What happened in the Condo Market in South of Fifth for 2025?
The #'s are in for the 4th Quarter and that puts a wrap on 2025 as well.
Today we are looking at the Condo Market in South of Fifth which is one of Miami's most exclusive neighborhoods for condos. We have a few graphs to show you, so let's jump right in.
Here are the #'s for the 4th Quarter comparing it to the previous 3 Quarters. Across the board we are seeing a mixed bag of results. Actives are up a bit from previous 2 quarters but down from the 1st, Closed Sales about the same, Months of Supply the same, while Days on Market is at highest levels of the year & pricing is also mixed. Now we look at the total #'s for 2025.
Here's a quick snapshot of the market in 2025:
181 - Closed Sales
94 - Days on Market
Median Prices... $1,055/Sqft and $1,195,000
Now we like to show you the price ranges of the Sales.
Quickly we can see that most of the Sales Activity is at $3-Million and under, 136 out of 181 or 75%. With sales tapering off above $3-Million.
We like to highlight the Highest Priced Closed Sale of the year.
At the Oceanfront Ocean House Condo at 125 Ocean Drive - A 4,000sqft Penthouse with a huge rooftop outdoor terrace and pool.
Sold for $24,000,000 or about $6,000/Sqft.
Now we are going to compare the #’s of 2025 to the previous 2 years to really give us some context.
Overall, 2025 #'s for condos in South of Fifth are sending us mixed signals. The # of Closed Sales same as last year but both are lower than 2023. One concern we see is that both Median Price/Sqft and Median Price Sold went up from 2023 to 2024 then went down from 2024 to 2025, all this while Days on Market has been steadily increasing for the last 3 years.
For Seller's - We will caution you a bit as prices seem to be adjusting while Days on Market is increasing, not a good sign. In a market like this you will want to price your condo a but below the market from the start to get it sold and not have it sit on the market.
For Buyers - the adjustment of prices and Days on Market all while interest rates continue to inch downward are great for you, so hang in there.
As I start my 20th year in the Miami real estate market, I can proudly say that our goal in making these videos is to help as many people as we can by sharing real market data with you to give you a better insight into the local market. The Buying and Selling of a home is one of the largest financial transactions of your life, so please make sure to work with a professional that can guide you through. We thank you for watching, and We'll see you soon.