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Greater Downtown Miami Faces 24-Month Supply Of Condos Listed For Sale Before Winter Buying Season

Nearly 3,715 Condos Listed For Sale In Greater Downtown Miami At Average Price Of $519 PSF

 

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Oct. 1, 2019) - Nearly 3,715 condo units are formally listed for sale in the Greater Downtown Miami market of Miami-Dade County in South Florida, according to a new report from Condo Vultures® Realty LLC.

Based on condo sales of about 157 units monthly in the first nine months of 2019, Greater Downtown Miami now has nearly a 24-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach before 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 Greater Downtown Miami 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 190 Greater Downtown Miami condo units are under contract and waiting to transact - or pending - at an average price of about $570,005 each or $417 per square foot, according to the statistics. 

The average asking price of a Greater Downtown Miami condo currently listed for sale is about $740,321 per unit. This works out to an average asking price of about $519 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2018, the average transaction price of a Greater Downtown Miami condo was about $458,402 or about $376 per square foot, according to the statistics.

This means the current asking price of a Greater Downtown Miami condo listed for sale is nearly 62 percent higher than the average transaction price achieved on a per-unit basis and about 38 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 156 days to transact a Greater Downtown Miami condo listed for sale. The current Days-On-The-Market average for a Greater Downtown Miami condo listed for sale is about 257, according to the statistics.

The number of Days-On-The-Market for the condo units currently under contract in Greater Downtown Miami is about 139, 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.