Miami Market Report

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Q3 2014 MIAMI MARKET REPORT

The frenetic pace of the Miami market is now easing, leading to relatively normal market conditions. However, housing prices continued to rise along Miami Beach and the Barrier islands, drawing more inventory into the market. Miami coastal mainland housing prices, however, were mixed, with big gains for luxury condo sales. Miami saw strong demand for resale units despite strong new development sales. Currently, Miami-Dade county has 82 pre-construction projects selling, which translates to close to 15,000 pre-sale units that will be delivered in the next 3 years. Of these total pre-sale units, 65% have sold at a minimum mean price per square foot of $850, reflecting the magnitude of luxury properties coming on the market.

  • Miami Beach Condo price per square foot rose 13% to $552, sales activity declined 28% & inventory rose 21%.
  • Miami Beach Luxury condo prices rose 14.8% to $1,103 psf, with a Luxury entry threshold at $1.42 million.
  • Miami Beach Luxury condo sales activity declined 29% and listing inventory rose 32%.
  • Downtown Miami condo prices rose 1.8% to $222 psf, sales activity declined 6.4%.
  • Downtown Miami Luxury condo prices rose 29% to $613 psf, with a Luxury entry threshold at $700,000.
  • Downtown Miami Luxury sales activity was flat.

 

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