If you’ve been wondering about the prices for condos at Aventura, then you are not alone. It seems that the resale prices for the units are starting to move toward the levels they were at during the height of the real estate boom back in 2006.
Now and Then
In 2014, buyers were paying an average of $255 per square foot for the units they bought at Aventura. They bought more than 1250 condos during the year, with around 105 units selling each month. This is similar to the levels in 2006 when the average price per square foot was $291. People bought fewer condos during the year – just 700 or around 57 a month. After those units hit that top dollar spot at the height of the last real estate cycle, they dropped – as did many condos in the area. The price dropped to around $174 per square foot when the market bottomed out fully in 2010.
However, since that low, things have been climbing back steadily year over year. In 2011, they sold 1,270 units, or 160 monthly, at a price of $175 per square foot. In 2012, they moved 1,360 units, or 114 monthly. These were selling at $198 per square foot. 2013 saw fewer sales at 1,335, or 111 condos a month. However, the price did go up again. It was selling at $243 per square foot. Now, the sales from 2014 were even better. It took some time, but things are now really on the upswing for the condos.
This is great news for those who own condos in Aventura, as well as those who are looking to buy. The price for the units is sure to go up, and the demand is increasing as well. Even though there are a number of new options on the market, with new towers being completed all the time, resale units are important. There is a growing demand for homes in the Miami area.
The State of the Area Today
Currently, Aventura has around ten months of inventory available – http://www.sunnyislesmiamirealestate.com/Aventura/. This generally means that it is a buyer’s market. The ideal number of units to have equals a six month inventory. If there is less than that, it means that it’s a seller’s market. If there are more, as is currently the case, it means that there are more sellers than buyers, making it a buyer’s market. This should certainly be good news for anyone who is considering buying property in the area right now.
Developers are even announcing additional units in the area thanks to the 13 new condo towers that are going up in the coming years. This will add an additional 2,100 units to the area. Given the fact that there are more towers and units available today, it’s remarkable that the prices are still going up. This is a testament to the popularity of the area. Now, it is only a matter of time before the prices actually surpass those of 2006.