What’s the latest with Miami’s Luxury Condo Market? Watch this video for a quick analysis backed by solid MLS numbers.
🎙️ In this video, Sep Niakan, founder of Blackbook Properties and Condo Blackbook.com, talks about how Miami’s luxury condo market continued booming in Q1 2022. You’ll also find answers to how the preconstruction market is in overdrive, whether we’re in another boom & bust cycle, and what we expect for the middle of 2022?
➤ Skip to key moments:
00:06 – Q1 2022 Miami Market Overview – Sales Stats, Prices, Inventory, Days on Market
01:36 – Miami’s Luxury Condo Preconstruction Market
01:57 – Another Boom & Bust Cycle?
03:05 – What do the Market Numbers Tell Us?
03:26 – Should you Buy or Sell?
💥 HIGHLIGHTS from Condo Blackbook’s Q1 2022 Miami Luxury Condo Market Report**:
➤ Overall luxury condo Sales at record-high in a first-quarter: 703 sales
➤ Luxury condo Price per Square Foot at record-high too: $940/Sq. Ft.
➤ Days on Market down to new low: 76 Days
➤ Inventory* down to new low: 7 months
➤ Q1 2022 sales were almost 3 times those of Q1 2021
*Months of Inventory indicates how long it would take to sell everything currently listed on the market, at the current pace of sales.
**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 considered.
Here’s a quick look at what’s driving more people to Miami →
➤ The Business – Our crypto-friendly, pro-business, and no-income-tax policies are attracting buyers from every nook of the world.
➤ The Outdoors – Our great beaches and year-round warmth have always been coveted amongst snowbirds and staycationers but are now pulling in more digital nomads (read remote workers).
➤ The Global Luxury – Our luxury condos, nightlife, shopping, dining, art, and culture scene have all been upgraded to match, if not beat, international standards.
For more information, read our Comprehensive Q1 2022 Miami Luxury Condo Report →
Have an opinion? Leave a comment below; we’d love to hear it!
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Founder, Condo Blackbook & Owner/Broker, Blackbook Properties
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