The South Florida condo market got the summer of 2016 off to a good start with a 4.46% increase in average sales price over the month of April. May’s median sales price was up 3.72%, led especially by increased prices in Miami, Fort Lauderdale, and the Palm Beaches. The average price per square foot for condo units across our survey area also nudged slightly higher by 1.32% month-over-month.
Despite the sizzling summer prices, the number of closed sales actually dropped -2.16% in May. Coupled with ever-rising inventory levels, any slowdown in closed sales may be an indication of market weakness moving forward. Absorption levels for our tri-county survey area increased 2.93% over April, and 34.40% over this time last year.
As South Florida agents look beyond Latin America for buyers and investors from markets like China and Mexico, luxury is still the name of the game. Miami Beach shows no signs of relinquishing the top spot with an average price of $555.30 per square foot. The luxury oceanfront condos of Aventura/Sunny Isles/Bal Harbour follow at $341.25 per Sq Ft.
The top luxury building in May was Regalia in Sunny Isles, where a spectacular luxury unit sold for $9.075 Million, or $1,645.51 per Sq Ft. Miami Beach’s Portofino Towers followed with 3 sales totaling $7.865 Million.