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S&P Case-shiller Reports Home Price Gains: Miami Third In The Nation

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According to the most recent S&P/Case-Shiller report, Miami’s home prices rose 13.2 percent between May 2013 and May 2014. Home prices were up 1.2 percent between April and May alone, and there was an increase of 1.1 percent from March to April.

According to information in Curbed Miami, "the condo pipeline includes some 23,264 units out of which 1,464 are in the 'contracts phase' and 2,557 in the 'reservations phase,' meaning Miami is outrunning the US and shows no signs of slowing down anytime soon.”

The neighborhoods most significantly leading the construction boom are Brickell, with 27 percent expected growth, and Edgewater, with 67 percent expected growth. Brickell has a multitude of new buildings going up in already dense area. Edgewater, meanwhile, is the last frontier of waterfront in Miami and has attracted developers due to its novelty. Pre-construction prices in Brickell are averaging $550/square foot while Edgewater prices are just behind at about $500/square foot.

The Miami Herald points out that while the price gains are earning the city recognition, the percentage of price increases is slowing down. February’s year-over-year report saw a 16 percent increase. While the city’s rate of growth is slowing down, it is still ranked as third in the nation. Miami falls behind Las Vegas (16.9 percent) and San Fransisco (15.4 percent).