The third quarter is usually Miami\u2019s quiet season \u2014 hot, humid and between the winter buyers and the back-to-school rush. This year it was anything but. Across the neighborhoods Doorstep tracks, contract activity was steady through the summer, inventory grew for the fourth quarter in a row and the gap between the waterfront and everything else widened again.<\/p>\n\n\n\n
Here is our read of the numbers and what they mean if you are planning a move this fall.<\/p>\n\n\n\n
The short version: single-family homes remain scarce and expensive, condos have more choice than they have had in years, and rents are rising slowly rather than sharply.<\/p>\n\n\n\n
Condo inventory keeps climbing, but almost all of the new supply sits in older buildings. Florida\u2019s post-2021 safety rules require structural inspections and fully funded reserves, and many associations in 1970s and 1980s towers are passing those costs to owners as special assessments. Buyers are discounting accordingly, and those units are taking longer to sell.<\/p>\n\n\n\n
Newer buildings tell a different story. Towers completed after 2010 in Brickell, Edgewater and Sunny Isles Beach are selling at or close to asking price, often within two months, because their reserves are already in place and their insurance costs are more predictable.<\/p>\n\n\n\n
\nIn today\u2019s condo market, the building matters as much as the unit. Ask for the reserve study and the milestone inspection report before you fall in love with the view.<\/p>\nCamila Duarte, Senior Agent<\/cite><\/blockquote>\n\n\n\n
Single-family homes: still the tightest segment<\/h2>\n\n\n\n
There are simply not enough houses in the neighborhoods people want. In Coral Gables and Coconut Grove, homes priced between $1.5 and $3 million that are in good condition still draw multiple offers, especially near the best public and private schools. Fixer-uppers are a different matter: buyers are pricing in renovation, insurance and permitting costs, and those listings are sitting longer.<\/p>\n\n\n\n
Waterfront homes continue to outperform. Deep-water homes with no fixed bridges to the bay \u2014 on the Venetian Islands, North Bay Road, Key Biscayne and in Gables Estates \u2014 sold at a median of $1,950 per square foot this quarter, a record for our coverage area.<\/p>\n\n\n\n
Rentals: steady, not spectacular<\/h2>\n\n\n\n
Rents rose modestly this summer. New rental towers in Wynwood and Edgewater are offering one or two months free on longer leases, which keeps a lid on rents in older buildings nearby. Furnished rentals in Miami Beach remain the exception: demand for six- and twelve-month furnished leases continues to outstrip supply ahead of the winter season.<\/p>\n\n\n\n
What it means for you<\/h2>\n\n\n\n
If you are buying<\/h3>\n\n\n\n
You have more negotiating room than at any time since 2019, especially on condos. Use it: ask for repairs, closing-cost credits or a longer inspection period. Get pre-approved early, because the best single-family homes still move quickly.<\/p>\n\n\n\n
If you are selling<\/h3>\n\n\n\n
Pricing is everything. Homes that were priced correctly on day one sold in about five weeks this quarter; homes that needed a price reduction took more than three months and sold for less. Invest in presentation and repairs before you list \u2014 buyers are comparing your home with brand-new construction.<\/p>\n\n\n\n
If you are renting<\/h3>\n\n\n\n
Shop the new buildings first. Concessions on new leases are generous, and you can often negotiate a parking space or storage unit into the deal.<\/p>\n\n\n\n
Neighborhood snapshots<\/h2>\n\n\n\n
\n
- Brickell:<\/strong> condo prices steady; newer towers with strong reserves are outperforming older buildings by a wide margin.<\/li>\n\n\n
- Coral Gables:<\/strong> single-family inventory remains tight, and well-priced homes near top schools still sell in under a month.<\/li>\n\n\n
- Miami Beach:<\/strong> waterfront homes set records, while older condos south of 15th Street saw more price reductions.<\/li>\n\n\n
- Wynwood and Edgewater:<\/strong> rent concessions in new buildings are keeping rents in check; commercial interest in Wynwood remains strong.<\/li>\n<\/ul>\n\n\n\n
Looking ahead to Q4<\/h2>\n\n\n\n
We expect a busy fall. Mortgage rates have eased slightly since the summer, northern buyers return after Labor Day and many sellers who waited out the summer are getting ready to list. If you are thinking about a move before the end of the year, now is the time to start the conversation.<\/p>\n\n\n\n
Want the live numbers? Our market page<\/a> tracks median prices and days on market by neighborhood, and every listing on Doorstep<\/a> shows its price per square foot and any recent price cut. Thinking of selling this fall? Request a free valuation<\/a> and we will walk you through the comparable sales.<\/p>\n\n\n\n
Demo content: figures in this report are illustrative and were written for the Doorstep theme demo.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Prices held firm, inventory finally grew and waterfront homes kept setting records. Here is what the third quarter means for buyers, sellers and renters.<\/p>\n","protected":false},"author":53,"featured_media":7475,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4003],"tags":[4008,4010,4009],"class_list":["post-7474","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-reports","tag-market-data","tag-miami","tag-prices"],"_links":{"self":[{"href":"https:\/\/stepfoxthemes.com\/doorstep\/wp-json\/wp\/v2\/posts\/7474","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stepfoxthemes.com\/doorstep\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stepfoxthemes.com\/doorstep\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stepfoxthemes.com\/doorstep\/wp-json\/wp\/v2\/users\/53"}],"replies":[{"embeddable":true,"href":"https:\/\/stepfoxthemes.com\/doorstep\/wp-json\/wp\/v2\/comments?post=7474"}],"version-history":[{"count":0,"href":"https:\/\/stepfoxthemes.com\/doorstep\/wp-json\/wp\/v2\/posts\/7474\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stepfoxthemes.com\/doorstep\/wp-json\/wp\/v2\/media\/7475"}],"wp:attachment":[{"href":"https:\/\/stepfoxthemes.com\/doorstep\/wp-json\/wp\/v2\/media?parent=7474"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stepfoxthemes.com\/doorstep\/wp-json\/wp\/v2\/categories?post=7474"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stepfoxthemes.com\/doorstep\/wp-json\/wp\/v2\/tags?post=7474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}