Bal Harbour-Surfside-Bay Harbor Islands Market Faces 22 Months Of Condo Supply For Sale

Sellers Ask $863 PSF For Condos Listed For Sale In Bal Harbour-Surfside-Bay Harbor Islands

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (June 4, 2018) - More than 550 condo units are formally listed for sale in the barrier island market of Bal Harbour-Surfside-Bay Harbor Islands in the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC.

Based on condo sales of less than 25 units monthly in the first quarter of 2018, the Bal Harbour-Surfside-Bay Harbor Islands market now has more than a 22-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach at the start of the Summer 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 Bal Harbour-Surfside-Bay Harbor Islands 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.

(For the latest South Florida preconstruction condo project pipeline, please visit: CraneSpotters.com.)

Currently, about 43 Bal Harbour-Surfside-Bay Harbor Islands condo units are under contract - or pending - and waiting to transact at an average asking price of about $2.6 million each or about $1,022 per square foot, according to the statistics. 

The average asking price of a Bal Harbour-Surfside-Bay Harbor Islands condo currently listed for sale is more than $2 million per unit. This works out to an average asking price of about $863 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first three months of 2018, the average transaction price of a Bal Harbour-Surfside-Bay Harbor Islands condo was nearly $1.7 million or about $627 per square foot.

This means the current asking price of a Bal Harbour-Surfside-Bay Harbor Islands condo listed for sale is about 22 percent higher than the average transaction price achieved on a per-unit basis and nearly 38 percent higher than the average transaction price on a per-square-foot basis between January and March of this year.

In the first quarter of 2018, the sellers who were able to unload their units needed about 157 days to transact a Bal Harbour-Surfside-Bay Harbor Islands condo listed for sale. The current Days-On-The-Market average for Bal Harbour-Surfside-Bay Harbor Islands condos listed for sale is about 216 days, according to the statistics.

The number of Days-On-The-Market for the condo units currently under contract is about 236 in Bal Harbour-Surfside-Bay Harbor Islands, 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.

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