.13 in 2014
• Median Sales Price Per SQ/FT: DOWN $6.25 (-1.5%) | $413.87 in 2015 vs. $420.12 in 2014

As you can see, all of the sales statistics were trending down in 2015 vs. 2014, but I don’t think this has to do with a market downturn. In my opinion, it has to do with the high number of new construction condo projects in Miami that were announced last year. Many buyers looked more towards the long-term opportunity of purchasing a new construction condo and waiting for its completion over an existing condo. Since developer sales are private and not disclosed to the public, it is impossible to include those sales with this data. Chances are, if I could somehow get a list of developer sales in 2015, all of the statistics above would be significantly higher.

For example, Paramount Miami Worldcenter has sold approximately half of its 513 units at around $700 per square foot. I know this because I sold over $10M worth of condos there in 2015, and I watch their numbers very closely. If you were to use their sales and add those numbers to the MLS data above, you would be looking at the average sales price in Downtown Miami in 2015 hovering above $750,000 and $550 per square foot. I haven’t even mentioned One Thousand Museum which is selling well over $1,200 per square foot and would make the numbers even higher.

Downtown Miami Condo Sales Over $1M in 2015

2015 Downtown Miami Condo Sales Over $1 Million

In 2015, there were 22 condo sales over $1,000,000 in Downtown Miami compared to 35 in 2014. The average days on market in 2015 for sales over $1M was 184 (one sale was on the market for a whopping 1,289 days which skewed the numbers) compared to 177 in 2014, but median days on the market fell from 129 in 2014 to 84 in 2015.

Downtown Miami is still a super hot condo market, so If you, or someone you know, would like more information about purchasing a condo in Downtown Miami, please contact me, Michael Light. You may reach me directly at my office at 305-350-9842, on my cell phone at 786-566-1700 or via email at michael@miamiluxuryhomes.com.
 

Disclaimer: The statistics referenced herein were retrieved from the Multiple Listing Service (MLS) on January 15, 2016. Any closed sales not listed in the MLS are not included in the statistics referenced herein. The MLS search criteria used was 33131 & 33132 zip code + map outline from North – I-395 to South – Miami River & West – I-95 + built after 2000. The information contained herein is for informative purposes only and should not be relied upon.