Over the last decade, condo prices around Miami-Dade County have seen astounding highs and dismal lows (which mostly correspond to the 2007 economic downturn). And while the Miami condo market has largely recovered from the recession, a 10-year look at median prices per square foot by real estate website E Miami Condos found the rate of recovery has varied significantly between sub-markets.
The condo website compiled its data by plotting out 10 years of quarterly price per square foot medians. From mid 2005 to late 2015, the small island town of Key Biscayne remained the dominant frontrunner in terms of price per square foot in Miami-Dade. At its highest, pre-crisis level, median price per square foot was about $600. In 2011, at its lowest point, it dropped to nearly $350 per square foot. More recently, while approaching the new year, Key Biscayne prices hit their highest level in over 10 years at approximately $650 per square foot.
But the improvement from 2005 to 2015 wasn’t felt universally.
Of the nine areas examined by E Miami Condos, only two showed significant price improvement over the 10-year period – Key Biscayne and Midtown – and in fact most experienced decreases.
As the below graph illustrates, by figure alone, Key Biscayne and Midtown benefitted from comparable price increases. However, considering the rise relative to 2005’s price, Midtown’s jump is far more notable, as the area has gone from one of Miami’s cheapest markets to one of its more expensive.
