Published by Peter Zalewski
5/30/2024 
10:14:04 PM 
The average sales price of a luxury condo in Miami-Dade County was nearly $2.7 million in the 2023-24 Winter Buying Season. (Photo courtesy of Google Maps)
The Winter Buying Season did not go as well as hoped for by optimistic sellers of aggressively priced luxury condo units in Miami-Dade County.
The luxury condo market experienced a negligible rebound of about two percent in Miami-Dade County in the recently completed Winter Buying Season that stretched from November 2023 through April 2024 after experiencing a steep drop in the previous 2022-23 season, according to an analysis of statistics compiled by CondoVulturesRealty.com.
As for pricing, the average price per square foot for Miami-Dade luxury condos was flat, rising less than one percent in the 2023-24 Winter Buying Season.
The annual Winter Buying Season traditionally extends from November through April when visitors flock to the tricounty South Florida region of Miami-Dade, Broward and Palm Beach to take advantage of the weather, events and vibe.
For this report, luxury condos are defined as those units that are listed for minimum price of $1 million each.
Buyers purchased about 819 luxury condos in Miami-Dade County in the 2023-24 Winter Buying Season. By comparison, buyers bought about 802 luxury condos in the 2022-23 season due, in part, to rising interest rates, skyrocketing asking prices and a lack of resale supply available for purchase.
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Condo Market Inventory Tracker
A Snapshot Of Downtown West Palm Beach And The Island
| Databases | Active Listings | Months Of Supply |
|---|---|---|
| Condos | 344 | 8.2 |
| Luxury Condos | 153 | 9.6 |
| Shortsales | 0 | NA |
| REOs | 0 | NA |
| Rentals | 365 | 5.2 |
Peter Zalewski is a licensed real estate broker and consultant focused on the South Florida condo market. Zalewski is a former special contributor to the Miami Herald and a former real estate columnist for The Real Deal magazine. Zalewski now hosts the Miami Real Estate Investing Podcast that is available in audio and video wherever you get your podcasts.
Confused about whether it is the appropriate time to buy or sell a condo in South Florida? The experts at CVR Realty are here to assist you in crafting a strategy during this uncertain time. Unlike many brokers offering services, our organization has been through the cycles and can assist you to capitalize on the situation.
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