Miamiluxhomes Blog Condo Sales Drop in Downtown Miami in 2015

A slowdown was noticed on Downtown Miami condo market in 2015 compared to 2014. nbsp;In 2016 it is predicted that the market will continue cooling off. In 2015 there were 310 Miami condos sold compared to 355 in 2014. Average sales price for Miami condos for sale was $536,870 in 2015, which is 5.5 less than the average listing price. And less than the price in 2014, which was $563,920. Average price per square foot was $431.07 and less than $442.13 in 2014. One of the major reasons is lesser investment opportunities in South American countries, where most of Miami investors are coming from. Canadian currency also has devaluated against US dollar what is discouraging Canadian buyers to acquire property in Florida. In this situation Canadians are more likely to sell their Miami homes and net from the exchange rate, which can have a negative effect on real estate market in Miami. Other tendency on the market ndash; a big number of new pre-construction condo projects in Miami that are planned for future dates. Now a lot of buyers are looking to take advantage of long-term opportunities compared to buying an existing Miami condo. While property sales and prices have dropped, Miami rental rates continue increasing. Rents in such Miami areas as Brickell, Downtown, Edgewater and Wynwood are staying about and higher than $3,000 a month. Edgewater rent prices increased 9 year over year, and came to average of $3,450 a month.