We are proud to announce that the latest issue of TRENDS: 2012 Year In Review is now available. This edition of TRENDS offers a comprehensive look at the Miami real estate as well as Fort Lauderdale real estate market by highlighting the activity in each neighborhood- from South Miami to Fort Lauderdale.
With the stabilization of the market, one of the key observations for 2012 was that it was the new 2002. The average sales price in both counties has increased from $446,000 to $620,000 in the last ten years, with a significant growth in the ultra luxury sector. Areas with Miami Beach waterfront homes, Coral Gables waterfront homes and Fort Lauderdale waterfront homes saw record-breaking sales that had been unmatched before. There are now only seven months supply of waterfront inventory in both counties and properties continue to sell very quickly. Residential properties with a closing price over $1,000,000 or higher saw a 27% increase in 2012.
With the recovery of the market, there are now close to 90 new condominium tower development underway. Combined, these projects will add over 12,000 new units to the overall inventory. Overall 2012 was a monumental year for real estate in South Florida and we are excites to present this data to you in TRENDS.