According to a recent market report from Condovultures.com the average price per square foot of downtown Miami condos rose by approximately 14% on a year over year basis, from $306 to $348 during the first quarter of 2011.
This figure did surprise me a little because recent months have shown some more weakness in overall prices, although nothing too dramatic. It does show that demand is still quite strong in Downtown and central areas in the Miami metro market.
There is still significant inventory on the market but much of it is not priced correctly so the number of sales actually actually declined in Downtown by approximately 50% according to the same report by Condovultures.com.
This is an interesting reversal because we have been used to seeing prices declining and sales increasing over the past couple of years. If anything, it would appear to me that this is the natural bumping around as the market further establishes this bottom range.