Condo sales in Miami were up 134 percent in January year-over-year, according to the Miami Association of Realtors. That's not a typo.
“The Miami market continues to outperform the rest of the nation mostly due to the strong impact of international buyers and record affordability,” said Jack H. Levine, Chairman of the of the MAR. International buyers, low prices, and the weak dollar are certainly pushing the sales, but with those sales is coming a new phenomenon not seen since the housing boom.
Yes, prices for condos are down 36 percent annually to a median price of $91,200, but those prices are beginning to stabilize, despite the fact that there are about 3600 vacant units on the market in downtown Miami alone. Huh? How do prices stabilize with a three to four year supply??