Miami condo prices 2012 – Greater Downtown Area
I get a lot of questions about what will happen to miami condo prices in 2012.
Unfortunately I still haven’t figured out how to predict the future, but I have figured out how to get facts from the past and present, which can be used to interpret what the future might bring. In the areas I work in -Miami Beach and Greater Downtown Miami – the price decline has not only stopped, but prices are past the bottom and are slowly, but steadily, creeping up again. While this meant that the very best deals are one (sorry, if you missed the boat), there are still deals to be had. For how much longer, I don’t know, but I wouldn’t wait too long.
If you look at this graph, you see that in the greater downtown area of miami, the median sales price for condos has increased by 29% from $220k to $284k in the past 12 months. Currently I don’t see any indication of why this trend would not continue since sales are still going strong and developers are increasing asking prices and successfully selling new developments. This is s good indication of what going to happen to Miami condo prices 2012.
The same can be said for the average price per sqft. It increased by 12% from $258 to $288.
Strong international demand and easier access to financing should help to further reduce inventories thus leading to an increase of miami condo prices 2012.
The last fact I would like to share is the decreased inventory, which again reconfirms all that was said above. 6 months of inventory is considered to be a balanced market. I’m not quite ready yet to call this a seller’s market, since we just dropped below 6 months, however if these trends continue we are well on our way to a seller’s market.
For more Miami Downtown condo market stats you can check out my post about Downtown Miami condo prices per sqft.
If you have questions or want to buy or sell a downtown miami condo, please don’t hesitate to contact me using below contact form.
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