The South Florida condo market saw a slight bump in the number of closed sales in April with a 3.11% increase over the previous month. Unfortunately, the news is not all positive as our survey area experienced a drop in average sales price of -3.77% since March. The Palm Beaches had the largest percentage decrease, while the Miami and Aventura/Sunny Isles/Bal Harbour markets had 7.74% and 7.19% increases respectively.
In general, the 2nd Quarter of 2016 is off to a slow start across the tri-county area with average sales prices dropping -14.65% from this time last year. The ever-increasing inventory levels and negative economic conditions impacting Latin American investors are showing in South Florida’s numbers.
The luxury condo market in South Florida is still impressive, with Miami Beach on top at an average of $555.48 per square foot, and Aventura/Sunny Isles/Bal Harbour at $343.58 per Sq Ft.
Regalia in Sunny Isles had the top luxury sale at $9.5 Million, or $1,247 per Sq Ft. The St. Regis Bal Harbour was the top building with over $12.2 Million in sales.