Hi (again)!
A few months ago, I prepared an analysis of the Edgewater, Midtown, and Wynwood Condo market, which you can find by clicking here. If you have sellers in the area or are working with buyers, this information may be helpful.
In it you will see that in the $1M+ market, the average sale price is 15% below the original list price. But, current list prices are only about 5% below the original list price. This indicates that the market is moving, but price is the main motivator and most units are not appropriately priced. When this study was completed, inventory was over 9 years in the >$1M market.
In the <$1M market, 23% of the list prices were below the price that the seller paid. As sellers seem to be more realistic with their pricing, inventory is at 27 months in this market. This is still more than the 6-9 months for a healthy market, but certainly better than 9 years.
Hope you find it helpful!
Scott