It’s official, Key Biscayne condo market is a strong sellers market. Inventory is down 40%, in less than three months with 150 units available, compared to 251 by the end of 2021. At $728/sqft, current Key Biscayne condo market 2021 Q1 closing prices are the highest since 2015, the highest since we keep record (15 years), except for 2015, and 13% above Key Biscayne condo market 2020 prices ,which were $646/sqft.
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While one may be tempted to think the market was already booming given all the general media coverage on Miami real estate, the fact is the Key Biscayne condo market 2020 only picked up in Q4. As described in our earlier Key Biscayne 2020/2021 market update released just weeks ago, the Key Biscayne condo market was still a buyers market throughout 2020, with some very hopeful signs towards November, December.
Almost three months into 2021, the speed of the market across different price segments has been abrupt and can be compared to the speed at which Key Biscayne single family homes started being picked up mid 2020 in the midst of COVID as well as lower price segments of the Brickell condo market also in Q1 2020. 60% of the major Key Biscayne Oceanfront buildings we track have less than 6 months of inventory (sellers market definition). However, these measure use annualized sales rates so if we were to use last month sales, many condos on the key have the equivalent of 1-2 month sales. Bottomline, we have little to no inventory to sell.
This is a great time to list. While you can always wait for even higher prices, we are already approaching 15-year record highs and inventory is likely to pick-up, as it has already done in other segments, softening the speed and price at which you can sell your condo. In fact we are seeing incredible activity in three of our listings (Key Colony, Towers, 101 Sunrise). If you would like to discuss selling your property or just to have a quick chat on what price your Key Biscayne condo could trade at, please give us a call at 786.277.3480 so we can discuss how to move forward and help you get top dollar for your property.