Record-Breaking Start to 2024: Miami-Dade Condo Sales Skyrocket in January

Despite a slight decline in the number of units sold, Miami-Dade County’s condo market witnessed a surge in sales dollar volume during January. The data from Redfin’s Multiple Listing Service reveals that despite closing 598 sales, down from December’s 677 and November’s 672, the total sales reached an impressive $466 million, marking an increase from the previous month’s $457 million.

January’s condo market showcased a diverse range of transactions, with sale prices spanning from $99,000 to a staggering $15.9 million. The median sale price settled at $400,000, with a notable range in price per square foot, varying from $125 to $4,703. This contrasts with December’s median price of $394,000 and a median of $426 per square foot.

Leading the pack for the priciest sale last month was a remarkable $15.9 million transaction at the Four Seasons Residences at the Surf Club. Unit N-819 at 9111 Collins Avenue in Surfside fetched $4,703 per square foot after spending 108 days on the market. Notably, the buyers, Robert Trone, and Anna Marie Parisi-Trone, are recognized as the founders and owners of Total Wine & More, the nation’s largest privately owned wine and spirits retailer.

In comparison, December’s top sale at the Porsche Design Tower in Sunny Isles Beach amounted to $10.5 million, indicating a significant leap in January’s luxury market activity.

On the opposite end of the spectrum, the most affordable transaction in January was a Crestview Towers condo in North Miami Beach, which traded for $99,000, equivalent to $125 per square foot.

The variation in sales also highlights the diversity of Miami-Dade County’s condo market. For instance, the newest property sold in January was a unit at Missoni Baia, built in 2023, fetching $2.1 million, while the oldest transaction involved a unit in Windsor Plaza, dating back to 1925, sold for $279,000.

Overall, the data underscores the resilience and dynamism of Miami-Dade County’s condo market, showcasing a mix of luxury transactions and more affordable options, catering to a diverse range of buyers and investors.

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