2016 MID-YEAR UPDATE C O N D O S I N M I A M I-D A D E ’ S M O S T PROMINENT NEIGHBORHOODS
MIAMI-DADE
COUNTYWIDE STATISTICS | CONDOS
A shift in the Miami-Dade residential real estate market notes a sort of
TOTAL MARKET
transition that allows buyers a greater selection of inventory and, at times, increased negotiating power over sellers. The transition is due, in large part, to a stabilization in the market where prices are not increasing at the rates many neighborhoods were experiencing in the past few years. This stabilization is often times called a correction and is a sign of a strong and sustainable market.
WATERFRONT CONDOS
NON-WATERFRONT CONDOS
# FOR SALE
# SOLD
AVG. $/SF
# FOR SALE
# SOLD
AVG. $/SF
46,775
2,664
$486
35,206
4,728
$192
However, as prices adjust, there will always be certain pockets that tend to withstand the changes of the average trend lines. Waterfront neighborhoods throughout the county faired extremely well in the first six months of this
LUXURY MARKET
(THE TOP 50% BY AVERAGE HOME PRICE)
year, compared to the same period last year. # FOR SALE
# SOLD
AVG. $/SF
$1M – $5M
12,984
381
$803
$5M – $10M
1,285
30
$1,651
The best condo performance can be seen in Coral Gables’ non-waterfront market, up 25% from the same period last year. At a 28% decrease (yet continuing to present some of the highest prices per square foot in Miami), Fisher Island’s waterfront market has lagged behind other condo markets,
PRICING A LUXURY HOME An increase in $/SF of 51% between $1M – $5M condos and $5M – $10M condos and of 27% between $5M – $10M condos and $10M+ condos proves that, beyond the expected price increase paid for a larger home, each one of said home’s
although the sales sample size is too small to provide truly telling insight.
square feet goes up in value due to a variety of
$10M+
535
6
$2,252
factors, such as quality of construction, highend finishes, a higher floor or a prime location.
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