What is happening in the condo market in South of Fifth?
The 1st Quarter of 2025 for the real estate market is in the books and today we are looking at the Condo Market in South of Fifth which is one the most exclusive neighborhoods in Miami Beach. First we have up the 1st Quarter of 2025, month by month. Lets go across the board... Active Listings = 223. Jumped from February but about the same as January. Closed Sales = 25. Increased a lot from previous two months. Months of Supply = 9. Down by a lot. Days on Market = 73. Also down big. Median Price/Sqft = $1,049. Median Price Sold = $950,000. Both down from previous two months.
While prices seem to be on a downward trajectory, the other #'s across the board are looking good. Let's take a look now at our next graph to see where the market is today and what price range most of the activity is taking place in. Active Listings = 223. Closed Sales = 51. Months of Supply = 13. Is a bit high, but we did see Days on Market decrease big which is good. They say a balanced/normal market has 6-9 Months anything way over really favors Buyers.
What Price Range can we spot most of the Activity for both Actives and Closed Sales. And right away we can see that the under $1 Million has the most Actives, 92 and Closed Sales at 24 by a wide margin. The next price range of $1-$3 Million has 73 and 15. So quickly we can see that about 75% of the market activity for both Active and Closed Sales in South of Fifth is at $3 Million and below. While at the $5 Million plus range we have 36 Active Listings and only 3 Closed Sales for the Quarter which signals to us there may be a slow down in this price range as we do not see much Sales Activity.
In summary, the condo market in South of Fifth is sending us mixed signals. While the # of Closed Sales had picked up and Months of Supply decreased along with Days on Market the Sales Velocity appears to be at below $5 Million, and even more so below $3 Million. While the market above $5 Million seems to be slowing down, it is coming at a really bad time, as we are now dealing with a volatile and unstable stock market and interest rates due to the trade wars regarding tariffs which we feel we will negatively impact the real estate market in our April sales #'s and in the coming months as well and maybe even for the rest of 2025.
These are all very serious headwinds the real estate market in general is facing right now and in the coming months, so stay tuned. For Buyers, right now may be a good time to get into the South of Fifth market as Inventory is higher and seems to be climbing. Even though with Condos you truly have to go building by building, as one building may have a lot of Active Listings while right next door may have very little. As for trying to time the market... there is so much uncertainty out there that will affect everyone differently as every Seller is different so it may affect some more than others.
Focus on finding the right condo for you at the right price. If you are a Seller in this market you have to understand that inventory levels are a bit high and seem to be climbing, of course it is all building specific but be aware of this when pricing your condo even if your building has low inventory for sale. The market remains very sensitive to price, so price it correctly by pricing it a bit under market to be able to attract as much attention as possible as soon as coming on the market especially with all the economic headwinds in the world right now you don't want to sit on the market especially if you need to sell.
And of course we have to remind you that there is a lot of negative press right now in the condo market in general due to all the strict rules and regulations enacted specifically the Structural Integrity Reserve Study which has caused huge increase in maintenance fees and forced Special Assessments.
This is mostly impacting older buildings, 30 years plus, but unfortunately it is affecting the condo market in general. Well, that's our 1st Quarter for 2025 Market Update for the condo market in South of Fifth. 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 and help as many people as we can by sharing with you real market data to give you a better insight into the local market.
If you ever have any questions feel free to reach out.
Thank you for watching and we will see you soon.