South Beach ended the year with a drop in average sale price per square foot by 9.9% compared to the previous 3-month trailing period but number of available units for sale increased by 5.6% which pushed the inventory level to 23.6 months. Only Downtown and Edgewater have inventory levels higher at 34.2 and 34.4 months respectively. Coconut Grove continues to lead the pack with 19.6% increase in median sales price in 2018 over 2017. This growth appears to continue the upward trajectory as the updated trailing last 90 days increased by 6.4% compared to the previous period. We will continue to monitor inventory levels which increased in all markets except Downtown and Key Biscayne some of which might be attributed by significant number of listings expiring at the year end.