It’s pretty undeniable that the Florida real estate market has seen a substantial rebound since the devastating crash a few years ago. However, for most of South Florida, home prices aren’t back to peak levels yet. It’s important to keep in mind that the home price data that represents South Florida usually encompasses Miami-Dade County, Broward County, and Palm Beach counties. As a result, the pricing and numbers in the different counties are generally averaged in order to generate a single estimate that is more or less representative of all three.
Although statistics can certainly paint an informative picture for the region, it’s important to remember that the actual numbers for one county, and even for particular neighborhoods or areas, may vary slightly from this baseline. Interestingly, according to one real estate expert’s analysis, “Miami Beach is the only one of the seven largest coastal South Florida markets to have a higher average resale price in 2014 than at the peak in 2006.” We have certainly seen our fair share of activity in South Beach!
Specifically, for the coastal parts of Miami-Dade County (the area where we conduct many of our transactions) the average price per square foot during the peak of 2006 was $375. This average fell to just $209 per square foot in 2009. Now, this year, the coastal regions are seeing an average of $351 per square foot, so it’s almost there! And even more specifically, for Miami Beach, this year’s average is $512, which is seven percent higher than the 2006 peak of $480. Miami Beach is rocking!