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Blog Home » SOUTH FLORIDA MARKET INTELLIGENCE REPORT » Aventura Faces 53-Month Supply Of Luxury Condos Listed For Sale Before Start Of South Florida Winter Buying Season

Aventura Faces 53-Month Supply Of Luxury Condos Listed For Sale Before Start Of South Florida Winter Buying Season

Buyers Purchased Nearly Six Luxury Condos Monthly In Aventura In First Nine Months Of 2019  

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Oct. 30, 2019) - More than 310 luxury condo units are formally listed for sale at a minimum price of at least $1 million in the market of Aventura in the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC.

Based on luxury condo sales of less than six units monthly in the first nine months of 2019, Aventura now has nearly a 53-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach before the start of the Winter Buying Season, according to the report based on data from the Southeast Florida MLS Matrix.

A balanced market is generally considered to have about six months of supply. More months of condo supply listed for sale suggests a buyer’s advantage and less months typically indicates a seller’s advantage in the market.

It is worth noting this report only tracks those Aventura luxury condos formally listed for sale. The report does not factor in the nearly 47,500 new condo units currently in the development pipeline east of Interstate 95 in the tricounty South Florida region.

Currently, about five Aventura luxury condo units are under contract - or pending - and waiting to transact at an average asking price of nearly $1.4 million each or about $546 per square foot, according to the statistics. 

The average asking price of a Aventura luxury condo currently listed for sale is nearly $1.9 million per unit. This works out to an average asking price of about $631 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2019, the average transaction price of a Aventura luxury condo was less than $1.6 million or about $495 per square foot.

This means the current asking price of a Aventura luxury condo listed for sale is about 20 percent higher than the average transaction price achieved on a per-unit basis and nearly 28 percent higher than the average transaction price on a per-square-foot basis between January and September of this year.

In the first three quarters of 2019, the sellers who were able to unload their units needed about 193 days to transact a Aventura luxury condo listed for sale. The current Days-On-The-Market average for Aventura luxury condos listed for sale is about 281, according to the statistics.

The number of Days-On-The-Market for the luxury condo units currently under contract is about 127 in Aventura, according to the statistics.

CondoVulturesRealty.com is a licensed Florida brokerage that specializes in assisting buyers and tenants in value-oriented condo acquisitions and leases in the tricounty region of Miami-Dade, Broward and Palm Beach.