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AnalyticsMiami Supply and Demand
Miami area condo market through Q4 2019
There is a fundamental supply & demand disconnect in the Miami area luxury condo market. Since Q4 2013, the Miami $1M+ condo market saw a 178% increase in supply. Demand decreased 18% in the same time frame.
Cash Was King
This last cycle was fueled by cash buyers. At 2013 volume highs, Miami Beach was 76% all cash and Miami was 70%. In 2019 those numbers were 61% and 42%. The high % of cash means there is low debt service pressure, which may be why we are seeing listings languish.