Inventory of homes and condos across the coastal Miami mainland and Miami Beach and the barrier island markets fell in the first quarter, marking the first big inventory drops since 2023.
The Corcoran Group’s first quarter reports don’t cover all of Miami-Dade County, but they offer insight into how the coastal markets, which have a higher share of luxury properties, are performing.
In Miami Beach, Sunny Isles Beach, Bal Harbour, Bay Harbor Islands, Surfside, Miami Beach, Fisher Island and Key Biscayne, single-family home inventory dropped 15 percent annually to 398 listings, and condo inventory was down 13 percent to 3,919 listings.
On Miami’s coastal mainland markets, which include Aventura, Miami Shores, Upper East Side, Edgewater, downtown Miami, Brickell, Coral Gables and Coconut Grove, inventory slipped 4 percent to 4,584 condo listings and 555 single-family listings, down 6 percent year-over-year.
Here’s a closer look at the market:
Miami Beach and the barrier islands
Single-family sales rose 13 percent year-over-year to 85 closings, the first time they have increased since the second quarter of 2024. Condo closings rose 15 percent to 693 closings, the first increase since the last quarter of 2024.
Pricing dropped, with the median price of single-family homes down 4 percent to $3.5 million and the median condo price down 9 percent to $640,000. The average price per square foot was nearly flat at $1,119.
Still, buyers set records with their purchases. Billionaire Facebook founder Mark Zuckerberg paid $170 million for the waterfront mansion at 7 Indian Creek Island Road, and Starbucks billionaire Howard Schultz paid $44 million, or $7,949 per square foot, for a penthouse at the Four Seasons Residences at The Surf Club.
Coastal mainland
Sales of single-family homes on the coastal mainland rose 16 percent to 220 closings. While markets like Coral Gables experienced declines in condo and single-family home sales, Coconut Grove home sales surged — up over 100 percent for single-family homes to 47 closings and up 55 percent to 87 condo closings. Condo sales rose 13 percent to 759 closings.
The median price of single-family homes across the coastal mainland rose 11 percent to just over $2 million. The median price of condos increased slightly, up 1 percent, to $602,000.
The priciest deals in the first quarter were the $32 million trade of 12 Tahiti Beach Island Road in Coral Gables, and the $19.8 million sale of a penthouse at Vita at Grove Isle.