Downtown Fort Lauderdale And Beach Market Faces 27-Month Supply Of Luxury Condos Listed For Sale

Buyers Purchased 21 Downtown Fort Lauderdale And Beach Luxury Condos In Q1 2017   

DOWNTOWN MIAMI (June 27, 2017) - Nearly 190 luxury condo units are formally listed for sale at a minimum price of atleast $1 million 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 luxury condo sales of seven units monthly in the first quarter of 2017, the Downtown Fort Lauderdale and Beach market now has about a 27-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach at the start of this year’s Summer Buying Season, according to the report based on data from the Southeast Florida MLXchange.

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 luxury condos formally listed for sale. The report does not factor in the more than 47,915 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, nearly 100 Downtown Fort Lauderdale and Beach luxury condo units are under contract - or pending - and waiting to transact at an asking price of nearly $2.1 million or about $801 per square foot, according to the statistics. 

The average asking price of a Downtown Fort Lauderdale and Beach luxury condo currently listed for sale is more than $2.2 million per unit. This works out to an average asking price of about $770 per square foot, according to the data compiled by CondoVulturesRealty.com.

Between January and March of 2017, the average transaction price of a Downtown Fort Lauderdale and Beach luxury condo was nearly $1.3 million or $532 per square foot.

This means the current asking price of a Downtown Fort Lauderdale and Beach luxury condo listed for sale is about 69 percent higher than the average transaction price achieved on a per-unit basis and nearly 45 percent higher than the average transaction price on a per-square-foot basis in the first three months of 2017.

In the first quarter of this year, the sellers who were able to unload their units needed about 131 days to transact a Downtown Fort Lauderdale and Beach luxury condo listed for sale. The current Days-On-The-Market average for Downtown Fort Lauderdale and Beach luxury condos listed for sale is nearly 159, according to the statistics.

The number of Days-On-The-Market for the luxury condo units currently under contract is about 161 in the Downtown Fort Lauderdale and Beach area, 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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