Greater Downtown Miami Faces 27-Month Supply Of Condos Listed For Sale

Less Than 136 Condos Sold Monthly In Greater Downtown Miami In First 9 Months Of 2017

DOWNTOWN MIAMI (Nov. 13, 2017) - More than 3,630 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 less than 136 units monthly in the first nine months of 2017, Greater Downtown Miami 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 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 47,450 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, less than 175 Greater Downtown Miami condo units are under contract and waiting to transact - or pending - at an average price of about $472,270 each or $389 per square foot, according to the statistics. 

The average asking price of a Greater Downtown Miami condo currently listed for sale is nearly $679,800 per unit. This works out to an average asking price of about $497 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2017, the average transaction price of a Greater Downtown Miami condo was about $440,229 or about $373 per square foot, according to the statistics.

This means the current asking price of a Greater Downtown Miami condo listed for sale is more than 54 percent higher than the average transaction price achieved on a per-unit basis and about 33 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 2017, the sellers who were able to unload their units needed about 155 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 215, according to the statistics.

The number of Days-On-The-Market for the condo units currently under contract in Greater Downtown Miami is about 170, 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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