Gather ’round everyone and let’s chat about everyone’s favorite topic during happy hour cocktails: Brickell and the state of its market. There has been a lot of talking and speculation lately and I wanted to help clear things up a bit by once again just pointing at the data instead. Today, I wanted to shun the rumors and do research at one of the core fundamentals in every exchange of goods and services known worldwide: supply and demand.
Since the beginning of 2016, the amount of inventory available for sale has been vast to say the least. In fact, one look at the graph below shows that we were close to reaching 30 months of inventory in February. Since then, thanks to a rise in the absorption rate and a much needed correction of prices, I’ve started to notice more sales, coming both from local as well as foreign buyers. As of right now, we currently stand somewhere around 22 and 23 months, which is a big change since February. I’m eager to see how the rest of the summer pans out but it will take some time until I can have those figures ready.
For the full story on this topic please visit The Miami Observer Today!