Today we are looking at the condo market in South of Fifth which is the southernmost point on Miami Beach and one of the most exclusive neighborhoods in all of Miami.
First graph we have up is the 2nd Quarter of 2025, month by month. Active Listings = 179. Jumped from April, May to June. We saw this happen in all the neighborhoods we cover so we decided to dive a bit deeper into the data and we found that most Listings when taken at the end of the prior year or beginning of the year are set to Expire around the end of 1st Quarter which is March 31st, so around this date a lot of Listings Expire and come off the market, and then as the days and weeks go by a lot of them come back on the market which is why we see this ramping up of listings from April to May to June. All other numbers seem to be holding ok, however one big increase we see is Days on Market is up to 127 Days for the month of June.
Let's look at our next graph to see the Numbers for this 2nd Quarter and compare to the 1st Quarter to see if we can spot any trends... Active Listings = From 223 to 179. Are down considerably. Closed Sales slightly increased which is a good sign from 54 to 56. Months of Supply slightly down, 12 to 10. Days on Market Increased by a lot from 78 to 102. While Price/Sqft and Median Price Sold held steady.
Comparing Quarter to Quarter we are getting some mixed signals here for the South of Fifth Condos, but the #'s overall look good. Let's take a look at our last graph to see where the market stands today and what price range is the activity in the market. Actives = 179. Closed Sales = 56. Months of Supply = 10. A normal market is considered to have 6-9 Months. 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, 78 and Closed Sales at 25. The next price range of $1-$3 Million has 52 and 16.
Clearly we can see that about 75% of the market activity in South of Fifth is at $3 Million and below. While at the $10 Million plus range we have 15 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 and above $20 Million zero Sales.
Lets see how this plays out over the summer which is typically a slower selling season as families are more focused on their summer travel plans. For the 2nd Quarter - The Highest Priced Closed Sale was a 5 Bedroom Combo unit at the oceanfront Continuum South for $17.1 Million or Almost $3,600 in May. Lowest Priced Closed Sale was a Studio for $205,000 in June. Lets now jump into our market summary... In summary the condo market in South of Fifth is sending us mixed signals but overall it seems to be holding steady as the Key Indicators are showing Active Listings down, Closed Sales Up, Months of Supply down and Prices seems to be holding, the only negative we can see from the data is that Days on Market increased by a lot.
The market seems to be strong below $5 Million, and even more so below $3 Million. While the market above $5 Million seems to be slowing down and even more so at $10 Million and $20 Million plus. We are seeing this slow down at these price levels in all the areas we cover and in single family homes also. For Buyers, right now there is a lot of inventory to sort through and Days on Market is increasing which are both positives for you, however as we always say with Condos you have to go building by building, as one building may have a lot of Active Listings while the one next door may not have many.
Focus on finding the right condo for you at the right price and know that Sellers are more open to negotiating to get a deal done. If you are a Seller in this market you have to understand that inventory levels seem to be climbing, of course it is all building specific but be aware of this when pricing your condo, also understand Interest Rates remain high and Buyers are just exhausted. Best option in this market is to price it a bit under market to be able to attract as much attention as possible as soon as coming on the market and always know that market will speak to you, you just have to be willing to listen.
If you list your condo and there is zero activity that signals' that your price is off and buyers and brokers are not seeing the value... adjust accordingly and do it fast, do not try and chase the market. Well, that's our 2nd Quarter for 2025 Market Update for condos 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 have any questions feel free to reach out.
Thank you for watching and we will see you soon.