Condo market in Miami appears to be in trouble — in other words, “in the early stages of a distressed preconstruction condo market,” according to StatFunding Founder Andrew Stearns, as inventory soars and is expected to increase by 417% over the next two years!
More specifically, over the last three years, inventory has increased from about 8,000 units to over 14,000 units, and transaction volume is down about 30% year over year. And in the next two years, there are over 10,000 units in the construction pipeline already. These numbers indicate that there will be continued downward pressure on prices.