Bal Harbour-Surfside-Bay Harbor Islands Market Faces 26 Months Of Condo Supply Listed For Sale Before Winter Buying Season

Sellers Ask Average Of $834 PSF For Condos Listed For Sale In Bal Harbour-Surfside-Bay Harbor Islands

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Oct. 15, 2019) - Nearly 570 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 22 units monthly in the first nine months of 2019, the Bal Harbour-Surfside-Bay Harbor Islands market now has more than a 26-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 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.

Currently, about 27 Bal Harbour-Surfside-Bay Harbor Islands condo units are under contract - or pending - and waiting to transact at an average asking price of about $1 million each or about $603 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 nearly $1.9 million per unit. This works out to an average asking price of about $834 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2019, the average transaction price of a Bal Harbour-Surfside-Bay Harbor Islands condo was less than $1.3 million or about $581 per square foot.

This means the current asking price of a Bal Harbour-Surfside-Bay Harbor Islands condo listed for sale is more than 46 percent higher than the average transaction price achieved on a per-unit basis and nearly 44 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 175 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 241 days, according to the statistics.

The number of Days-On-The-Market for the condo units currently under contract is about 204 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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