What is happening in the Downtown Miami Condo Market?
Today we are taking a deep dive into 2nd Quarter of 2025 for the Condo Market in Downtown Miami. In our first graph, we show 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 was increasing then slowed in June causing Months of Supply to increase while Days on Market decreased and Prices seem to be holding. These #'s are sending us mixed signals, let us look now at our next graph to compare the 2nd Quarter to the 1st... Active Listings, 756 down from 768 in the 1st Quarter. Total Closed Sales increased to 107 from 88. Months of Supply is down to 21 from 26. Pricing seems to be holding.
The only negative we can see is that Days on Market increased to 90. All these Key Indicators point to the fact that the market performed better in the 2nd quarter. This is why we like to share with you different graphs to be able to dive deep into the numbers as the previous graph which was a month by month breakdown showed things slowing down heading into June, but this graph shows that the market did better overall in the 2nd Quarter. And while Months of Supply is down to 21 Months from 26 that # is still an area of concern as that is almost 2 years of inventory.
Now our last graph shows where the market stands today as well as the Price Ranges where the activity is taking place. 2nd Quarter Quick Stats for Downtown Miami Condo's: Active Listings = 756. This is high for such a small area. Closed Sales = 107. This is better than the 1st Quarter. Months of Supply = 21. Very high, and not good but better than the 1st Quarter. And clearly we see the majority of both Actives and Closed Sales take place at under $1 Million which makes up about 70% of the market for Downtown Miami Condos. 528 Active Listings out of 756 and 81 Closed Sales out of 107 for the Quarter. From $3 Million up to $10 Million the Closed Sales taper off dramatically and above $10 Million there were Zero Sales for the Quarter which we can say that at this price level we have noticed a slowdown in all areas we cover. The Lowest Priced Closed Sale was a 1 bedroom at Loft 1 for $270k, while The Highest Priced was a high-floor 4 Bedroom at One Thousand Museum for $7.995-Million, just under $8 Million or $1,680/sqft. In summary, we can see right now the condo market in Downtown Miami is a strong Buyers market.
Active Listings are very high while Sales has not kept up. 21 Months of Supply is very high and gives Buyers a lot of options. Most of the activity is taking place below $3 Millions dollars so an area of concern is for those listings above $3 Million especially now in summer which is typically a slower selling season. For Buyers looking for condos in Downtown Miami you definitely have a lot of inventory to choose from, however with condos it really is building specific as some buildings may have a lot of Listings while others may not, but with 756 you should be able to find what you want and be able to negotiate.
It is clear that the under $1 Million price range is a lot more competitive, so take note. If you are a Seller in this market you have to be very careful when pricing your condo for sale as there is a lot of inventory, and even though there is activity at under $3 Million it just isn't enough given the high levels of inventory. If you are in the upper price ranges above $3 Million there is very little Sales activity so it might take a bit longer to sell.
When we see a market like this we suggest to price your condo aggressively from the start, below the market to attract the most attention possible when coming on the market as you don't want to sit on the market with all this inventory and more and more coming on every day. We do stress these are markets where you should really work with a professional to help guide you through the market to be able to get your condo sold. Well, that's our 2nd Quarter for 2025 Real Estate Market Update for the condo market in Downtown Miami.
I am Jose Laya, and I was born and raised in Miami, and as I start my 19th year in the real estate market I can proudly say that our goal in making these videos is to provide you with value by sharing with you real market data to give you a better insight into the local market.
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