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MIAMI—Demand for condos is outpacing supply in Downtown Miami. So says the Miami Downtown Development Authority’s third quarter Residential Market Trend Update.

Over 95% of all residential units in the downtown Miami area are occupied, including the limited remaining inventory of developer-owned condo units and units still held by major investors. Meanwhile, the inventory of new, unsold condominium units still subject to first time market sales in the downtown area dropped to 2,200 units. That’s down nearly 50% from a year ago and reflects an average of about 100 new unit sales per month during the third quarter.   

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