The South Florida condo market experienced an uptick in the number of closed sales last month, perhaps inspired by the extra day in this leap year February. Miami Beach, Miami, Fort Lauderdale, and Palm Beach markets saw increased closings following January’s sluggish start to the year. However, the number of transactions has fallen from this time last year by an average -12.44% across South Florida. As inventory levels continue to rise due to rapid new condo development and the effects of a strong dollar on foreign investment, the absorption rate average is 14.46 months at February’s sales pace.
On a positive note, median sales prices increased an average of 4.68% year-over-year. Average price per square foot across the South Florida region was $293.59 in February. Miami Beach continues to wear the condo crown with an average of $524.48 per square foot, followed by Aventura/Sunny Isles/ Bal Harbour at $341.54 per Sq Ft.
South Florida’s top luxury building in February was the Continuum South Tower in Miami Beach, ringing in with four sales totaling over $15.0 Million – or a whopping $2,156.72 average per Sq Ft.