As anyone living in Miami can testify, the Greater Downtown area is experiencing tremendous growth, with projects such as Brickell City Center poised to transform Miami’s urban core. Demand for housing Downtown has never been higher, as millennials and young professionals (as well as baby-boomer empty nesters) seek an urban lifestyle, and are drawn by the economic and cultural opportunities that Downtown offers.
After years of double-digit (unsustainable) price increases, the condo market is stabilizing, as condo inventory (supply) has steadily increased while the pace of sales (demand) has leveled off. A strong US dollar, global economic uncertainty and the US Presidential Election have directly contributed to these market trends.
A market correction is under way, and prices have responded : condo resale prices decreased 4% year-to-date (July 2016), while rental prices have remained flat or slightly decreased. Overall, this is great news for affordability, and indicates a more sustainable market going forward. More signs of a healthy market correction : Fewer distressed sales (short sales, REOs), and fewer new projects are being announced and planned.
The condo market is shifting, giving Buyers and Renters greater bargaining power. If you are interested in buying, selling or renting in Miami, or would just like to discuss the market, contact Alex at 786.301.5357, or email me at AlexLarmier@mymiamiexperts.com
Here is a link to the Downtown Development Authority (DDA) Mid-Year Market Update :