Miami Condo Report · Q3 2026
More condo sales, flat prices, fewer leases.
Condo buildings in 16 Miami neighborhoods closed 1,326 sales in the third quarter, 6.9% more than a year earlier, at a median of $549 a square foot, 0.2% below Q3 2025. Closed leases fell 8.6% to 3,629. Below: what moved, where, and the figures behind it.
At a glance In Q3 2026, 1,326 condo sales closed across 16 Miami neighborhoods, +6.9% on Q3 2025. The median closed price was $549 per square foot over 1,311 sales with a recorded size, -0.2% on Q3 2025. 3,629 leases closed in the quarter; months of supply stood at 16.5 on Oct 9, 2026. Source: Miami MLS via Bridge IDX; analysis by Enrique Ponte Ojeda, pulled Oct 9, 2026.
Q3 2026 vs Q3 2025 · n 1,311 sales with a size · MLS data pulled Oct 9, 2026
The quarter
Volume is back up. Prices are not.
Third-quarter closings rose to 1,326 from 1,240 in Q3 2025, the most for a third quarter since 2023 (1,748). That is still 69.4% below the Q2 2021 peak of 4,329 closings in a quarter.
Price per square foot barely moved: a median of $549 against $550 a year earlier. On the rolling index that is 61.5% above January 2020 ($340) and 6.3% below the high of $586 in November 2024.
Sellers gave up slightly less. The median sale closed at 94.6% of the last asking price, 0.3 points better than a year earlier, and the median condo took 83 days to sell, 4 fewer.
Median closed $/SF, all 16 neighborhoods
Rolling 3-month median, Jan 2020 to Sep 2026
Closed condo sales by quarter
Q1 2020 to Q3 2026; amber = the two quarters compared
Neighborhood by neighborhood
Most neighborhoods sold more. Fewer got pricier.
Closed sales rose in 9 of the 13 neighborhoods with at least 15 closings in both quarters. Median price per square foot rose in 5 and fell in 8.
The biggest moves say as much about which buildings traded as about value. Coconut Grove's median rose 34.5% on 51 sales and Bay Harbor Islands's rose 29.4% on 36. With samples this size, a few closings in newer or larger buildings can move a median a long way. Sunny Isles Beach (13.3% lower on 159 sales) and Edgewater (11.6% lower on 89) went the other way.
Neighborhoods with fewer than 15 closings in a quarter are shown with their count but no median.
Median $/SF, Q3 2025 to Q3 2026
Neighborhoods with at least 15 sales in both quarters
| Neighborhood | Sales | Median $/SF | $/SF vs Q3 2025 | Days on market | Sale-to-list | Leases | Lease $/SF/mo |
|---|---|---|---|---|---|---|---|
| All 16 neighborhoods | 1,326 vs 1,240 | $549 n 1311 | -0.2% | 83 | 94.6% | 3,629 | $3.83 |
| Coconut Grove | 51 vs 54 | $994 n 51 | +34.5% | 51 | 94.2% | 133 | $4.72 |
| Key Biscayne | 51 vs 41 | $867 n 51 | +5.6% | 53 | 95.5% | 86 | $4.75 |
| Brickell | 163 vs 181 | $610 n 161 | -0.5% | 85 | 94.7% | 771 | $4.07 |
| Downtown | 164 vs 158 | $538 n 161 | -3.9% | 66 | 95.7% | 778 | $3.90 |
| Edgewater | 91 vs 77 | $600 n 89 | -11.6% | 77 | 95.0% | 317 | $4.50 |
| Midtown | 1 vs 2 | – n 1 | – | – | 0 | – | |
| Fisher Island | 2 vs 3 | – n 2 | – | – | 3 | – | |
| South Beach | 195 vs 179 | $596 n 193 | +4.7% | 84 | 94.5% | 450 | $4.29 |
| Mid-Beach | 74 vs 85 | $573 n 71 | +11.7% | 91 | 94.0% | 147 | $3.51 |
| North Beach | 96 vs 88 | $388 n 95 | -3.2% | 73 | 95.2% | 213 | $2.87 |
| Miami Beach | 2 vs 5 | – n 2 | – | – | 8 | – | |
| Surfside | 16 vs 23 | $727 n 16 | -8.3% | 64 | 95.1% | 35 | $3.19 |
| Bal Harbour | 26 vs 21 | $1,057 n 26 | -9.2% | 71 | 92.1% | 37 | $5.62 |
| Bay Harbor Islands | 36 vs 23 | $559 n 36 | +29.4% | 122 | 94.4% | 63 | $3.64 |
| Sunny Isles Beach | 160 vs 140 | $438 n 159 | -13.3% | 107 | 93.5% | 243 | $2.89 |
| Aventura | 198 vs 160 | $326 n 197 | -3.3% | 90 | 93.7% | 345 | $2.61 |
Supply
At this pace, the listings would take more than a year to sell.
At the third-quarter pace of about 442 closings a month, the 7,295 condos listed for sale on October 9, 2026 would take 16.5 months to sell.
Supply is tightest in Key Biscayne (5.4 months) and deepest in Downtown (24 months). This site's market statistics read under 5 months as a seller's market and over 8 as a buyer's market. By that rule 12 of the 13 neighborhoods with enough sales lean to buyers.
Months of supply = condos listed for sale on October 9, 2026 divided by the average monthly closings in Q3 2026.
Months of supply by neighborhood
Listed for sale on Oct 9, 2026 / average monthly closings in Q3 2026
Where the deals were
The busiest buildings, and the leaders on each measure.
1100 West in South Beach closed more sales than any other building in the quarter, 13. The ten busiest are below. The leaders come from the building rankings, which rank every building with enough closings and show the n on every row.
Most closed sales in Q3 2026
Buildings with 8 or more units; median $/SF shown with at least 5 sales
$/SF change
- Williams Island+184.3% n 18
- The Ritz-Carlton Residences, The Tower Residences+157.3% n 37
- Solimar South+138.8% n 21
- One Grove Isle+126.2% n 20
- Balmoral+111.7% n 40
Fastest sales
- 72 Park14 days n 12
- Mar del Plata27 days n 10
- Bayview Terr29 days n 19
- Costa Bella32 days n 16
- The Waverly at South Beach33 days n 27
Closest to asking
- 72 Park100.0% n 12
- Brickell on the River South97.6% n 30
- South Bay Club97.3% n 29
- Belle Plaza97.3% n 16
- Mirador 120097.1% n 38
Gross rent yield
- The Aventura Beach Club20.0% n 80
- Admirals Port West14.0% n 33
- Commodore Plaza13.9% n 34
- 2000 Isl Blvd Williams13.5% n 18
- Point East One13.3% n 14
Turnover
- Carillon62.5% n 5
- Five Park36.4% n 48
- Grand Palazzo33.3% n 5
- Mr. C Residences Bayshore Tower28.4% n 27
- Penn Plaza27.8% n 5
Windows and thresholds for each measure are on the rankings page.
The lease market
Fewer leases closed, at higher rents.
Closed leases fell 8.6% to 3,629, and they fell in 11 of the 13 neighborhoods with enough leases to compare. The median lease cost $3.83 a square foot a month, up 2.4% from $3.74, and rents rose in 10 of 13.
Rentals still move far faster than sales. With 5,049 rentals listed on October 9, 2026 and about 1,210 leases closing a month, that supply would clear in about 4.2 months.
Median lease $/SF per month, Q3 2025 to Q3 2026
Neighborhoods with at least 15 leases with a size in both quarters
What is coming
The pipeline is heaviest in 2027 and 2028.
The developer files behind PreDevHub list 96 pre-construction projects with an expected delivery from Q4 2026 on, 18,060 units in all. 68 of them, with 11,682 units, are due in 2027 and 2028.
Delivery dates are developer estimates and often slip. Another 22 projects have no date in the files or were due by the end of the quarter, and 6 are marked halted.
Pre-construction units by expected delivery year
96 projects in the developer files behind PreDevHub
The money
Financing cost more than a year ago.
The 30-year fixed rate was 7.40% in Freddie Mac's weekly survey of Oct 8, 2026, 1.10 points higher than the 6.30% of a year earlier. The 15-year was 6.73%, and the Federal Reserve's target range stood at 3.75% to 4.00%.
A higher rate raises the monthly cost of a financed purchase at the same price. It does not change the math for a buyer paying cash.
30-year fixed mortgage rate
Freddie Mac weekly survey, last 26 readings
My read
What I would do with this.
More buildings are trading, but prices are flat and there are 16.5 months of supply. If you are buying, that usually means room to negotiate, especially in the towers with the most units listed. Short-supply pockets are different: in Key Biscayne, the median sale closed at 95.5% of asking.
If you own, the neighborhood median is flat, but your building may not be. Check its own closed record on its page before you set a price, and ask me for the units that compare to yours.
If you rent, rent per square foot rose in most neighborhoods even as fewer leases closed. The building pages show what units like yours actually leased for.
This is my reading of the figures above; every number in it comes from the same frozen record as the charts. The building pages show each building on its own.
Methodology
How this report is built.
- Period
- Q3 2026 (July 2026 to September 2026) against Q3 2025 (July 2025 to September 2025). Quarter figures are plain medians and counts for the three months, not rolling figures.
- Coverage
- Condo buildings in 16 Miami neighborhoods, the same set as the Miami Condo Index. Single-family homes are not included.
- Thresholds
- A neighborhood median is published only with at least 15 closings in the quarter, and a change only when both quarters reach it. Every figure shows its n.
- Frozen
- The numbers were computed from the MLS pull of October 9, 2026 and frozen on October 9, 2026, so this page will not drift as late closings are recorded. The index and rankings keep updating weekly.
- Sources
- Closed sales, leases and listings: Miami MLS via Bridge IDX; analysis by Enrique Ponte Ojeda. Pipeline: the developer files behind PreDevHub. Rates: Freddie Mac Primary Mortgage Market Survey and the Federal Reserve target range, via FRED.
Cite this
Miami Condo Report, Q3 2026. Enrique Ponte Ojeda, www.enriqueponte.com/stats/reports/2026-q3/. Source: Miami MLS via Bridge IDX; analysis by Enrique Ponte Ojeda. Data pulled October 9, 2026.
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