About The Market
South Florida’s wealth migration keeps prices and demand high.

During the pandemic, South Florida got wealthier with corporate expansions, some of the world’s wealthiest — remember hedge fund Citadel Founder Ken Griffin and Amazon Founder Jeff Bezos? — moving to Miami, and those executives bringing their staff. As a result of corporate expansions and job growth, Miami-Dade has a historically low unemployment rate of 1.4%, according to data from the Federal Reserve.

The demand led to an increase in total home sales during what is usually considered one of Miami-Dade’s slowest months for activity. Miami-Dade had a total of 1,705 sales in February, up from 1,692 sales a year ago.
Some good news for buyers? They have more options on the table with rising inventory. Miami-Dade has 4.4 months supply of houses and 7.8 months of condos; Broward has 3.8 months supply of houses and 6.8 months of houses. A balanced market consists of six to nine months of inventory, with anything below that benchmark benefiting sellers and anything above benefiting buyers.

More housing options may be the only good news the average buyer gets for a while in South Florida. Starting this summer, buyers will have to worry about commission fees nationwide, a cost covered by sellers since the 1990s. It’s a change set last week by the National Association of Realtors and one real estate analysts and agents believe will be another burden for local home shoppers.
T H E J O E L L E T E A M


Proud to be recognized among the Top Producers 2024.
I am honored to be among ONE Sotheby's International Realty's agents of influence.

As a market leader along Florida's East Coast, we are committed to delivering excellence, expertise, and exceptionalism through our unrivaled service to our local and global network.

📍 Turnberry Ocean Club Residences #3503
18501 Collins Ave, Sunny Isles Beach, FL 33160

• 3 Beds | 4.5 Baths | 3,110 Sq.Ft.
• Rented price: $29,000/Mo

Incredible ocean and Intracoastal views from this designer-finished and upgraded flow-through residence in the new tower. Built by renowned developer Turnberry Associates and designed by designer Lisa M. Turnberry Ocean Club offers 70,000 sq. ft. luxury amenities including a 3-story Sky Club, sunrise and sunset pools, 3 dining areas, a movie theater, a kids club, a wine room, guest suites, hotel style spa, a nail/hair salon, beach and pool service, social club, and events.
MARKET UPDATE
SNAPSHOT | MIAMI NEIGHBORHOODS
A V E N T U R A
New Listings
240
232 last month
Sold Listings
76
67 last month
Average Sale Price
$751,942
$731,851 last month
List vs Sold Price
95%
94% last month
B A L H A R B O U R
New Listings
26
27 last month
Sold Listings
7
5 last month
Average Sale Price
$3,719,429
$1,570,400 last month
List vs Sold Price
94%
95% last month
G O L D E N B E A C H
New Listings
4
1 last month
Sold Listings
2
1 last month
Average Sale Price
$7,172,500
$8,650,000 last month
List vs Sold Price
94%
96% last month
M I A M I B E A C H
New Listings
413
486 last month
Sold Listings
140
133 last month
Average Sale Price
$1,099,878
$1,410,619 last month
List vs Sold Price
94%
93% last month
S U R F S I D E
New Listings
20
26 last month
Sold Listings
7
14 last month
Average Sale Price
$7,596,143
$3,404,643 last month
List vs Sold Price
90%
92% last month
N E W S
About Miami
Miami is leading the nation’s luxury residential markets in price growth, according to a recently released report.
The Magic City’s luxury prices rose 6.5 percent in 2023, year-over-year, the most of any American city. The annual report, which tracks growth and trends of global wealth, pointed to the significant influx of wealthy residents into South Florida in recent years as a driver for the market’s price growth.

Miami has become one of the top U.S. destinations for millionaires and billionaires on the move: In the past decade, the millionaire population has grown by 90% in West Palm Beach and 75% in Miami, according to a 2023 wealth report from investment migration firm Henley & Partners. That puts them in the top four cities in the country; Miami is also home to the most millionaires, centimillionaires, and billionaires on the list.


Miami-Dade’s net international population growth surged in 2023, and was the highest of any county in the U.S., according to new Census data.

The number of new Miami-Dade residents coming from outside the U.S. rise almost 40% last year, to 54,457.

New Developments in Miami Areas


First PAGANI Residences in the world set to launch hypercar branded waterfront condo on Miami's North Bay Village



The Residences at Mandarin Oriental Miami unveils first preview of their South Tower Residences, with plans to make North Tower their North American Flagship Hotel





RELATED GROUP reveals The RITZ-CARLTON RESIDENCES, WEST PALM BEACH

E X C L U S I V E L I S T I N G S
U L T R A L U X U R Y P R O P E R T I E S F O R S A L E
SINGLE-FAMILY HOMES

165 Bal Bay Dr

Bal Harbour

6 Bedroom 7 Bath 5,658 SQ FT (btv)

$13,850,000

Request A Private Showing

2608 Biarritz Dr

Miami Beach

6 Bedroom 7 Bath 5,506 SQ FT (btv)

$13,500,000

Request A Private Showing

5185 N Bay Rd

Miami Beach

7 Bedroom 7 Bath 6,133 SQ FT (btv)

$13,900,000

Request A Private Showing

1730 Bay Dr

Miami Beach

5 Bedroom 3 Bath 4,386 SQ FT (btv)

$9,650,000

Request A Private Showing
N E W D E V E L O P M E N T P R O J E C T

📍Hollywood, FL

Icon Beach Hollywood - Waterfront Residences

Related Group and BH Group have launched sales at Icon Beach Waterfront Residences, a 350-unit luxury condominium project in Hollywood, Fl

Icon Beach Waterfront Residences will include one-, two- and three-bedroom residences with sizes ranging from 948 square feet to 2,580 square feet. The interiors, designed by Meyer Davis, will feature sliding glass doors, Italian cabinetry and light-filled master bedrooms. The condominium prices will run from $825,000 to $2.8 million.
E V E N T S I N M A R C H
🏇 Apr 3 - 6: Longines Global Champions Tour
Witness an epic clash of show jumping titans on the sands of South Beach

⛳️ Apr 5-7: livgolf_league Miami

Enjoy world-class golf, luxury dining, and a vibrant festival atmosphere at Trump National Doral

🎬 Apr 5-14: miamifilm Festival

Immerse yourself in cinematic excellence with screenings and festivities across Miami

⚡️ Apr 18-19: eMergeamericas

Immerse yourself in cinematic excellence with screenings and festivities across Miami

P A R T N E R S C A L E N D A R S

LOS ANGELES | SAN DIEGO | TORONTO | SANTA BARBARA

SAN FRANCISCO | DENVER | WASHINGTON D.C. | SONOMA

WASHINGTON D.C. | ORANGE COUNTY | SEATTLE | HOUSTON

GREENWICH | PARK CITY | SACRAMENTO | SANTA FE | PORTLAND

EAST OF SAN FRANCISCO | SEATTLE | CHIGAGO | RALEIGH


Joelle Oiknine
Senior Global Real Estate Advisor
Ranked Top 1.5% Nationwide

ONE Sotheby's International Realty

9588 Harding Ave, Surfside, FL, 3154
119 Washington Ave, Miami Beach, Fl 33139
© MMXXII Sotheby’s International Realty Affiliates LLC. All Rights Reserved. Sotheby’s International Realty Affiliates LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each Office is Independently Owned and Operated. Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks licensed to Sotheby’s International Realty Affiliates LLC.

This email was sent to .
Don't want to receive these anymore? Unsubscribe here.


Powered by ActivePipe
ActivePipe Message ID: 2288995