Q4 saw the condominium market in South Beach continue to gain ground toward pre-pandemic numbers. Q4 was more active than we typically see at the tail end of the real estate calendar year, which only compounds the excitement for a normalized Spring '22 market.
The 1 bedroom market saw 44 sales averaging over $1M again - higher than any quarter in 2021, and it took a shorter + shorter amount of time to sell units as the year progressed, indicating a general up-tick of buyer attention to the downtown 1 bedroom market.
The 2 bedroom market broke the $1.7M median market for the first time since Q1 of 2020. 2022 should see a continual gain for this segment of the market. Owners that have been holding onto their condominiums and waiting for the market to turn will more than likely begin listing in February/March of '22 in anticipation of a busy Spring market.
The 3 bedroom market saw a handful of sales signaling the high-net-worth buyers were back in the market and eager to land themselves a potentially undervalued (give it a few more quarters and this will change) given the slow re-opening of the city.
Q1 of 2022 has the build up and anticipation of a highly active and regular condominium market, and the agent community couldn't be more excited.
The key statistics we will use to objectify market data are as follows:
Total Number of Sales In Q4: 87
Average Monthly Sales In 2021: 36
Average Sale Price In Q4: $1,649,000
Average Sale Price In 2021: $1,499,000
Average Days On Market in Q4: 48
Months of Supply (total active listings/monthly sales rate): 2.8
Average Supply in 2021: 3.2
General sentiment from agents: The condominium market has mostly regained all losses from the pandemic, and buyer demand continues to steadily climb. With back-to-office impending, albeit with the new normal of hybridized office work, we believe you’ll quickly find that people will get sick of their new commute and condominium demand will continue to steadily increase as it did from 2016-2019.