Edgewater Miami Condo Market Report — Q3 2026

Thirty-nine condos closed in Edgewater in the third quarter of 2026. The median sale price was $540,000. The median time on market was 152 days. Homes closed roughly 5 percent below asking price. Those are the headline numbers — below them, the picture is considerably less uniform, and the spread between the buildings that are moving and those that are sitting is the most useful thing I can report.

Published September 30, 2026

This report covers Edgewater's 33137 core, with a separate section on the 33132 fringe (Opera Tower, Quantum on the Bay, Aria on the Bay) that is often folded into Edgewater statistics and deserves its own read. Sold-comp figures come from Redfin's trailing-three-month dataset, current as of late September 2026. Building-level inventory data is drawn from direct MLS verification collected August 2026 — all of which is asking prices, not closed sales. I flag where the two datasets tell different things.

The Quarter in Four Numbers

Median sale price

$540,000 — down 34.9% from Q3 2025, though that figure deserves a qualifier (see below).

Median price per square foot

$578 — down 18.8% year over year.

Median days on market

152 — up from roughly 75 days in the same period last year.

Sale-to-list ratio

Approximately 94.6% — buyers are getting an average 5.4% off asking price at closing.

The 34.9% year-over-year price decline is large enough to warrant a note. Mix shift explains a meaningful portion of it: Q3 2025 included a higher concentration of luxury closings above $2 million, which pulls the median up. Redfin's neighborhood-level data does not separate the luxury segment, so the statistical year-over-year comparison is not apples-to-apples. What the number does confirm is that the upper price band transacted much less actively in Q3 2026 than it did a year earlier — the $2M+ buyer is present in Edgewater but taking longer and requiring more concession. David Siddons Group tracked 12–20+ months of supply in Q1 2026 across Edgewater's top tier, well above the six months that defines a balanced market.

The Inventory Picture

Total active MLS inventory across the core buildings in the August 2026 collection came to roughly 170 units in 33137 and an additional 64 units in the 33132 fringe. That 234-unit combined supply, against 39 closed sales in the quarter, implies roughly six months of supply at the 33137 core alone — and that figure flatters the market slightly, because a meaningful share of the active units on the aggregator sites are stale (sold or off-market but still appearing in database pulls). The Charter Club is the most extreme case: 11 of 11 checked listings were confirmed sold or removed from market, with only one genuinely active unit in the building.

Three buildings account for the majority of active 33137 supply: Paraiso Bayviews (30 units, median ask $563,750), Gran Paraiso (21 units, median ask $1,070,000), and Blue on the Bay (16 units, median ask $590,000). Paraiso Bayviews deserves a specific note — its $/SF distribution is bimodal ($525 to $984 per square foot), meaning a single median understates the two distinct product tiers that building contains.

Price by Tier

The market in 33137 separates cleanly into three tiers by asking price:

Entry tier (sub-$600K)

23 Biscayne Bay at $579,000 median, Cite on the Bay at $495,000, Paraiso Bayviews at $563,750, Blue on the Bay at $590,000. This tier is the most active in terms of closed transactions and the most price-reduced in terms of seller behavior.

Mid-market ($600K–$1.2M)

Icon Bay at $735,000, The Crimson at $709,500, Onyx on the Bay at $719,500, Bay House at $962,500, Biscayne Beach at $987,000, Gran Paraiso at $1,070,000. The widest absorption variance lives here — buildings in this tier range from 22 to 168 days on market.

Upper tier ($1.2M+)

One Paraiso at $1,895,000 and Elysee Miami at $4,125,000. Elysee is the only upper-tier building with a clean verified dataset; One Paraiso's active inventory is concentrated in 3-bedroom and penthouse product, making its median not mix-comparable to the broader 33137 figure.

Building-by-Building Digest

The following reflects verified active asking prices, collected August 2026. DOM where noted is median across active units. All figures are asking prices unless labeled as closed sales.

23 Biscayne Bay (601 NE 23rd St): 5 units active, median $579,000 / $516 per SF, median DOM 22 days. HOA $629–$1,217. Fastest absorption in the core — all five units verified individually active.

Onyx on the Bay (665 NE 25th St): 4 units, median $719,500 / $614 per SF, median DOM 149 days. HOA $1,440–$2,306. Second-longest DOM in the collection.

Blue on the Bay (601 NE 36th St): 16 units, median $590,000 / $533 per SF. HOA spot-checks $1,200–$1,667. Two of four units spot-checked returned stale data — treat inventory count and median with caution.

The Crimson (601 NE 27th St): 6 units, median $709,500 / $628 per SF, median DOM 168 days. HOA $1,051–$1,464. Three of six units reduced in the prior 60 days.

Cite on the Bay (2000 N Bayshore Dr): 15 units, median $495,000 / $510 per SF. Verified HOA $489. Lowest per-square-foot asking price in the 33137 core.

Paraiso Bay (650 NE 32nd St): 26 units, median $886,000 / $850 per SF. HOA thin (4 of 26 verified, $1,003–$2,661). Four units spot-checked clean.

Icon Bay (460 NE 28th St): 15 units, median $735,000 / $685 per SF. HOA $1,544–$1,849. Three units verified active.

Bay House (600 NE 27th St): 6 units, median $962,500 / $645 per SF. HOA $1,367–$2,026. One unit raised its ask 43% ($1,050,000 → $1,650,000) in January 2026.

Biscayne Beach (2900 NE 7th Ave): Inventory count disputed across sources (16–25 units); medians computed from 22 verified units — $987,000 / $932 per SF. HOA $1,157–$4,100 (3 verified). Unit 901 has since cut from $799,000 to $789,000.

Gran Paraiso (480 NE 31st St): 21 units, median $1,070,000 / $894 per SF. HOA thin (4 of 21 verified, $1,426–$3,941). Four spot-checks clean.

One Paraiso (3131 NE 7th Ave): 10 units, median $1,895,000 / $1,163 per SF. Inventory is 9 of 10 units 3BR or penthouse — not mix-comparable to the broader market.

Paraiso Bayviews (501 NE 31st St): 30 units, median $563,750 / $717 per SF. Distribution bimodal ($525–$984/SF). HOA $852–$1,541 (3 verified). Largest verified active inventory in the 33137 core.

Elysee Miami (788 NE 23rd St): 6 units, median $4,125,000 / $1,332 per SF. HOA $4,359–$6,571 (3 verified). Cleanest verification in the set — all 6 units confirmed active at matching prices.

Not publishable this period: Aria Reserve (developer-held, not resale MLS), Missoni Baia (source unit sets near-disjoint, 4 of 6 spot-checks returned stale data), The Charter Club (only 1 genuinely active unit), Aria on the Bay (zip 33132, source disagreement).

The 33132 Fringe

The adjacent 33132 ZIP — which includes Opera Tower, Quantum on the Bay, and Aria on the Bay — is frequently folded into "Edgewater" by aggregators, and doing so distorts the 33137 statistics materially.

Opera Tower alone carried 47 active units at a median of $345,000 and $476 per square foot — the largest single-building active inventory found anywhere in the collection. Quantum on the Bay had 17 units at a median of $475,000 and $542 per square foot. These buildings represent a different product tier and a different demand profile than the 33137 core. Combined, their 64 active units would double the entry-tier supply picture if merged into the 33137 count. They should be analyzed separately.

The Pipeline That Keeps Supply Elevated

New construction is not finished delivering into the Edgewater market. Aria Reserve's South Tower delivered in 2025 and its developer-held inventory is not on the MLS — but it is competing for the same buyers. The Edition Residences (2121 N Bayshore Dr) reported zero resale MLS units in August 2026, still a preconstruction project. Additional towers in the Edgewater new construction pipeline are scheduled for delivery through 2028–2029, which will keep overall supply pressure elevated even if individual resale buildings see absorption improve.

What Q4 2026 Is Likely to Look Like

The Q4 pattern in Miami residential condos is historically one of modestly improved activity — northern buyers who spent summer in the Northeast or Europe return to contract on properties they viewed earlier in the year. That seasonal pull exists in Edgewater, but 2026's elevated days-on-market suggest the demand level needed to work through 170+ active units in 33137 is not going to arrive in one quarter. Sellers who need to close by year-end face the same arithmetic they faced in Q3: price below the building's active median, produce complete documentation, and respond to the first reasonable offer.

Buyers entering Q4 2026 are in a strong position on negotiation leverage — particularly in the pre-2010 buildings and at the entry tier. The diligence process is worth doing thoroughly, because the spread in building financial condition across Edgewater's resale inventory is wide.

Frequently Asked Questions

Why did the Edgewater median price fall 34.9% year over year?

Mix shift accounts for a significant portion. Q3 2025 included a higher concentration of luxury closings above $2 million; Q3 2026 saw fewer of those transactions, which pulled the neighborhood median down even if individual price-tier medians did not fall as sharply. The per-square-foot figure, down 18.8%, is a cleaner signal of actual price movement within comparable units.

How many active units are genuinely available in Edgewater right now?

Approximately 170 in the 33137 core based on August 2026 verification, after removing units confirmed as sold or off-market in the major aggregator databases. The raw aggregator counts overstate inventory by a meaningful margin — The Charter Club showed 15 "active" units on one site, of which 11 were verified sold or removed.

Is now a good time to buy in Edgewater?

Buyers have more inventory, more negotiating room, and more time than they had in 2021–2022. What that means for any specific purchase depends on the building's financial condition, the unit's position in the building, and what the buyer intends to do with it — hold as a primary residence, rent it, or sell in 5 years. I am a broker, not a financial advisor, and I can not tell you what prices will do. What I can do is help you read the building's documents before you commit. The spread in reserve health across Edgewater's resale inventory is wide enough to matter.

Which Edgewater buildings have the best documented reserve positions?

The buildings with completed structural integrity reserve studies — required for buildings three stories or higher and 30 years old — are the ones where the reserve question has a published answer. Most of Edgewater's post-2000 stock does not yet trigger this requirement, so for a 2007 building the question is what the association's own reserve study says, not what statute requires.

What is the difference between the 33137 and 33132 Edgewater buildings?

ZIP 33132 includes Opera Tower, Quantum on the Bay, and Aria on the Bay — buildings that sit at the northern edge of downtown rather than the Edgewater bayfront corridor. They carry a different price tier (Opera Tower's 47 active units median at $345,000) and compete for a different buyer than the 33137 core. Aggregators that merge them into a single "Edgewater" figure obscure both markets.

Does Stefania work with buyers in Edgewater?

Yes. I have done a substantial number of transactions in Edgewater's bayfront towers — primarily leases, which gives me building-level operational knowledge that most listing searches do not surface. If you are trying to understand what a specific building actually costs to live in, or what the association's relationship with its residents looks like, that is a different conversation than what the MLS tells you. Reach out directly.

Stefania Riverin, Licensed Real Estate Sales Associate · FL SL3620067 · Brokered by NB Elite Realty · 1101 Brickell Ave, Miami, FL 33131 · Equal Housing Opportunity. Sold-comp statistics sourced from Redfin, trailing three months. Building-level inventory data sourced from direct MLS verification collected August 2026; all building-level figures are asking prices, not recorded sale prices. Market conditions described as of September 2026.