In the second quarter, condo sales took the biggest hit in Brickell and Coconut Grove, while prices surged in Flagami, Overtown and Park West, a new analysis of residential closings in the city of Miami shows.
The Real Deal’s second quarter analysis of MLS data also shows where single-family home prices experienced the steepest declines. As the pandemic continued to take a toll on sales, the number of single-family and condo closings fell across the board.
Condo prices
The Venetian Islands, which span both the city of Miami and Miami Beach, experienced the biggest bump in median prices for condos, rising 81.7 percent year-over-year to $841,375. Though the median price rose, only 10 condos sold in the second quarter, marking a 37.5 percent decrease compared to last year.
In Flagami, the median condo price jumped 70.4 percent, to $241,900. Seven condos sold in the Miami neighborhood, which is south of Miami International Airport. That’s a 53 percent decrease in annual condo sales, down from 15 the second quarter of the previous year.
Condo prices also rose in Overtown, up 54.2 percent to $266,000, and in neighboring Park West, rising nearly 37 percent to $635,000. It’s important to note that in Overtown, only one condo sold in the second quarter compared to two sales in the second quarter of 2019, which skews the median price. In Park West, 14 condos sold, a 26 percent year-over-year increase.
Prices experienced the largest drops in west Flagler, falling by nearly 25 percent to $128,000; and in Coconut Grove, where prices decreased by about 24 percent to $425,000. Three condos sold in west Flagler, marking a 200 percent increase. In Coconut Grove, there were 31 condo sales in the second quarter, down 43 percent.
Single-family home prices
The median price of single-family homes fell the most in Brickell, an area known for its high-rise condo towers, down nearly 43 percent to $380,000. That’s based on only three sales, compared to one sale in the second quarter of 2019.
Generally, single-family home prices increased in the city of Miami and the Venetians. In Overtown, the median price in the second quarter was $525,000, up 56.7 percent, based on just one sale.
In Little Haiti, prices rose by 26 percent to $252,000. There, only three houses sold in the second quarter, down 40 percent year-over-year. Along Coral Way, west of Brickell, the median price jumped 18 percent to $517,000, based on 35 sales in the second quarter. Still, sales fell in the Coral Way neighborhood as well, down nearly 42 percent.
Write to Katherine Kallergis at kk@therealdeal.com