What is happening in the Brickell Condo Market?
Today we are looking at the 2nd Quarter of 2025 for the real estate market for Brickell Condo's. The First Graph we look at the 2nd Quarter, month by month: Active Listings increased from April to June by a lot. We normally say this is not good, however we dove deeper into the numbers because we saw this occur in the neighborhoods we cover and found that this is a market phenomena as most Listing's when they are taken are set to Expire around the end of the Quarter which is March 31st. We found that right around this date a lot of Listings Expire and fall off the market, and then as the days and weeks go by they get Listed again which is why we see a ramping up of Listings from April to June. All that said this is a large increase and we need to see if this is inline with previous quarters. Closed Sales decreased, while Months of Supply and Days on Market both increased which is also not good, Pricing however held steady.
Let's now compare the 2nd Quarter to the 1st to see if we can spot any trends... This is why we like to show you as much data as we can and in different graphs. The previous graph showed Active Listings increased dramatically and showed Sales decreasing here we see that the # of Listings is on par with the previous Quarter while Sales actually increased.
We also see Months of Supply came down a bit even though Days on Market inched up and Pricing held steady. Overall, the 2nd Quarter performed better than the 1st. In our last graph we see where the market stands today and what price range we find most of the market activity in Brickell. Actives = 1,166 and Months of Supply at 16 is also very high. The $1-Million and Under we see 850 out of 1,166 Listings which is about 70%, while 97% or 1,130 Listings fall under $3 Million which is where we also find 95% of the Closed Sales. While above $5-Million there are hardly any Condos' for Sale as there are only 13 Actives. The Lowest Price Condo sold was a Studio at Four Ambassadors for $310,000 and Highest Price Sold was a 4 Bedroom Combo Unit at The Four Seasons Brickell for $14,800,000 at just under $2,000/sqft.
As a matter of fact the only other 2 Closed Sales above $5-Million were also at The Four Seasons Brickell. Now let's jump into our market summary... We can see that right now there are too many condo listings for sale in Brickell relative to the # of Closed Sales. This is considered a Buyers market which should translate into downward pressure on prices especially as more Listings come online daily and weekly. Keep in mind though that with condos it is a bit different as one building may have a lot of Active Listings while the one next door does not.
For Buyers looking for condos in Brickell you have a lot of options to sort thru... the advantage is in your hands however you have to understand that with condos you really have to go building by building to check levels of inventory but with 1,166 Active Listings in such a small area like Brickell we are confident you will be able to find the condo of your choice and should be able to negotiate a good price.
Sellers... do your homework and price your condo correctly to get it sold. Active Listings are extremely high and so is Months of Supply. This is where we suggest that your price your condo below the market to be able to attract as much attention as possible as soon as coming on the market to help get it sold. Most Sellers do not understand how Important it is to hit the market strong and with your best foot forward.
You do not want to have your condo sit on the market with soo many Active Listings. Also, if your condo has not been updated in years and needs it, the market will reward you as Buyers will pay a premium on turnkey properties. If it needs a lot of work you may not even be able to sell it, unless you heavily discount it. We always suggest to work with a professional who can guide you through this market.
Lastly, as a Seller please understand that there is a lot of negative press towards the older buildings especially those that need their 30 or 40 year Recertification which causes a lot of Buyers to stay away from them which just makes it that much more difficult to sell your condo in one of these buildings so we advise to have patience and understand that it may take more time than you think and more than likely have to sell at a price below what you think it may sell for. That's our 2nd Quarter for 2025 Market Update for the condo market in Brickell.
I am Jose Laya, and I was born and raised in Miami, and as I start my 19th year in real estate I can proudly say that our goal in making these videos is to provide you with value by sharing real market data to give you a better insight into the local market. Feel free to reach out with any questions.
Thank you for watching. We will See You Soon.