The South Florida condo market had a good showing in March with a 19.64% increase in the number of closed sales over the previous month. Average sales prices were up 11.77%, as Miami Beach, Aventura/Sunny Isles/Bal Harbour, Fort Lauderdale, and Palm Beach saw prices move upward to close out the 1st Quarter. However, the news is not all positive as Miami Dade County continues to underperform compared to this time last year. The number of closed sales has fallen -27.63%, and average sales prices are down -8.20% year-over-year in Miami Dade – probably a direct reflection of the impact of a strong dollar on Latin American investors.
The rest of our tri-county survey area is looking strong with Fort Lauderdale and Palm Beach average sales prices up 7.75% over March 2015. With ever-increasing inventory, only time will tell if South Florida’s generally positive condo figures can continue.
Despite any signs of weakening, South Florida oceanfront condos continue to entice luxury buyers. Miami Beach is still on top at an average of $535.57 per square foot, followed by Aventura/Sunny Isles/Bal Harbour at $338.92 per Sq Ft.
The top luxury building in March was the Oceanside on Fisher Island in Miami Beach, where a luxury unit sold for $11.3 Million – an incredible $2,461.87 per Sq Ft!