Downtown Miami sales volume up 27 percent, condo prices rise 5 percent: report

There were a total of 1,000 sales in the first quarter of 2012 in downtown Miami in the first quarter, a 27 percent increase compared to the same period in 2011, according to a report from the Miami Downtown Development Authority. The average price of a Miami condominium rose to $371,084 in a 12-month period ending March 31, a 5.2 percent increase over the previous year. Downtown Miami’s rental market is also performing well, with leasing volume up slightly in the same period. “When we first began tracking sales and leasing velocity for the area, we didn’t know what to expect,” said Alyce Robertson, executive director of the Miami DDA. “But with each report that comes out, we can be more confident in the health and viability of our market.” — Alexander Britell