As the midpoint of 2025 arrives, the Miami Beach condo market presents a complex picture, marked by a growing divergence between resale and new construction, particularly in the ultra-luxury segment. Buyer behavior, pricing trends, and the impact of new developments are shaping a dynamic landscape.
Key Takeaways from Mid-2025 Trends
- High Expired Listings: A significant number of listings expired across most price ranges, indicating inventory that is not being absorbed, likely due to overpricing.
- Generous Discounts: Sellers are increasingly offering substantial discounts to attract buyers.
- $1M-$3M Segment: Supply has surged by over 50%, but values have climbed due to selective demand. High-quality condos sell quickly, while others linger.
- $3M–$6M Segment: Sales are up 22% year-over-year with a 28% drop in inventory. However, prices per square foot have softened by 4% as sellers adjust to close deals.
- $6M–$10M Segment: This market is experiencing stalled momentum, with sales down 14% and inventory up 14%. Buyers are more selective, favoring fully upgraded units or new construction.
- $10M+ Ultra-Luxury: A significant divide is evident. Inventory has spiked by 30%, while prices have fallen. Pre-construction accounts for 60% of pending sales, highlighting the struggle of older resales against new branded towers.
- Pre-Construction Dominance: New builds are capturing demand in the ultra-luxury market, while older resales accumulate inventory. Nearly twice as many $6M+ condos are entering the market compared to those sold since 2020.
The Miami Beach Pre-Construction Condo Market
The pipeline of new construction condos shows a significant number of units expected, with most concentrated in the higher price brackets.
| Condo Name | Location | # of Units | % Sold | Available Inventory | Average Price per SqFt | Price Range | Delivery Date |
|---|---|---|---|---|---|---|---|
| The Perigon | Miami Beach | 83 | 82% | 13 | $3,250 | $4M-$25M+ | Q2 2027 |
| Villa Sofia | Miami Beach | 27 | Not Disclosed | Not Disclosed | N/A | $650K-$2M | Q2 2026 |
| Ocean House | Surfside | 25 | 50% | 12 | $3,300 | $5M-$16M+ | Q3 2027 |
| Ritz Carlton Residences SB | Miami Beach | 30 | 25% | 18 | $2,750 | $3M-$25M+ | Q2 2027 |
| Ocean Terrace | Miami Beach | 52 | Not Disclosed | Not Disclosed | N/A | $9.5M-$25M+ | 2029 |
| The Shore Club | Miami Beach | 49 | Not Disclosed | Not Disclosed | $5,500 | $6M-$50M+ | 2027 |
| 72 Park | Miami Beach | 270 | 95% | 15 | $1,700 | $750K-$2.5M | Q2 2025 |
| Rivage | Bal Harbour | 60 | 50% | 30 | $3,600 | $7M-$50M+ | Q1 2026 |
| Delmore | Surfside | 37 | Not Disclosed | Not Disclosed | $4,700 | $15M-$50M+ | 2028 |
| Surf Row Residences | Surfside | 24 | 40% | 14 | $1,450 | $1.3M-$3.5M | 2027 |
| Six Fisher Island | Fisher Island | 50 | 65% | 17 | $4,000 | $16M+ | 2027 |
| Total | 707 |
Miami Beach has approximately 15,500 condo units, with an additional 707 units from new developments expected, representing a 4.5% increase in total inventory, primarily in the $5M+ and $10M+ markets.
$1M–$3M: Steady but Inventory-Heavy
Closed sales in this segment remained stable year-over-year, but inventory rose by 53.6%. While buyer interest is strong for well-renovated units, the increased supply gives buyers more leverage, especially in older buildings.
$3M–$6M: High-Interest, Lower Prices
This segment saw a 22% increase in closed sales and a 28% drop in inventory. Despite higher demand, prices per square foot saw a slight decrease, indicating that sellers are adjusting prices to secure deals.
$6M–$10M: Slight Cooling, Solid Value
Closed sales declined 14% year-over-year, with inventory increasing by 14%. Buyers are taking more time and are more selective, focusing on prime locations and upgraded units. The market reflects a healthy pause with good value for discerning buyers.
$10M+ Ultra-Luxury: A Market of Contrasts
While closed sales remained flat, pending sales increased. Months of inventory rose significantly, signaling an oversupplied resale market. New developments and pre-construction projects are driving activity, creating a clear divide between resale and new construction values.
Final Thoughts and Looking Ahead
The Miami Beach condo market is increasingly favoring properties that offer location, design, privacy, and amenities. Sellers of older properties must adapt to current pricing realities, especially with fierce competition from new developments. The second half of 2025 will be closely watched for inventory absorption and the continued influence of new construction on the market.