It’s the question we all want an answer to. What will happen to Miami’s housing market in 2022? Will it scream higher? Or, crash and burn? Founder of Blackbook Properties and luxury condo real estate expert, Sep Niakan talks about Miami’s Q3 2021 luxury condo market numbers* and how he expects the market to perform in 2022:
*For the purpose of Condo Blackbook’s luxury condo market reports, we only consider closed sales for Miami condos priced $1 million or higher. Pre-construction condo sales are not included.
💥 Market Summary: This year’s luxury condo market took everyone by surprise, as it turned out to be one of the strongest markets, hands down! While most people expected the pandemic to drag down luxury home sales, the exact opposite took place.
We’ve seen triple-digit sales growth over the past two quarters (Q2 and Q3 2021), powered by a perfect storm of:
➤ More and more people moving out of expensive, dense cities with the flexibility to work from anywhere. And, Miami’s year-round warm weather, lush setting, and better quality of life offer the perfect tropical escape for extended work from home.
➤ South Florida is on the receiving end of a massive migration of tech and banking businesses, crypto, and wealthy folks in general, given our state’s startup and tax-friendly policies.
This has led to:
➤ Inventory falling to new lows, and
➤ Miami’s luxury condos sitting in a total seller’s market.
And, we expect the opening of U.S. borders to foreign travelers to further intensify this perfect storm and keep sales higher.
HIGHLIGHTS from Condo Blackbook’s Miami Luxury Condo Market Report for Q3 2021:
1. Overall Miami luxury condo sales increased 178% in Q3-2021 compared to Q3-2020. That’s 527 sales vs.189 total sales for condos priced a million dollars or more.
2. Edgewater and Brickell are the most popular Miami neighborhoods – leading Q3 sales growth in Greater Downtown as well as Overall Miami with the highest percentage increase in year-over-year numbers – 386% and 355%, respectively.
3. Considering 9 to 12 months is the pace of a balanced market, so at 5 or 7 months, Miami condos are listed in a sellers’ market – showing buyer demand far exceeds available condo supply.
*Months of Inventory indicates how long it would take to sell everything currently listed on the market, at the current pace of sales.
💥 Here are Sep Niakan’s PREDICTIONS for Miami’s luxury condo market in 2022:
1. Strong domestic buyer demand will continue with the addition of foreign buyer demand since U.S. borders are now open.
2. Luxury condo prices will likely continue to increase, but at a slower pace than 2021.
3. Rent prices for luxury condos will increase at a much slower pace, which was 35%+ in 2021.
4. Overall demand for larger units – 3+ bedrooms – will stay very strong
5. Seller’s market will remain strong in 2022, but with a slightly less feverish pace than 2021.
Have your own market predictions to add? Leave a comment below, we’d love to hear them!
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