Miami Market Report

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Q2 2014 MIAMI MARKET REPORT

Miami real estate market 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 from a bottom in the same quarter last year. Miami has seen some great progress on key project, such as Brickell City Centre, Miami World Center, and All Aboard Florida, which will be great catalysts for future development in downtown. These projects are desperately needed for Miami to create density and for Downtown Miami to become a truly urban environment.

  • Miami Beach Condo price per square foot rose 9.9% to $601, sales activity declined 16.3% and inventory rose 34%.
  • Miami Beach Luxury condo prices rose 14.2% to $1,262 psf, with a Luxury entry threshold at $1.6 million.
  • Miami Beach Luxury sales activity declined 16% and listing inventory rose 13%.
  • Downtown Miami condo prices rose 7% to $246 psf, sales activity declined 6% and listing inventory rose 35%
  • Downtown Miami Luxury condo prices rose 2.8% to $455 psf, with a Luxury entry threshold at $590,000.
  • Downtown Miami Luxury sales activity declined 6% and listing inventory rose 68% from last year’s bottom.

 

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