Cranes everywhere! What does this all mean?
In Greater Downtown Miami, developers have already completed seven new condo towers with a combined 1,900 units, and are constructing 23 more new condo towers with nearly 6,200 units in the area, according to the data.
An additional 41 new condo towers with nearly 13,000 units are currently in the planning or presale phase of development.
Besides the new condo towers announced for Greater Downtown Miami during this cycle, nearly 2,800 units are currently available for purchase on the resale market, according to data from the Southeast Florida MLXchange.
In the first eight months of 2015, buyers acquired an average of less than 165 resale units monthly in Greater Downtown Miami. At the current transaction pace, Greater Downtown Miami has about 17 months of supply of resale condo units.
A balanced market is considered to have about six months of supply of resale units. More months of supply typically suggests a buyer’s market and less months indicates a seller’s market.
Featured Article - Florida Real Estate Investors group 
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