Brickell Condo Market July 2018
Activity in the condo market for the Brickell community in July 2018 picked up the pace from July 2017. Despite rising interest rates, the main drivers of this increase were the state of the economy in the US, a positive net inflow of people into the South Florida area and a slight decrease of the US dollar vs other currencies. Key Stats as follows:
- Total Inventory rose by 5.7% from July 2017 to July 2018 as developers deliver properties and investors turn around to sell some of the newly acquired condos.
- Total number of condos sold rose by 2% from July 2017 to July 2018
- The rate of monthly inventory absorption remained relatively flat from 24 months worth of inventory in July 2017 to 25 months in July 2018