Prices and sales for the Miami condo market were mostly flat through the first half of 2016, as reported by the Miami DDA. Average price per square foot was down about 4% in the first half of 2016 from last year and the number of sales was stagnant. 7,500 units are under construction and set to be delivered by Q1 2018. Thankfully most of these units have been mostly paid for in cash, helping to fend off potential developer bankruptcies and failure to repay loans. Despite this there is still a strong demand for rentals, where Miami is currently 8th in the United States for average monthly rental rate. Condo sales are expected to drop a bit before recovering.