The Q2 numbers are in, and the trend abides, even accelerates a bit. All cash remains the rule in most markets, but especially Miami, where three-quarters of the deals trade that way. One side effect of the high-volume cash market is dwindling inventory, driving prices higher.
Douglas Elliman’s reports on the Q2 Boca Raton, Fort Lauderdale, Miami-Dade, and Palm Beach condo markets were released today. Some takeaways:
Per SF, the average price for all Miami condos was up almost 14% since last year, and the number of sales up 13%.
Average condo prices are similarly increasing in Fort Lauderdale (nearly 12%), and Palm Beach (up 27%) year-over-year, but not quite so much in Boca (up 7.6%).
Among the top 10% of condos in Miami, sales were up over 20% since last year, with prices up 6%.
An overheated market? Maybe at the upper end, which is where the development action is. Pictured: One of the upper-end towers slated for development come 2014, the 399-unit Biscayne Beach by Eastview Development.