Miami Market Report
Q1 2014 MIAMI MARKET REPORT
Miami is well into its third year of recovery and rising prices have finally pulled new listings into the market. While prices were up significantly in the quarter, so too were inventory levels. Miami pre-construction prices are trading at very high premiums over some of the best resale apartments in better locations. Our bet is on the existing resale inventory that is in the best locations.
- Price per square foot for all Miami condos rose 14.2% to $345
- Condo sales activity rose only 2%
- Condo listing inventory rose 16%
- Miami Beach condo prices rose 8.7% to $499 per square foot
- Miami Luxury condo prices rose 15.7% to $804 per square foot
- Distressed sales declined by almost 20%, a good sign of stabilization in the marketplace.