condovulturesrealty.com
Buyer Experts Specializing In Miami-Dade, Broward, Palm Beach Since 2006
Blog Home » SOUTH FLORIDA MARKET INTELLIGENCE REPORT » Buyers Pay Average Of $332 PSF For Downtown Fort Lauderdale And Beach Condos In Year 2018

Buyers Pay Average Of $332 PSF For Downtown Fort Lauderdale And Beach Condos In Year 2018

Nearly 8 Months Of Downtown Fort Lauderdale And Beach Condos Listed For Sale At End Of South Florida Winter Buying Season

 

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (April 23, 2019) - More than 870 condo units are formally listed for sale in the Downtown Fort Lauderdale and Beach market in the South Florida county of Broward, according to a new report from Condo Vultures® Realty LLC. 

Based on condo sales of about 110 units monthly in the 12 months of 2018, the Downtown Fort Lauderdale and Beach market now has nearly an eight-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach at the end 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 Downtown Fort Lauderdale and Beach 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 region. 

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

Currently, nearly 160 Downtown Fort Lauderdale and Beach condo units are under contract and waiting to transact - or pending - at an average asking price of more than $1.5 million each or about $764 per square foot, according to the statistics. 

The average asking price of a Downtown Fort Lauderdale and Beach condo currently listed for sale is nearly $888,975 per unit. This works out to an average asking price of $497 per square foot, according to the data compiled by CondoVulturesRealty.com

In the 12 months of 2018, the average transaction price of a Downtown Fort Lauderdale and Beach condo was more than $520,920 each or about $332 per square foot, according to the statistics. 

This means the current asking price of a Downtown Fort Lauderdale and Beach condo listed for sale is nearly 71 percent higher than the average transaction price achieved on a per-unit basis and nearly 50 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 98 days to transact a Downtown Fort Lauderdale and Beach condo listed for sale. The current Days-On-The-Market average for a Downtown Fort Lauderdale and Beach condo listed for sale is about 176, according to the statistics. 

The number of Days-On-The-Market for the Downtown Fort Lauderdale and Beach condo units currently under contract - or pending - is about 109, 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.