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

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

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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