Downtown Fort Lauderdale And Beach Market Faces 10-Month Supply Of Condos Listed For Sale

Condo Sellers Ask 111% Premium For Downtown Fort Lauderdale And Beach Units

DOWNTOWN MIAMI (June 26, 2017) - Nearly 850 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 84 units monthly in the first quarter of 2017, the Downtown Fort Lauderdale and Beach market now has about a 10-month supply of units available for purchase at a time when the tricounty South Florida region of Miami-Dade, Broward and Palm Beach is in the early stages 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 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 region. 

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

Currently, nearly 210 Downtown Fort Lauderdale and Beach condo units are under contract and waiting to transact - or pending - at an average asking price of nearly $1.2 million each or $525 per square foot, according to the statistics. 

The average asking price of a Downtown Fort Lauderdale and Beach condo currently listed for sale is more than $825,850 per unit. This works out to an average asking price of $448 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 condo was nearly $391,300 each or about $288 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 about 111 percent higher than the average transaction price achieved on a per-unit basis and nearly 56 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 2017, the sellers who were able to unload their units needed nearly 94 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 132, 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 136, 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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