Bal Harbour-Surfside-Bay Harbor Islands Saddled With 35-Month Supply Of Luxury Condos Listed For Sale

Buyers Purchased Less Than 90 Bal Harbour-Surfside-Bay Harbor Islands Luxury Condos In Year 2018   

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (March 4, 2019) - Nearly 255 luxury condo units are formally listed for sale at a minimum price of at least $1 million in the barrier island area 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 luxury condo sales of about seven units monthly in the 12 months of 2018, Bal Harbour-Surfside-Bay Harbor Islands now has nearly a 35-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach at the peak 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 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.

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

Currently, about 18 Bal Harbour-Surfside-Bay Harbor Islands luxury condo units are under contract - or pending - and waiting to transact at an average asking price of about $3 million each or about $1,117 per square foot, according to the statistics. 

The average asking price of a Bal Harbour-Surfside-Bay Harbor Islands luxury condo currently listed for sale is more than $4 million per unit. This works out to an average asking price of about $1,398 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the 12 months of 2018, the average transaction price of a Bal Harbour-Surfside-Bay Harbor Islands luxury condo was about $3.1 million or about $1,039 per square foot.

This means the current asking price of a Bal Harbour-Surfside-Bay Harbor Islands luxury condo listed for sale is nearly 30 percent higher than the average transaction price achieved on a per-unit basis and about 35 percent higher than the average transaction price on a per-square-foot basis between January and December of last year.

In the four quarters of 2018, the sellers who were able to unload their units needed about 164 days to transact a Bal Harbour-Surfside-Bay Harbor Islands luxury condo listed for sale. The current Days-On-The-Market average for Bal Harbour-Surfside-Bay Harbor Islands luxury condos listed for sale is about 275, according to the statistics.

The number of Days-On-The-Market for the luxury condo units currently under contract is about 120 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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