We always talk about the condo market separately from the housing market because they are so different, and given the surplus of inventory and lack of sales, it’s been hard to get excited about the condo market. However, I read an article in The Real Deal titled “Record Miami Condo Activity Fuels Florida’s Strengthening Home Sales Market” substantiating the fact that condo sales are way up. The article documents that Miami’s condo market has grown more than any other market in Florida! The chart below reflects that we’ve sold 28% more condos this year than we did last year. We are making great strides to bring the inventory back to a balanced level! Buyers realize there’s great opportunity in the condo market down here at these prices and some buyers are even buying in bulk. Apparently this absorption rate has made the developers of five new downtown buildings ready to get started!