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South Florida Condo Market Report – January 2016

The South Florida condo market got off to a seasonably cool start in January. Average number of closed sales across our survey market dropped by -23.05% from this time last year. The combination of a strong dollar and the traditionally challenging months of December and January as many South American buyers take vacations, account for the sluggish sales. South Florida inventory levels continue to rise, pushing to an average of 16.37 months at January’s sales pace

Median sales prices did tick positive in January, with an increase of 5.38% year-over-year. Average price per square foot in our survey is $316.18, up 5.24% from last month.

Miami Beach leads the pack with a sky-high average price per square foot of $562.17, followed by Aventura/Sunny Isles/Bal Harbour at $368.83 per Sq Ft. South Florida’s top building in January was the Continuum North Tower in Miami Beach, with four sales totaling over $16.8 Million – or an average $1,593.07 per Sq Ft. Miami’s Bayview on Fisher Island saw a luxury 4-bedroom unit close for $6.4 Million.

 

 

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About Author: Michael Covert