If there’s anyone who can dare to defy national trends, it has to be Miami. The downtown Miami real estate market seems to have taken on the spirit of its residents, as it is one of the most rapidly recovering markets in the country. According to a recent study commissioned by the Miami Downtown Development Authority, 93% of the 22,785 condos constructed after 2003 now majorly boast of full-time residents. Also, 84% of the units built during Miami’s condo boom-era have already been sold out.
The combined impact of these statistics not only points to a strong recovery of the downtown Miami real estate market, but has also, ironically, resulted in the slowing down of sales due to shrinking inventory. This classic scenario of short supply combined with the increasing demand from investors and owner-occupants alike has led to a rise in average sales prices, which were up to $370,003 by the last quarter of 2011 from the average $347,729 in 2010.
Another consequence of the high occupancy rate in downtown Miami condos is the near elimination of condominium surplus from the market. The unsold inventory has shrunk by more than 25% in the past 12 months, with trends pointing towards a further inventory decrease in the future as well.
If you’re keen on getting your fair share of the sizzling real estate action, learn more at downtown Miami condos for sale .
News and Statistics Source: http://miamidda.com/occupancy_report_Dec2011.asp
[C1]The report mentions residents.