Miami Condo Data Note: Q3 Closings Up 6.9%, Price Per Foot Flat at $549

This is the first weekly data note, computed from the closed MLS records behind my condo building pages. It covers condo buildings in 16 Miami neighborhoods, from Brickell and Edgewater to Sunny Isles Beach and Key Biscayne, and compares July to September 2026 with the same three months of 2025. Records are as of Oct 9, 2026.

Buyers closed 1,326 condo sales in the quarter, up 6.9% from 1,240 a year earlier. The median price per square foot barely moved: $549 across 1,311 sales with a recorded size, against $550 across 1,228 a year ago, a change of 0.2%. The median sale price was $576,000, against $575,000. Units sold faster, at a median 83 days on market versus 87, and closed at a median 94.6% of the last asking price, up from 94.3%.

Rents per foot rose as leases slowed

Leasing went the other way on volume. Recorded leases fell 8.6% to 3,628, from 3,970. The median rent rose to $3,500 a month from $3,400, and the median rent per square foot to $3.83 a month from $3.74, up 2.4%. September alone was flat on sales: 405 closings against 407 in September 2025. Late reports can still add to September, so treat the latest month as a floor, not a final count.

Where neighborhood medians moved

• Coconut Grove: $994 a square foot (n 51) against $739 (n 54), up 34.5%. With 51 sales in a quarter, which buildings happen to close moves this median, so read it as a change in mix until it holds for another quarter.
• Mid-Beach: $573 (n 71) against $513 (n 84), up 11.7%.
• Edgewater: $600 (n 89) against $679 (n 77), down 11.6%.
• Sunny Isles Beach: $438 (n 159) against $505 (n 139), down 13.3%, on more sales: 160 against 140.

On the market today in the same buildings: 7,295 condos for sale, 660 more under contract, and 5,049 for lease.

My read

More closings at an unchanged price per foot is a market that clears when sellers price to the record. A median of 94.6% of the last asking price says the typical buyer still negotiated a real discount off the ask. If you are selling, price from closed sales in your own building, not from the listings around you. If you are renting a unit out, per-foot rents are still rising while fewer leases are closing, so set the rent from your building's recent leases rather than last year's ask. Every number above carries its sample size, and no median in this note rests on fewer than 15 sales.