CONDO MARKET in these South Florida neighborhoods
March 20, 2018
Prices have been climbing in South Florida’s condo market, but the most impressive growth hasn’t been in coastal communities well-known for luxury high rises.
It was mostly moderately-priced condos and townhouses in the suburbs that had the biggest gains in median sales price in 2017 for South Florida, according to data from the Florida Realtors and the Realtors Association of the Palm Beaches and Greater Fort Lauderdale. For the entire tri-county area, the median sales price jumped 8.5 percent to $179,000.
The large overhang of condo inventory in many city centers, especially in Miami has made it difficult to raise prices. The largest declines in median sales price occurred in these local ZIP codes (with at least 100 closings):
33316 (Fort Lauderdale: beaches and Harbordale) down 25.3 percent.
33311 (Fort Lauderdale: Flagler Village and Lauderdale Manors) down 11.1 percent.
33139 (South Beach) down 9.9 percent.
33137 (Miami: Edgewater, Upper East Side) down 9 percent.
33432 (Boca Raton: downtown and beaches) down 8.4 percent.
33131 (Miami: Brickell and southern part of downtown) down 7 percent.
Of these six markets with declines, five of them have higher than average condo prices.