Miami Market Report
Q4 2014 MIAMI MARKET REPORT
All price indicators in Miami and Miami Beach grew in the double digits in Q4 2014 compared to the same quarter last year. However, a rising dollar and rising prices have tempered sales activity a bit. 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 30% to $650, sales activity declined 10% & inventory rose 20%.
- Miami Beach Luxury condo prices rose 58% to $1,566 psf, with a Luxury entry threshold at $1.6 million.
- Miami Beach Luxury condo sales activity declined 10% and listing inventory rose 17%.
- Downtown Miami condo prices rose 26% to $283 psf, sales activity rose 19%.
- Downtown Miami Luxury condo prices rose 42% to $639 psf, with a Luxury entry threshold at $725,000.
- Downtown Miami Luxury sales activity rose 13%.