South of Fifth 2023 end of year stats

South of Fifth 2023 end of year stats

  • 01/9/24

South of Fifth (SoFi) is currently undergoing adjustments after the surge caused by the pandemic and post pandemia high.

The average sales price for all condominiums in South of Fifth has decreased by 8.7% compared to 2022. However, it still surpasses many of Miami's market averages and even national averages. Additionally, there has been a significant decrease of 37% in the volume of sales. The pace of the market has slowed a bit, with 3% increase in the time it takes to sell a property.

Key Takeaways

  • Sales continue to lag behind the heightened activity seen during the housing boom caused by the pandemic.
  • SoFi has witnessed a readjustment of prices, and there has also been a decrease in the number of sales.
  • The market's pace, commonly referred to as months of supply, remains at similar levels to those of the previous year.

As inventory levels change, we have to see how prices for the South of Fifth real estate market are impacted. Will condo pricing be affected by the Structural Integrity Reserve Study and the fact that associations will no longer be allowed to waive their reserve contributions?



Welcome to South of Fifth

Prestigious neighborhood on the tip of Miami Beach where luxurious condos meet resplendent natural scenery
Tucked along the southernmost point of Miami Beach, the South of Fifth neighborhood—locally known as SoFi—lets residents enjoy a more relaxed and serene environment. As its name states, this community rests south of 5th Street and is adjacent to the famed A1A scenic highway. Its location within Miami Beach gives SoFi access to all of the excitement of the thriving town, yet its relative distance from Miami Beach’s central hub provides a sense of exclusivity. 
South of Fifth is best known as one of the most coveted, prestigious condo corridors in all of Miami. Among lavish developments, you can choose from a wide variety of penthouse floors, single-room units, gorgeous condominiums, beachside townhomes, and multi-million dollar estates. Surrounded by water on three sides and the sparkling downtown skyline to the north, the views offered from these residences are always spectacular.
Learn more about Miami Beach real estate and South of Fifth including the latest listings and demographics.

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While we are consistently award-winning and the recipient of 2021 Pinnacle Award, Top 2% of agents company wide and #1 in New Dev Sales for Florida, we believe luxury is not a matter of price points but of passion to service. Whether you are a discerning buyer, a savvy seller or are seeking to upgrade, go ahead, leverage us and maximize your real estate experience. We are uniquely focused in offering the best real estate tools and solutions to our customer portfolio on a one-to-one basis, with the highest standard of service, commitment and integrity.