Miami Condo Market Report -- March 2026

The Big Picture

Miami's luxury condo market ($1M+) entered 2026 with the highest active inventory levels since 2015. Our daily scan of over 8,000 active listings found 420+ properties with active price reductions -- representing roughly $340M in cumulative asking price cuts.

The average price reduction is sitting at 6.2%, but the distribution is wide: outliers as high as 28% suggest truly motivated sellers, while the median is closer to 4%.

New Construction vs. Resale: A Two-Tier Market

The clearest pattern we see in the data is a bifurcation between newly delivered towers and older resale stock.

Buyers for new units in projects like Bentley Residences, St. Regis Brickell, and Cipriani Residences are still paying at or near original contract prices. These projects sell on brand, amenities, and the cachet of never having been occupied.

Meanwhile, sellers in buildings that completed before 2020 face a much tougher audience. Buyers increasingly ask: "What are the reserves? What's the milestone inspection finding? What will HOA fees be in 3 years?" When sellers can't answer those questions favorably, they have to cut prices to compete.

Brickell: The Most Active Drop Market

Brickell leads all neighborhoods by both volume and total dollar value of price drops. This tracks with the neighborhood's massive condo supply growth over the past five years -- more units means more motivated sellers when the bid side weakens.

Notable Brickell trends this month:

• Average days on market for dropped listings: 124 days
• Most common property type with drops: 2/2 condos in the $1.2M--$2.5M range
• Buildings with multiple units for sale at reduced prices: Echo Brickell, SLS Brickell, Brickell Heights

The HOA Wildcard

Florida's SB-4D legislation required condo associations with buildings three stories or taller to complete milestone inspections and fully fund structural reserves by December 2024. The consequences are still rippling through the resale market.

We're tracking listings in buildings where HOA fees have risen 40-200% since 2022. In several cases, a $1.5M condo now carries $2,500-$4,000/month in HOA fees -- a carrying cost that dramatically changes the rent-vs-own calculus and forces sellers to price more aggressively.

Buildings that completed their inspections cleanly and maintained healthy reserves are trading at a premium over comparable buildings with deferred maintenance or underfunded reserves.

Outlook for Q2 2026

We expect the current trends to continue through Q2:

• Inventory will remain elevated as pre-construction buyers from 2021-2022 close on units and decide whether to live in them or sell.
• The "two-tier" pattern will intensify -- best-in-class new construction will hold value, while older stock will need to be priced at a discount.
• HOA fee normalization will take 2-3 more years -- buildings that were forced to dramatically raise fees in 2024-2025 won't see relief until they've rebuilt reserves.
• International buyer interest is stabilizing after the 2024 slowdown. Brazilian and Colombian buyers are active again, but less willing to pay 2022 prices.