Miami is overvalued; Miami is overbuilt; Miami is in a bubble.

Those are statements we have heard throughout the last 12 months, but definitive answers on what’s really happening in the Magic City’s real estate market are hard to come by. But through a recent, collaborative effort between the Miami Herald and local polling firm Bendizen & Amandi, 100 of South Florida’s top real estate professionals attempted to answer the notoriously elusive question: is Miami’s market in the midst of a bubble?

In its survey, the Herald found a majority of South Florida real estate industry insiders (75 percent) disagree with McCabe’s assessment, saying that the city is, in fact, not in a bubble. The amount of naysayers is actually up 3 percentage points from 2015.

Is Miami experiencing a bubble? 

When respondents were asked what home prices would look like in 12 months, the responses were world’s different than those of 2015. While 69 percent of professionals surveyed in 2015 agreed that Miami home prices would appreciate in the 12 months following the report, this year, only 33 percent saw them going up. Nineteen percent predicted a drop in prices (compared to 9 percent in 2015), and 48 percent said prices would “remain flat”; only 22 percent said the same thing in the beginning of 2015.

Falling demand leaves bleak outlooks

The question of whether Miami is in a bubble is valid, particularly on the condominium side of the market, which has been defined in recent years by runaway prices, huge leaps in inventory and a slow, consistent drop in sales.

“South Florida is in a big bubble for high-end condos,” Florida real estate analyst Jack McCabe told Institutional Investor, clarifying that the market’s current bubble differs from the one that preceded the 2007 crash. “Last decade, it was U.S. real estate causing a U.S. recession [and] a global recession. This decade, it’s a global recession that will end up causing a U.S. recession, causing a decline in the U.S. housing market.”

In Douglas Elliman’s latest quarterly market report, the brokerage identified a number of submarkets in which sales were dropping by more than 20 percent year-over-year, including Surfside, where condo sales dropped 65 percent in Q1 2016.

The diminished outlooks for Miami’s market seem to only reinforce attitudes against Miami currently being in a bubble. The more sales drop, the more professionals see an impending market correction and a thwarted bubble. But prices keep rising.

While struggles in the overall market speak against a bubble, the city’s wonky condo market, where prices in some areas can ratchet up 100-plus percent even while sales are falling, warns that something might not be right.

Senior economist at real estate research firm Reis Ryan Severino told Institutional Investor that when spending is based more on investment than fundamentals, like in Miami’s condo market, “you have to be careful.”