The Real Deal Miami

Downtown Miami sales prices rise, transaction volume stays strong: report

August 09, 2012 09:45AM

The average unit sales price in downtown Miami rose 9.1 percent in the second quarter compared to the same period in 2011, according to a report from the Downtown Development Authority. While inventory has fallen by a dramatic 30 percent since 2011, sales have continued, with the average monthly volume of residential sales up 7.2 percent in that time span. Rental activity has also grown, with the average number of leases closed each month in the second quarter up 26 percent from the first quarter of 2012. “Downtown Miami stands out as one of the few success stories as we emerge from the recession,” said Alyce Robertson, executive director of the DDA. “Miami’s Urban core will only continue to benefit as the trend towards urbanization and urban living takes hold across the country.” — Alexander Britell