Miami CBD Re-Sale Condo Prices Flat Vs. Year Ago, Amidst Declining Sales Volume

Gridics Staff May 05, 2016 Market Analysis, Transactions, Trends

The aggregate median price per square foot of condominiums built after 2004 (resale data only) was $387 in March of 2016, exactly as it was in March of 2015 for the area including: Brickell, Downtown, Omni, Edgewater & Midtown (See Map Below). While the re-sale market seems to be holding in price, we are however seeing a decrease in quantity of sales. March of 2015 had a total of 115 condo sales while March of 2016 had 89 sales; A 23% drop in quantity of closings. See the chart at

At a macro level it seems that the condo market in Miami CBD areas peaked in July of 2015 with a median price per square foot of $485 (Full Chart Here). This number surpasses the previous high point of $470 per square foot in December of 2006 (Although adjusted for inflation/CPI the pricing in 2006 was higher than today's with $470 in 2006 being equal to $554 today). Looking at these macro trends in the booming (and now not-so-booming) areas of Miami show that the alleged "downturn" in the real estate market is not yet quite as severe as many will have you think. 

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