Downtown Miami’s condo market reached “equilibrium” in 2016, according to a new DDA report, with new construction roughly matching demand.
Prices will likely begin rising again later this year and be sharply higher in years to come, although they may dip slightly in the early months of this year. A downtown condo under $750,000 will be “unprecedented” by 2025, the author of the report claims.
Overall, 2,202 condos were delivered during the year 2016. Another 3,456 are scheduled to be delivered in 2017, with 2,846 to be completed in 2018, and another 1,960 in 2019.
Prices on the resale market fell 7 percent last year, after double digit gains every year for the past five years.
The rental market is also strong. About 1,000 rental units were delivered during the year, and prices were up 1%. Another 4,900 apartments are under construction.