Executive Summary
The Miami luxury real estate market continued its upward trend in April, with a total of 1,461 properties sold. The average sold price reached $1,230,949, a 14.5% increase from the same period last year. The median sold price was $610,000, and the list-to-sold price ratio remained stable at 92.8%. However, sales volume declined by 2.0% compared to the prior 30-day period and 28.7% compared to the same time last year.
Neighbourhood by Neighbourhood: Where the Market Is Moving
The data reveals that Surfside remains the most expensive neighbourhood in Miami, with an average sold price of $7,140,500. This is followed closely by Bal Harbour, Bay Harbor Islands, and Coral Gables, which all saw significant sales activity.
[INSERT CHART HERE — Neighbourhood Comparison]
Neighbourhood Breakdown
- Surfside: 10 sold | avg $7,140,500 | $2006/sqft | 106 days on market | list-to-sold 90.1%
- Bal Harbour: 12 sold | avg $3,040,833 | $1077/sqft | 107 days on market | list-to-sold 87.2%
- Bay Harbor Islands: 7 sold | avg $3,037,500 | $994/sqft | 115 days on market | list-to-sold 91.9%
- Coral Gables: 59 sold | avg $2,988,153 | $883/sqft | 107 days on market | list-to-sold 91.8%
- Coconut Grove: 11 sold | avg $2,472,364 | $829/sqft | 113 days on market | list-to-sold 92.0%
- Key Biscayne: 18 sold | avg $2,195,000 | $946/sqft | 182 days on market | list-to-sold 94.1%
- Miami Beach: 160 sold | avg $2,100,836 | $879/sqft | 124 days on market | list-to-sold 89.9%
- Sunny Isles Beach: 45 sold | avg $1,274,394 | $627/sqft | 102 days on market | list-to-sold 93.7%
- North Miami Beach: 22 sold | avg $1,107,830 | $458/sqft | 74 days on market | list-to-sold 91.5%
- Miami: 841 sold | avg $956,887 | $487/sqft | 84 days on market | list-to-sold 94.4%
- Aventura: 55 sold | avg $926,779 | $430/sqft | 110 days on market | list-to-sold 92.8%
- Hollywood: 111 sold | avg $771,379 | $383/sqft | 101 days on market | list-to-sold 95.1%
- Doral: 64 sold | avg $615,310 | $373/sqft | 93 days on market | list-to-sold 95.3%
- Hallandale Beach: 46 sold | avg $601,746 | $340/sqft | 132 days on market | list-to-sold 90.9%
The Floor Premium: Why Your Unit’s Height Matters
The data reveals a significant premium for higher floors in condominiums. The average sold price increases by 24% from lower floors (Floors 1-25%) to the penthouse tier, which commands an average price of $2,189,817.
[INSERT CHART HERE — Floor Tier Premium]
Floor Tier Breakdown
- Lower (Floors 1-25%): 88 sold | avg $741,892 | $491/sqft
- Mid (Floors 26-50%): 158 sold | avg $1,017,314 | $604/sqft
- Upper (Floors 51-75%): 130 sold | avg $1,031,480 | $642/sqft
- High (Floors 76-90%): 80 sold | avg $1,364,254 | $735/sqft
- Penthouse Tier (Top 10%): 72 sold | avg $2,189,817 | $828/sqft
View Analysis: What Each View Type Adds to Value
Talk to a Brickell Specialist
Need help comparing Brickell condos, timing a Miami move, or evaluating a new-construction opportunity? Speak with the Brickell Sold team.
Talk to a Brickell Specialist
Need help comparing Brickell condos, timing a Miami move, or evaluating a new-construction opportunity? Speak with the Brickell Sold team.