Скачать или смотреть Brickell Condo Market - 1st Quarter 2025 - Miami Real Estate Market Update

What is going on in the Brickell Condo Market?
The 1st Quarter of 2025 for the real estate market is in the books and today we are looking at the condo market in Brickell which is one of the most popular neighborhoods for condos in Miami, and one which I like to refer to as the Mini-Manhattan due to all the condo buildings, office towers, restaurants, shopping, transportation options all in a small area.

The First Graph we show the #'s month by month:

First off...
Active Listings = 1,144. This is up 35% since the start of the year.
This is not good.
Closed Sales = January 61, February 63 and March 68. Just a small increase month over month, but not good considering all the new Listings For Sale.
Months of Supply is 18 months for the end of the Quarter which is high.
A normal market or balanced market is 6-9 Months, anything above that truly favors Buyers so we have a strong Buyers market. But as we always say that with condos you have to go building by building when it comes to inventory and Active Listings, as one may have a lot but next door may have very little for sale.

Days on Market = 64 is lower than previous two months, so this is good.
Median Price/Sqft = $632.
Median Price Sold = $640,250.
Both are much lower than January, and slightly off February.

Let's take a look now to see what Price Range most of the activity is taking place in both for Active Listings and Closed Sales.

We see that the majority, 72% of Actives and 74% of Closed Sales are at under $1 Million and we do see decent activity in the $1-3 Million Dollar price range but above $3 Million it falls off as there are 86 Active Listings while only 3 Closed Sales took place for the entire Quarter.

For Buyers looking for condos in Brickell you definitely have a lot of inventory to choose from, however with condos it really is building specific so you have to go building by building, but with 1,144 condos for sale you should be able to find what you want and be able to negotiate.

If you are a Seller in this market you have to be very careful when pricing your condo for sale as there is a lot of inventory, and even though there is activity at under $1 Million it just isn't enough given the high levels of inventory. If you are in the upper price ranges above $3 Million there is very little Sales activity so please take note.

When we see a market like this we suggest to price your condo a bit below the market to attract the most attention possible when coming on the market especially with all the economic headwinds in the world right now you don't want to sit on the market with all this inventory and more and more coming on every day.

In summary, we can see that right now the condo market in Brickell is a strong Buyers market. There is a ton of Active Listings while Sales has not kept up. And while most of the activity is taking place at below $3 Million there is just too much inventory to sort through with more listings coming online which will slow the market even more. A big area of concern is for those listings above $3 Million as not only is there very little Closed Sales but it is also coming at a really bad time, as we are now dealing with a very volatile and unstable stock market and interest rates due to the trade wars regarding tariffs which we feel we will negatively impact the real estate market in our April sales #'s, and possibly for the coming months as well, and maybe for the rest of 2025.

One other word of caution is for Older Buildings which we see on the Southern end, and a few in Brickell Key as most of those towers were built in the 70's and 80's... there is a lot of negative press towards older buildings due to the strict rules and regulations passed especially the Structural Integrity Reserve study and the 30 and 40 Year Recertification which has caused a huge increase in maintenance fees and forced Special Assessments.

If you need to sell understand that it is a tough environment and you will more than likely have to sell at a price less than what you had planned, and it will require patience to sell as a lot of Buyers are staying away from these older buildings for obvious reasons but also due to the fact that getting a loan is very challenging when trying to buy in one of these buildings as lenders are also very cautious. The insurance companies are also being very selective and some not wanting to insure these buildings especially if they have not completed the Reserve Study and/or 30 and 40 year Recert so it really only can be sold to a Cash Buyer in most cases.

It is going to be a challenge to sell, so we strongly advise you to work with a professional that can guide you through the process.

I am Jose Laya, and I was born and raised in Miami, and as I start my 19th year in real estate I can proudly say that our goal in making these videos is to provide you with value by sharing real market data to give you a better insight into the local market. Thank you for watching.