MIAMI—After a raging comeback that few expected, new condo sales in Miami are cooling off a bit—at least for now. Quarter-over-quarter, the average price per square foot dropped 10 percent in the second quarter of 2012 in South Florida’s seven largest coastal markets.

Despite the slowing sales in the quarter, the inventory of unsold developer condo units from the last boom has dwindled down to 3,400. So says a new report from CondoVultures.com.

“This is a testament to the foreign buyer and the discounting the banks ultimately agreed to,” Peter Zalewski, principal at Condo Vultures, tells GlobeSt.com. “What’s concerning is the fact that there’s 10,500 new units proposed. There are 12 towers under construction in addition to one that has already been delivered. It should be gone by then end of 2013 and these developers are working in expectation of starting to deliver new condos in 2014.”