Luxury Residential Market Shifts to a "Buyer's Market" in Condos

Miami's luxury condo market in Q2 2025 showed mixed results: Overall sales volume was down -9.9% year-over-year. The median sales price/SF was up modestly (+3.1%), but the Months of Inventory rose significantly to 19 months, well above the 9-12 month range for a balanced market. This indicates a buyer's market for luxury condos. However, ultra-luxury segments (like Fisher Island, up 15% in price/SF) and Coconut Grove/Coral Gables remain resilient, posting sales growth.